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Form 8-K

sec.gov

8-K — Neuronetics, Inc.

Accession: 0001193125-26-205117

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001227636

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d139145d8k.htm (Primary)

EX-99.1 (d139145dex991.htm)

EX-99.2 (d139145dex992.htm)

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8-K

8-K (Primary)

Filename: d139145d8k.htm · Sequence: 1

8-K

false 0001227636 0001227636 2026-05-05 2026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 5, 2026

NEURONETICS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-38546

33-1051425

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

3222 Phoenixville Pike, Malvern, PA

19355

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (877) 600-7555

(Former name or former address, if changed since last report.) Not applicable.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol (s)

Name on each exchange

on which registered

Common Stock ($0.01 par value)

STIM

The Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

Neuronetics, Inc. (the “Company”) issued a press release on May 5, 2026, announcing its financial results for the three months ended March 31, 2026. A copy of the press release is being furnished to the Securities and Exchange Commission (“SEC”) as Exhibit 99.1 to this report on Form 8-K and is incorporated by reference to this Item 2.02.

***

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

Item 7.01

Regulation FD Disclosure.

On May 5, 2026, Neuronetics released a presentation (the “Presentation”) that it may present to certain investors. A copy of the Presentation is attached hereto as Exhibit 99.2. The information contained in Exhibit 99.2 is incorporated herein by reference.

The information in this report furnished pursuant to Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this report, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this report that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2026 including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this report. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products; developments in respect of competing technologies and therapies for the indications that our products treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our

credit facility; and our ability to achieve positive cash flows. For a discussion of these and other related risks, please refer to the Company’s recent filings with the SEC, which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this report. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events, or changes in the Company’s expectations.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release, dated May 5, 2026, of Neuronetics, Inc.

99.2

Company Presentation May 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEURONETICS, INC.

(Registrant)

Date: May 5, 2026

By:

/s/ Daniel L. Reuvers

Name:

Daniel L. Reuvers

Title:

President and Chief Executive Officer

EX-99.1

EX-99.1

Filename: d139145dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Neuronetics Reports First Quarter 2026 Financial and Operating Results

MALVERN, PA., May 5, 2026 – Neuronetics, Inc. (NASDAQ: STIM) (the “Company” or “Neuronetics”), a vertically

integrated, commercial stage, medical technology and healthcare company with a strategic vision of transforming the lives of patients whenever and wherever they need help, with the leading neurohealth therapies in the world, today announced its

financial and operating results for the first quarter of 2026.

First Quarter 2026 Highlights

First quarter 2026 revenue of $34.5 million, up 8% compared to the first quarter 2025

U.S. clinic revenue of $21.5 million, up 15% compared to the first quarter 2025

Shipped 34 NeuroStar systems in the US; a 10% increase compared to the first quarter 2025

Net cash used in operations of $9.4 million, a reduction of $7.6 million

compared to $17.0 million in the first quarter 2025

Recent Operational Highlights

Optum/UHC/UBH expanded its TMS clinical policy to allow nurse practitioners to order, supervise, and

administer NeuroStar Advanced Therapy

“I’m encouraged by our first quarter performance, which reflects the team’s

continued execution on revenue growth, operational efficiency, and cash management. Our clinic business delivered double-digit growth, we reduced operating expenses, and we meaningfully improved our operating cash flow versus the first quarter of

last year,” said Dan Reuvers, President and Chief Executive Officer of Neuronetics. “Looking ahead, I believe there is significant value in this business that has yet to be fully realized. We have the leading technology in TMS, a

national clinic platform with real growth runway, and a team that is driving operational execution. Our team is focused on delivering better outcomes for our customers and patients, as well as long term value for our shareholders.”

First Quarter 2026 Financial and Operating Results for the Three Months Ended March 31, 2026

Revenues by Geography

Three Months Ended March 31,

2026

2025

Amount

Amount

% Change

(Unaudited; in thousands, except percentages)

U.S.

$

34,226

$

31,483

9

%

International

228

492

(54

)%

Total revenues

$

34,454

$

31,975

8

%

Total revenue for the three months ended March 31, 2026 was $34.5 million, an increase of $2.5 million, or 8%,

compared to the three months ended March 31, 2025 revenue of $32.0 million. The increase in revenue was primarily driven by higher U.S. clinic revenue, which increased to $21.5 million in the first quarter of 2026 from

$18.7 million in the first quarter of 2025, reflecting strong growth since the Greenbrook acquisition and continued expansion of SPRAVATO®, including the buy and bill model.

