STIM

TRICARE Coverage Expansion: Neuronetics, Inc. announced that TriWest has updated its medical policy to include TMS coverage for adolescents aged 15 and older, benefiting military families in multiple states.

Significance of TMS for Adolescents: The expansion of TMS coverage is seen as a crucial step in providing effective treatment for adolescents struggling with depression, especially given the limited medication options available.

NeuroStar's Unique Position: NeuroStar is the first TMS company with FDA clearance for adolescent treatment and has a dedicated health policy team advocating for further access to TMS therapy.

Impact on Mental Health: With an estimated 4.3 million U.S. adolescents affected by major depression, NeuroStar Advanced Therapy offers a non-invasive treatment option that can significantly improve quality of life when traditional medications fail.

Financial Performance: Neuronetics reported Q3 2025 revenue of $37.3 million, an 11% increase on an adjusted pro forma basis compared to Q3 2024, with significant growth in Greenbrook clinic revenue, which reached $21.8 million, a 25% increase year-over-year.

Operational Highlights: The company achieved over 229,429 global patients treated and received $10 million in additional funding under a debt agreement, while New York State Medicaid expanded coverage for TMS therapy, enhancing access for over 5 million members.

Leadership Transition: CEO Keith J. Sullivan announced his intention to retire on June 30, 2026, after five years of leadership, during which he played a key role in the strategic acquisition of Greenbrook TMS.

Future Outlook: Neuronetics anticipates Q4 2025 revenue between $40 million and $43 million, with a target for positive cash flow from operations, while adjusting full-year revenue expectations to between $147 million and $150 million.