Neuronetics Posts Strong 2025 Growth, Achieves Positive Cash Flow
Event summary
- Neuronetics reported $41.8M in Q4 2025 revenue, up 86% YoY on an as-reported basis and 23% on an adjusted pro forma basis.
- Full-year 2025 revenue reached $149.2M, a 99% YoY increase as-reported and 15% pro forma.
- The company achieved positive operating cash flow of $0.9M in Q4 2025.
- Ended 2025 with $34.1M in total cash, including cash equivalents and restricted cash.
The big picture
Neuronetics' strong financial performance in 2025 highlights its successful integration of Greenbrook TMS Inc. and the growing demand for its NeuroStar therapy systems. The company's ability to achieve positive cash flow while maintaining significant revenue growth positions it favorably in the competitive neurohealth market. The strategic focus on both system sales and clinic operations suggests a balanced approach to capturing market share and driving long-term value.
What we're watching
- Revenue Growth
- Whether Neuronetics can sustain its strong revenue growth in 2026, particularly in its clinic segment, which saw a 37% QoQ increase.
- Cash Flow Management
- How the company will utilize its positive operating cash flow and $34.1M in total cash to fund future growth initiatives.
- Integration Success
- The pace at which Neuronetics integrates and optimizes its acquired Greenbrook clinics to drive further operational efficiency.
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