U.S. Revenues by Product Category

Three Months Ended March 31,

2026

2025

Amount

Amount

% Change

(Unaudited; in thousands, except percentages)

NeuroStar Advanced Therapy System

$

3,203

$

2,846

13

%

Treatment sessions

9,122

9,612

(5

)%

Clinic revenue

21,529

18,659

15

%

Other

372

366

2

%

Total U.S. revenues

$

34,226

$

31,483

9

%

U.S. NeuroStar Advanced Therapy System revenue for the three months ended March 31, 2026 was $3.2 million, an

increase of 13% compared to $2.8 million in the first quarter of 2025. For the three months ended March 31, 2026, the Company shipped 34 systems.

U.S. treatment session revenue was $9.1 million for the three months ended March 31, 2026, a decrease from $9.6 million for the three months

ended March 31, 2025.

U.S. clinic revenue was $21.5 million for the three months ended March 31, 2026, compared to $18.7 million for

the three months ended March 31, 2025, representing an increase of 15%.

Gross margin for the first quarter of 2026 was 46.9% compared to the first

quarter of 2025 gross margin of 49.2%. The decrease in gross margin was primarily a result of mix.

Operating expenses during the first quarter of 2026

were $25.1 million, a decrease of $1.6 million, or 6%, compared to $26.8 million in the first quarter of 2025, mainly attributable to savings in general, administrative, sales and marketing expenses.

Net loss for the first quarter of 2026 was $(10.8) million, or $(0.16) per share, as compared to $(12.7) million, or $(0.21) per share, in the first quarter

of 2025. Net loss per share was based on 69,589,144 and 61,464,725 weighted average common shares outstanding for the first quarters of 2026 and 2025, respectively.

As of March 31, 2026, the Company held $19.0 million in total cash, consisting of cash and cash equivalents of $13.2 million and

$5.8 million of restricted cash, which is compared to $34.1 million as of December 31, 2025. As previously announced, the Company made a one-time principal payment of $5.0 million in March

to reduce its debt obligation and ongoing interest expense.

Optum/UHC/UBH expanded its TMS clinical policy to allow Nurse Practitioners to order,

supervise, and administer NeuroStar Advanced Therapy

Optum/United Healthcare/United Behavioral Health (“Optum/UHC/UBH”) has expanded its

transcranial magnetic stimulation (“TMS”) clinical policy to allow psychiatric mental health nurse practitioners (“PMHNPs”) to order, supervise, and administer NeuroStar Advanced Therapy, significantly broadening access to

this non-drug, non-invasive treatment for major depressive disorder (“MDD”). Previously limited to psychiatrists, the updated policy applies to PMHNPs

practicing in states with full practice authority and extends access across 26 states and Washington, D.C., reaching approximately 34.8 million covered lives. This milestone policy change is expected to enhance patient access—particularly

in underserved communities—by enabling more qualified providers to deliver NeuroStar TMS Therapy, a clinically proven option for patients who have not achieved adequate relief from antidepressant medications.

Business Outlook

For the second quarter of 2026, the

Company expects total revenue growth in the mid-single digits.

For the full year 2026, Neuronetics continues to expect:

Total revenue between $160 million and $166 million;

Gross margin between 47% and 49%;

Operating expenses between $100 million and $105 million, inclusive of approximately $8.5 million

of non-cash stock-based compensation;

Cash flow from operations between negative $13 million and negative $17 million;

Webcast and Conference Call Information

The conference

call will be broadcast live in listen-only mode via webcast at https://edge.media-server.com/mmc/p/3pztkve5. To listen to the conference call on your telephone, you may register for the call here. While it is not required, it is

recommended you join 10 minutes prior to the event start.

About Neuronetics

Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment

options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy is a non-drug, noninvasive

treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers,

Neuronetics operates Greenbrook TMS Inc. (“Greenbrook”) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading

TMS treatment for MDD in adults and is backed by what we believe is the largest clinical data set of any TMS treatment system for depression. Greenbrook treatment centers also offer SPRAVATO®

(esketamine) Nasal Spray, a prescription medicine indicated for the treatment of treatment-resistant depression (“TRD”) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms

in adults with MDD with acute suicidal ideation or behavior in conjunction with an oral antidepressant.1

The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with

obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21. For safety information and indications for use, visit NeuroStar.com.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this press release, including the documents incorporated by reference herein, include “forward-looking statements” within the

meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws

and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this press release that are not historical facts constitute “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,”

“plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,”

“predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and

current expectations for upcoming quarters and fiscal year 2026, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and

uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include,

without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or

sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of

coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products; developments in respect of competing technologies and therapies for the indications that our

products treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications;

developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our self-sustainability and existing cash balance; and our ability to

achieve positive cash flows. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the SEC’s

website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended

December 31, 2025 and the company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2026, as may be updated or supplemented by subsequent reports that Neuronetics has filed or

files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any

forward-looking statements contained in this press release as a result of new information, future events, or changes in the Company’s expectations.

