MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM) has released its 2024 financial results, detailing significant operational progress and strategic milestones, including the acquisition of Greenbrook TMS, FDA clearance for adolescent depression treatment, and strong financial guidance for 2025.
Key Highlights
Neuronetics completed its acquisition of Greenbrook TMS in December, combining its NeuroStar Advanced Therapy platform with Greenbrook’s network of 95 U.S.-based clinics. This integration is expected to deliver over $22 million in annualized cost synergies, with $21 million already realized. The acquisition aims to enhance the company’s market leadership in transcranial magnetic stimulation (TMS) therapies.
The company also achieved a pivotal regulatory milestone in 2024, securing FDA clearance for NeuroStar Advanced Therapy as the first transcranial magnetic stimulation treatment for major depressive disorder (MDD) in adolescents aged 15 to 21. Supported by real-world data demonstrating a 78% improvement rate among adolescent patients, this approval expanded Neuronetics’ addressable market by 35%, to include 29.3 million MDD patients.
2024 Financial Performance
Neuronetics reported total 2024 revenue of $74.9 million, a 5% increase over 2023. Fourth-quarter revenue grew by 11% to $22.5 million, driven by contributions from Greenbrook’s clinic network post-acquisition. International revenue also rose by 19% for the year.
Despite progress in revenue, the company reported a net loss of $43.2 million for the year, compared to $30.2 million in 2023, as operating expenses increased due to acquisition-related costs. Cash reserves stood at $18.5 million as of December 31, 2024, following an $18.9 million public offering in February 2025 to support growth initiatives.
The company treated a milestone 195,000 patients globally, delivering over 7.1 million treatment sessions. Gross margin for the year was 72.3%, a slight decrease from 2023 due to integration-related impacts.
Strategic Outlook for 2025
Looking ahead, Neuronetics projects 2025 revenue of $145 million to $155 million, underscoring expectations for double-digit growth. Gross margin for the year is forecasted at 55%, while total operating expenses are expected to range from $90 million to $98 million.
The company’s strategic focus includes continued integration of Greenbrook, expansion of its Better Me Provider (BMP) network, and acceleration of high-growth initiatives such as the SPRAVATO buy-and-bill program. Notably, Neuronetics aims to achieve cash flow positivity by the third quarter of 2025.
Positioning for Leadership
“2024 was a defining year for Neuronetics,” said Keith J. Sullivan, President and CEO. “By combining our NeuroStar technology with Greenbrook’s clinic network and expanding indications for adolescent depression, we’ve positioned ourselves as the clear leader in TMS therapy.”
With ongoing integration efforts, innovative treatments, and a strong financial outlook, Neuronetics stands poised to transform mental health care while delivering sustainable growth for stakeholders.
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