Neuronetics Narrows Losses as Greenbrook Clinics Drive Revenue Growth
Event summary
- Total revenue up 9.1% YoY to $41.6M, driven by 16.8% growth in Greenbrook clinics.
- Adjusted EBITDA turned positive at $0.3M vs. a loss of $5.6M in Q2 2025.
- Net loss reduced to $3.4M from $10.1M YoY, with operating expenses down 12%.
- Leadership changes include new CFO Nir Naor and promotions for Greenbrook GM Cory Anderson.
The big picture
Neuronetics' Q2 results reflect progress in integrating its clinic network with TMS technology, a trend seen across interventional mental health as providers seek scalable care models. The revenue split—with Greenbrook now contributing over 60% of total sales—highlights the strategic shift toward direct patient care. However, sustaining this momentum depends on managing clinic expansion costs and differentiating NeuroStar in a competitive landscape.
What we're watching
- Revenue Diversification
- Whether Neuronetics can sustain Greenbrook's growth trajectory while reviving NeuroStar's performance.
- Profitability Path
- The pace at which the company achieves sustained profitability and positive cash flow.
- Leadership Impact
- How new executive appointments influence operational efficiency and strategic execution.