Investor Contact:

Mike Vallie or Mark Klausner

ICR Healthcare

443-213-0499

ir@neuronetics.com

Media Contact:

EvolveMKD

646-517-4220

NeuroStar@evolvemkd.com

NEURONETICS, INC.

Consolidated Statements of Operations

(Unaudited; In thousands, except per share data)

Three Months ended

March 31,

2026

2025

Revenues

Products and other

$

12,925

$

13,316

Services

21,529

18,659

Total Revenue

34,454

31,975

Cost of revenues

Products and other

2,858

3,150

Services

15,442

13,087

Total Cost of revenues

18,300

16,237

Gross profit

16,154

15,738

Operating expenses:

Sales and marketing

10,737

11,999

General and administrative

13,048

13,137

Research and development

1,364

1,616

Total operating expenses

25,149

26,752

Loss from operations

(8,995

)

(11,014

)

Other (income) expense:

Interest expense

2,266

1,922

Loss on extinguishment of debt

539

Other income, net

(1,020

)

(247

)

Net loss

$

(10,780

)

$

(12,689

)

Less: Net gain (loss) attributable to non-controlling

interest

10

(14

)

Net loss attributable to Neuronetics stockholders’

(10,790

)

(12,675

)

Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics

stockholders

$

(0.16

)

$

(0.21

)

Weighted average common shares outstanding, basic and diluted

69,589

61,465

NEURONETICS, INC.

Consolidated Balance Sheets

(Unaudited; In thousands, except per share data)

March 31,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

13,214

$

28,134

Restricted cash

5,750

6,000

Accounts receivable, net of allowance for credit losses of $780 and $1,043 as of March 31,

2026 and December 31, 2025, respectively

15,809

16,469

Inventory

4,715

4,327

Current portion of net investments in sales-type leases

257

225

Current portion of prepaid commission expense

2,900

3,050

Current portion of note receivables

401

424

Prepaid expenses and other current assets

4,129

2,922

Total current assets

47,175

61,551

Property and equipment, net

3,874

4,466

Goodwill

23,622

23,622

Intangible assets, net

17,785

18,149

Operating lease

right-of-use assets

23,069

23,560

Net investments in sales-type leases

108

98

Prepaid commission expense

7,464

7,972

Long-term notes receivable

92

151

Other assets

2,251

1,982

Total assets

$

125,440

$

141,551

Liabilities and Equity

Current liabilities:

Accounts payable

$

11,433

$

10,739

Accrued expenses

9,596

12,316

Current portion of deferred revenue

833

753

Deferred and contingent consideration

250

500

Other payables

751

652

Current portion of operating lease liabilities

5,422

5,561

Total current liabilities

28,285

30,521

Long-term debt, net

61,297

65,807

Other long term liabilities

71

Deferred revenue

58

48

Operating lease liabilities

18,669

18,935

Total liabilities

108,380

115,311

Commitments and contingencies

Equity:

Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on

March 31, 2026 and December 31, 2025

Common stock, $0.01 par value: 250,000 shares authorized; 69,583 and 68,994 shares issued and

outstanding on March 31, 2026 and December 31, 2025, respectively

696

690

Additional paid-in capital

482,146

480,475

Accumulated deficit

(469,577

)

(458,787

)

Total Stockholders’ equity

13,265

22,378

Non-controlling interest

3,795

3,862

Total equity

17,060

26,240

Total liabilities and equity

$

125,440

$

141,551

NEURONETICS, INC.

Consolidated Statements of Cash Flows

(Unaudited; In thousands)

Three months ended March 31,

2026

2025

Cash flows from operating activities:

Net loss

$

(10,780

)

$

(12,689

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

745

911

Allowance for credit losses

(267

)

Inventory impairment

(30

)

5

Share-based compensation

1,677

1,444

Non-cash interest expense

256

189

Loss on extinguishment of debt

539

Loss on disposal of property and equipment

270

Changes in certain assets and liabilities:

Accounts receivable, net

1,008

(2,627

)

Inventory

(432

)

175

Net investments in sales-type leases

(43

)

14

Prepaid commission expense

658

401

Prepaid expenses and other assets

(1,121

)

