Medical Devices - Neurohealth/Mental Health Treatment
Strategic Profile
The strategic acquisition of Greenbrook TMS has vertically integrated the company's value chain and positioned it for long-term growth. Neuronetics has secured significant payer coverage expansions, including New York State Medicaid and TRICARE coverage, and has established exclusive partnerships like a three-year collaboration with Elite DNA Behavioral Health to expand NeuroStar TMS access. The company is pursuing market expansion into adolescent care and broadening clinical indications beyond major depressive disorder.
Cyborg Score Rationale
2024 revenue grew 4.96% to $74.89 million, but losses increased 44.8% to -$43.71 million. Stock has fallen 62.85% over the past 12 months. However, recent Q4 2025 results show operational improvement with positive operating cash flow and strong revenue guidance, presenting a turnaround narrative.
Top Insights
Q4 2025 preliminary results show $41.8M revenue (+86% reported, +23% adjusted pro forma) with positive operating cash flow of $0.9M and 49 systems shipped.
New York State Medicaid began covering TMS therapy for major depressive disorder effective October-November 2025, expanding access to over 5 million members statewide.
TRICARE updated medical policy effective November 2025 to cover NeuroStar TMS for adolescents aged 15 and older, opening a new patient segment.
CEO Keith Sullivan plans to retire June 30, 2026, with successor search underway and Sullivan remaining as consultant post-retirement.
Esketamine (Spravato) — FDA-approved ketamine derivative for treatment-resistant depression
rTMS Systems — Alternative transcranial magnetic stimulation platforms
Psychotherapy/Counseling Services — Traditional behavioral health treatment modalities
Recent Developments
(February 2026) Strong Q4 2025 preliminary results announced with 86% reported revenue growth; stock rose 41% in after-hours trading
(November 2025) CEO transition plan announced with retirement effective June 30, 2026; New York State Medicaid coverage expansion effective; TRICARE adolescent coverage approval
(October 2025) Elite DNA Behavioral Health exclusive three-year partnership announced for TMS device and service provision