Neuronetics Q4 Earnings Call Highlights
View original at finance.yahoo.comNeuronetics Q4 Earnings Call Highlights Neuronetics logo Key Points Board appointed Dan Reuvers as CEO effective March 23, as Neuronetics transitions leadership while continuing its strategy to operate a vertically integrated mental-health company combining NeuroStar technology and Greenbrook clinics…
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Total cash was $34.1 million at Dec. 31, 2025, including $28.1 million of cash and cash equivalents and $6.0 million of restricted cash, compared with $19.5 million at year-end 2024
60% confidenceThe Greenbrook network is positioned to offer REMS-compliant therapies and expects only limited incremental investment to support COMP360 if approved, given alignment with existing Spravato operations
60% confidenceNeuroStar revenue (systems plus treatment sessions) was $18.3 million for the quarter, representing 9% growth year-over-year on a pro forma basis
60% confidenceThe BMP program ended 2025 with more than 420 active sites and nearly 100 additional sites working toward qualification
60% confidenceCash provided by operations in the fourth quarter was positive $0.9 million
60% confidenceCompass plans to submit an NDA with the potential for an FDA decision by year-end
60% confidenceCompass has about seven strategic collaborations for commercial readiness and Greenbrook is one of them
60% confidenceHe expects a smooth transition to Reuvers, who he described as a medical-device leader with experience scaling commercial healthcare businesses
60% confidenceGross margin was 52% in the fourth quarter, down from 66% in the prior-year quarter, reflecting the inclusion of Greenbrook's lower-margin clinic business. The fourth-quarter gross margin was the company's highest quarterly margin of the year
60% confidenceThe combined company delivered strong fourth quarter results and reached a key milestone of positive operating cash flow in the period
60% confidenceFourth-quarter total revenue was $41.8 million, up 86% year-over-year, primarily due to the inclusion of Greenbrook operations
60% confidenceThe clinic business is expected to grow in the double digits to mid-teens in 2026, while the NeuroStar business is expected to grow in the low to mid-single digits
60% confidenceGross margin was 52% in the fourth quarter, the company's highest quarterly margin of the year, citing clinic efficiency efforts and favorable product mix
60% confidenceThe company has optimized billing practices based on the economics of buy and bill versus administer and observe, and is deploying billing models in a state-, payer-, and clinic-specific manner
60% confidenceThe clinic business is expected to grow in the double digits to mid-teens, while the NeuroStar business is expected to grow in the low to mid-single digits
60% confidenceThe company is focused on two initiatives in 2026: expanding how it brings NeuroStar TMS systems to market by piloting new customer acquisition models, and driving growth in demand at Greenbrook clinics for depression treatments
60% confidenceFull-year clinic revenue grew 28% on an adjusted pro forma basis, supported by increased field engagement and a growing network of referring providers
60% confidenceClinic revenue was $23.5 million, representing 37% adjusted pro forma growth, driven by increased treatments across both NeuroStar TMS and Spravato
60% confidenceThe combined company delivered strong fourth quarter results and reached a key milestone of positive operating cash flow in the period
60% confidenceIn the first full year post-acquisition, Neuronetics grew revenue, improved cash generation, and strengthened its platform for supporting both its NeuroStar device business and Greenbrook's clinic-based care delivery network
60% confidenceCompass has about seven strategic collaborations for commercial readiness and Greenbrook is one of them
60% confidenceFull-year 2026 operating cash flow is expected to be negative $13 million to negative $17 million, with the highest cash burn in the first quarter and improvement beginning in the second quarter, with positive operating cash flow in the second half
60% confidenceCompass has about seven strategic collaborations for commercial readiness and Greenbrook is one of them
60% confidenceNeuroStar revenue (systems plus treatment sessions) was $18.3 million, representing 9% growth year-over-year on a pro forma basis
60% confidenceCompass has completed two phase 3 studies showing highly statistically significant and clinically meaningful results, including durable improvement through at least 26 weeks after one or two doses
60% confidenceThe fourth-quarter gross margin was the company's highest quarterly margin of the year, citing clinic efficiency efforts and favorable product mix
60% confidenceOperating cash burn improved sequentially each quarter during 2025, from negative $17 million in the first quarter to positive $0.9 million in the fourth quarter
60% confidenceCompass Pathways has completed two phase 3 studies showing highly statistically significant and clinically meaningful results, including durable improvement through at least 26 weeks after one or two doses
60% confidenceThe combined company delivered strong fourth quarter results and reached a key milestone of positive operating cash flow in the period
60% confidenceThe Greenbrook network is positioned to offer REMS-compliant therapies and expects only limited incremental investment to support COMP360 if approved, given alignment with existing Spravato operations
60% confidence