1,785

Accounts payable

559

(2,638

)

Accrued expenses

(2,720

)

(3,511

)

Other liabilities

170

(193

)

Deferred revenue

90

(259

)

Net cash used in operating activities

(9,421

)

(16,993

)

Cash flows from investing activities:

Purchases of property and equipment and capitalized software

(197

)

(219

)

Proceeds from the sale of property and equipment

25

Net cash used in investing activities

(172

)

(219

)

Cash flows from financing activities:

Repayment of deferred and contingent consideration

(250

)

Repayment of long-term debt

(5,000

)

Payment for debt extinguishment cost

(250

)

Proceeds from the issuance of common stock

20,700

Payments of common stock offering issuance costs

(1,731

)

Distribution to non-controlling interest

(77

)

Proceeds from exercises of stock options

8

Net cash (used in) provided by financing activities

(5,577

)

18,977

Net increase (decrease) in Cash, Cash equivalents and Restricted cash

(15,170

)

1,765

Cash and cash equivalents and restricted cash and cash equivalents, beginning of period

34,134

19,459

Cash and cash equivalents and restricted cash and cash equivalents, end of period

$

18,964

$

21,224

Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance

sheet:

Cash and cash equivalents

13,214

20,224

Restricted cash and cash equivalents

5,750

1,000

Total cash, cash equivalents and restricted cash

$

18,964

$

21,224

Non-GAAP Financial Measures (Unaudited)

EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles in the U.S. (“GAAP”), and

should not be construed as a substitute for, or superior to, GAAP net loss. However, management uses both the GAAP and non-GAAP financial measures internally to evaluate and manage the Company’s

operations and to better understand its business. Further, management believes that the addition of the non-GAAP financial measures provides meaningful supplementary information to, and facilitates analysis

by, investors in evaluating the Company’s financial performance, results of operations and trends. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly designated measures reported by other

companies, because companies and investors may differ as to what type of events warrant adjustment.

The following table reconciles reported net loss to

EBITDA and Adjusted EBITDA:

Three Months ended

March 31,

2026

2025

(in thousands)

Net loss attributable to Neuronetics stockholders’

$

(10,790

)

$

(12,675

)

Interest expense, net

1,246

1,675

Income taxes

Depreciation and amortization

745

911

EBITDA

$

(8,799

)

$

(10,089

)

Stock based compensation (Note. 1)

1,677

1,444

Loss on extinguishment of debt (Note.2)

539

Adjusted EBITDA

$

(6,583

)

$

(8,645

)

Footnotes

1.

Stock-based compensation consists of expenses related to restricted stock units. We exclude these expenses from

our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based

compensation is a recurring expense and a key part of our employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers.

2.

In connection with its $5 million repayment of debt in the first quarter of 2026 to Perceptive Advisors,

LLC, the Company recorded a total loss on partial debt extinguishment of approximately $0.5 million. This infrequent and non-recurring expense is removed from EBITDA in order to provide a more accurate

reflection of the Company’s core operational performance for the period presented.

References

1 The effectiveness of SPRAVATO® in preventing suicide or in reducing suicidal ideation or behavior

has not been demonstrated. Use of SPRAVATO® does not preclude the need for hospitalization if clinically warranted, even if patients experience improvement after an initial dose of SPRAVATO®. For more important safety information about SPRAVATO®, please visit spravatohcp.com.

EX-99.2

EX-99.2

Filename: d139145dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 COMPANY PRESENTATION NASDAQ: STIM May 2026 Transforming

Lives Through NeuroHealth

Forward Looking Statements This presentation contains estimates and

other statistical data prepared by independent parties and by Neuronetics, Inc. (“Neuronetics” or the “Company”) relating to market size and growth and other data about the industry in which the Company operates. These

estimates and data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. Certain statements in this presentation, including the documents incorporated by reference herein, include

“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered

by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this presentation that are not historical facts constitute

“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements may be identified by terms such as “may,” “will,” “would,”

“should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,”

“estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s

business outlook and current expectations for upcoming quarters and fiscal year 2026, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to

significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this presentation. These risks and

uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. (“Greenbrook”) on our business relationships; operating results and business generally; our ability to

execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our

salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products; developments in respect of competing

technologies and therapies for the indications that our products treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar

Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our

self-sustainability and existing cash balance; and our ability to achieve positive cash flows. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission

