Neuronetics
Neuronetics (NASDAQ:STIM) is a Malvern, PA-based medical device company that develops and sells the NeuroStar TMS platform for treatment-resistant depression and operates Greenbrook TMS treatment centers across the United States following its December 2024 acquisition.
- Company typePublic
- Founded2003
- HeadquartersMalvern, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Neuronetics does
Neuronetics is a publicly traded medical device company (NASDAQ:STIM) founded in 2003 and headquartered in Malvern, Pennsylvania, that develops and commercializes the NeuroStar Advanced Therapy System, a non-invasive transcranial magnetic stimulation (TMS) platform used primarily to treat major depressive disorder in patients who have not responded to antidepressant medication. The NeuroStar system delivers targeted magnetic pulses to mood-regulation areas of the brain and is integrated with ANT Neuro's FDA-cleared visor2 neuronavigation system for real-time spatial tracking and 3D visualization. The company reports clinical outcomes including an 83% response rate and a 62% remission rate across more than 175,000 patients treated, and the system is covered by major insurers including TRICARE, Optum, and United Healthcare.
In December 2024 Neuronetics completed the all-stock acquisition of Greenbrook TMS Inc., creating a vertically integrated organization that combines device manufacturing with company-operated and partner-operated treatment centers across the United States. Revenue is generated through three streams: NeuroStar system sales to healthcare providers (34 systems shipped in Q1 2026, up 10% YoY), treatment session revenue from Greenbrook centers ($9.1M in Q1 2026), and clinic operations revenue ($21.5M in Q1 2026, up 15% YoY). Distribution is domestic-only and conducted via direct enterprise field sales to hospitals, psychiatric practices, and mental health clinics. Coverage has expanded to approximately 34.8 million commercial lives following the Optum/UHC/UBH partnership.
Neuronetics generates meaningful top-line scale ($149.2M in FY2025, up 99% YoY largely on the Greenbrook acquisition) but remains unprofitable at the GAAP level, with FY2025 EBITDA of $-27.6M and net income of $-39.0M, though Q4 2025 produced $0.9M of positive operating cash flow. The company entered 2026 with approximately $34.1M in cash, a new CEO (Dan Reuvers, former CEO of Tactile Medical), an interim CFO following Steven Pfanstiel's May 2026 departure, and an active Board-level evaluation of separating the NeuroStar and Greenbrook businesses — moves driven in part by activist shareholder Jorey Chernett, who holds approximately 10% of outstanding shares and is advocating for strategic alternatives including a potential sale.
Neuronetics firmographics
Firmographics- Name
- Neuronetics
- Legal name
- Neuronetics, Inc.
- Website
- https://neuronetics.com
- Company type
- Public
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Neuronetics (NASDAQ:STIM) is a Malvern, PA-based medical device company that develops and sells the NeuroStar TMS platform for treatment-resistant depression and operates Greenbrook TMS treatment centers across the United States following its December 2024 acquisition.
- Ownership category
- akta.pro rank
Neuronetics industry classification
Industry- Product category
- Neuromodulation Medical Devices
- NAICS
- Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Outpatient Mental Health and Substance Abuse Centers (621420), Offices of Physicians, Mental Health Specialists (621112)
- SIC
- Electromedical & Electrotherapeutic Apparatus (3845), Services-Health Services (8000)
- akta.pro primary industry
- Behavioral Health & Neurocognitive Therapeutics (Digital) (HLACANAI)
Keywords
Where Neuronetics is headquartered
LocationHeadquarters
- HQ city
- Malvern
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Neuronetics business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- NeuroStar System Sales: Sale of NeuroStar Advanced Therapy TMS systems to healthcare providers and clinics. Revenue from system shipments increased 13% year-over-year with 34 systems shipped in Q1 2026.
- Treatment Session Revenue: Revenue generated from TMS treatment sessions administered at Greenbrook TMS treatment centers. Treatment session revenue was $9.1 million in Q1 2026.
- Clinic Operations Revenue: Revenue from operating Greenbrook TMS treatment centers across the United States. U.S. clinic revenue grew 15% to $21.5 million in Q1 2026 following the acquisition of Greenbrook TMS.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Neuronetics product offering
Product offeringCore offering
Neuronetics designs, manufactures, and sells the NeuroStar Advanced Therapy System, a non-invasive transcranial magnetic stimulation (TMS) device for treating major depressive disorder in patients who have not responded to antidepressant medications. The company also operates Greenbrook TMS treatment centers across the United States, providing in-clinic TMS therapy services to patients. Following the December 2024 acquisition of Greenbrook TMS, the company is now vertically integrated across device manufacturing and clinical service delivery.
Product overview
Neuronetics operates as a vertically integrated organization in the transcranial magnetic stimulation (TMS) market. The company offers two main product lines: the NeuroStar Advanced Therapy System (the core TMS technology platform) and Greenbrook TMS treatment centers (clinic operations acquired in December 2024). Together, these enable end-to-end TMS treatment delivery from device provision to patient care.
Differentiator
Problem solved
Functional benefit
Brands
- NeuroStar Advanced Therapy System: FDA-cleared transcranial magnetic stimulation (TMS) platform for treating mental health conditions including depression
Products and services
- NeuroStar Advanced Therapy System Non-invasive transcranial magnetic stimulation (TMS) treatment system for mental health disorders, particularly major depressive disorder in patients who have not responded to medication. The system delivers magnetic pulses to stimulate specific areas of the brain associated with mood regulation, and has been used to treat over 175,000 patients with an 83% response rate and 62% remission rate for depression.
- Greenbrook TMS Treatment Centers Network of TMS treatment centers across the United States acquired through the all-stock acquisition of Greenbrook TMS Inc. in December 2024. Patients receive TMS therapy treatments using the NeuroStar system at these company-operated clinic locations, generating treatment session revenue. U.S. clinic revenue reached $21.5 million in Q1 2026, up 15% year-over-year.
Quantifiable outcome
- 83% response rate for depression treatment
- +3 more outcomes
Companies that use Neuronetics
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Neuronetics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature2 records
Neuronetics partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- ANT NeurocoreStrategic preferred partnership to integrate ANT Neuro's FDA-cleared visor2 neuronavigation system with the NeuroStar Advanced Therapy TMS platform. The collaboration enables healthcare providers to incorporate real-time spatial tracking and 3D visualization into transcranial magnetic stimulation treatments. Broader rollout planned for second half of 2026 following showcases at APA Annual Meeting and Clinical TMS Society Annual Meeting.
- Elite DNA Behavioral HealthcoreThree-year exclusive partnership for NeuroStar TMS device provision across 30+ clinic locations in Florida and Virginia. Collaboration includes expanded patient support services using Greenbrook platform capabilities including PHQ-10 processing, TMS consultations, and scheduling. Partnership launched as pilot in Q4 2025 with expansion planned for 2026.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Neuronetics competitors and assessment
Company assessmentDirect peers
- MagVenture: Denmark-based developer and manufacturer of TMS and rTMS systems for research and clinical use, including depression treatment. Competes with NeuroStar in the TMS device market for psychiatric care.
- BrainsWay: Israel-based medical device company that develops Deep Transcranial Magnetic Stimulation (Deep TMS) systems for depression, OCD, and other psychiatric disorders. Most direct head-to-head competitor to NeuroStar in FDA-cleared TMS therapy for treatment-resistant depression.
- Magstim: UK-based manufacturer of transcranial magnetic stimulation systems used in clinical research and depression treatment. Direct competitor to NeuroStar in TMS hardware for psychiatric and neurological applications.
- Fisher Wallace: US-based developer of transcranial direct current stimulation (tDCS) and TMS devices for depression, anxiety, and insomnia. Competes with NeuroStar in the office-based neurostimulation market for behavioral health treatment.
Emerging players
- Compass Pathways: Clinical-stage mental health company developing psilocybin therapy for treatment-resistant depression. Represents a potential future alternative modality to TMS for the same TRD patient population NeuroStar serves.
Broad incumbents
- Medtronic: Global medical device leader with extensive neuromodulation portfolio including deep brain stimulation (DBS), spinal cord stimulation, and brain-computer-interface investments. Adjacent competitor to NeuroStar in device-based psychiatric and neurological therapy.
- Axsome Therapeutics: Commercial-stage biopharmaceutical company with Auvelity, an FDA-approved NMDA receptor antagonist for major depressive disorder. Competes with NeuroStar in the treatment-resistant depression market via an alternative (pharmaceutical) mechanism.
- Sage Therapeutics: Biopharmaceutical company with FDA-approved neuroactive steroid therapies (Zurzuvae for postpartum depression, Zulresso). Competes with NeuroStar for depression patient share, particularly in severe and treatment-resistant populations.
- Abbott: Diversified medical device leader with a significant neuromodulation franchise (spinal cord stimulation, deep brain stimulation, dorsal root ganglion stimulation). Competes with NeuroStar in device-based neurotherapy and broader neuromodulation markets.
- Johnson & Johnson (Janssen): Through its Janssen pharma division, markets Spravato (esketamine nasal spray), an FDA-approved treatment for treatment-resistant depression. Direct alternative to NeuroStar for severe, refractory depression patients.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Neuronetics social profiles
Digital presenceNeuronetics financial estimates
Financial estimateRevenue estimate
Valuation estimate
Neuronetics leadership team
Management profileNumber of profiles
Profiles9 records
Neuronetics subsidiaries and ownership
Company hierarchySubsidiaries1 record
Neuronetics funding detail
Funding detailFunding overview
Funding rounds17 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Neuronetics M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Neuronetics
What does Neuronetics do?
Neuronetics designs, manufactures, and sells the NeuroStar Advanced Therapy System, a non-invasive transcranial magnetic stimulation (TMS) device for treating major depressive disorder in patients who have not responded to antidepressant medications. The company also operates Greenbrook TMS treatment centers across the United States, providing in-clinic TMS therapy services to patients. Following the December 2024 acquisition of Greenbrook TMS, the company is now vertically integrated across device manufacturing and clinical service delivery.
Is Neuronetics a public or private company?
Neuronetics is a public company. It is classified as public and is currently operating.
When was Neuronetics founded?
Neuronetics was founded in 2003. It employs 101 to 250 people.
Where is Neuronetics based?
Neuronetics is headquartered in Malvern, United States, in the North America region.
How does Neuronetics make money?
Three revenue lines are on record. NeuroStar System Sales are the primary driver. The others are treatment Session Revenue and clinic Operations Revenue.
Who are Neuronetics's main competitors?
Direct peers on record are MagVenture, BrainsWay, Magstim and Fisher Wallace. Compass Pathways is listed as an emerging player. Broad incumbents are Medtronic, Axsome Therapeutics, Sage Therapeutics, Abbott and Johnson & Johnson (Janssen).
Does Neuronetics have an API?
No public API is recorded for Neuronetics.
What industry is Neuronetics in?
Neuronetics's product category is Neuromodulation Medical Devices. Its primary akta.pro industry code is HLACANAI, Behavioral Health & Neurocognitive Therapeutics (Digital). Its NAICS code is 334510 and its SIC code is 3845.