(the “SEC”), which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal

year ended December 31, 2024, as may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of

this presentation. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future events, or changes in the Company’s

expectations. Company Confidential 2

Non-GAAP Financial Measures In addition to financial measures prepared

in accordance with accounting principles generally accepted in the United States (“GAAP”), from time to time we may use or publicly disclose certain non-GAAP financial measures in the course of our financial presentations, earnings

releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a non-GAAP financial measure as a numerical measure of historical or future financial performance, financial positions, or cash flows that (i) exclude amounts,

or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and (ii) include amounts, or is subject to adjustments that

effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures are provided as additional information to investors to provide an alternative method for assessing our

financial condition and operating results. We believe that these non-GAAP measures, when taken together with our GAAP financial measures, allow us and our investors to better evaluate our performance and profitability. These measures are not in

accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. These measures should be used in addition to and in conjunction with results presented in accordance with

GAAP, and should not be relied upon to the exclusion of GAAP financial measures. Pursuant to the requirements of Regulation G, whenever we refer to a non-GAAP financial measure, we will also generally present, the most directly comparable financial

measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference with such comparable GAAP financial measure. Company Confidential 3

245,088 1 Unique Patients Treated As a global leader in neuroscience,

Neuronetics is delivering more options 8,805,526 1 Treatments Administered to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. $149M Annual Revenue (2025) (1) Neuronetics, Inc. internal

estimate based on the Company’s data on total treatment sessions and patients treated. Company Confidential 4

A Leader in Mental Health Care Through its nationwide network of

customers and company-run clinics, Neuronetics is facilitating access to leading therapies for mental health conditions. Large patient population poorly served by medication Industry-leading vertically integrated device and clinic offering Multiple

initiatives in place to drive accelerated growth across the organization Operational focus, profitability and cash flow improvement Preparing for the potential of psychedelics Company Confidential 5

Over 29 Million Lives Affected by Depression and OCD Nearly 8 million

patients are poorly served by antidepressant medication • Lack of Treatment Efficacy Total Available Market • Intolerable Side Effects Adult Depression (MDD) Adolescent Depression 4 4.3 million suffering 1 29.3 million 21 million

suffering 5 1 million on medications 1,2,3 6.4 million on medication New indication: 35% increase in addressable market U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Anxious Depression OCD 7 53%

of MDD patients have 4 million suffering 6 8 significant anxiety 235k on medication (1) NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024. (2) Per STAR*D patients that have failed one or more antidepressant

trial of adequate dose and duration. (3) Journal of Clinical Psychiatry, accessed 3/7/2022. (4) Depression- Pharma Intelligence Disease Analysis, www.datamonitorhealthcare.com, Publication Date: June 2021. (5) Key Substance Use and Mental Health

Indicators in the United States: Results from the 2017 National Survey on Drug Use and Health. (6) Kalin N, The Critical Relationship Between Anxiety and Depression, Am J Psychiatry 2020; 177:365–367; doi: 10.1176/appi.ajp.2020.20030305. (7)

Harvard Medical School, 2007. National Comorbidity Survey (NCSSC). (8) Definitive Health Diagnosis/Prescription Data: 3/25/22. Company Confidential 6

A Uniquely Diversified Business Model Vertical integration provides

greater access to mental health treatments nationwide NeuroStar Greenbrook Transcranial Magnetic Stimulation (TMS) Mental Health Services Provider Market Leader in TMS Devices Leading Mental Wellness Care Network Company Confidential 7

#1 Physician Recommended TMS Dedicated to Practice 1 Market Leader in

TMS Success Over 8.4 million treatment Most comprehensive customer sessions performed on over support team in the industry to 1 230,000 patients support over 800 U.S. offices Robust R&D Pipeline Widely Reimbursed rd 3 generation system. Largest

Dedicated to driving health policy clinical dataset in the world to to ensure broad U.S. drive new indications reimbursement among commercial and government payors (1) NeuroStar internal estimate based on NeuroStar’s data on treatment sessions

and patients treated. Company Confidential 8

® SPRAVATO Program ® • In March 2019, the FDA approved

SPRAVATO (esketamine) nasal spray, in conjunction with an oral antidepressant, for Treatment Resistant Depression in adults and in August 2020, the FDA added a second indication for depressive symptoms in adults with MDD with acute suicidal ideation

or behavior ® • SPRAVATO fills the gap in the treatment paradigm between or before TMS and Electroconvulsive Therapy, providing for a complimentary treatment to TMS, effectively broadening Greenbrook offering to patients • Delivered

in a two-spray dispenser under supervision from a health care professional as patients self-administer • Treatment consists of: − Induction (8 treatments) - Twice a week for 4 weeks − Taper (4 treatments) - Once a week for 4 weeks

− Maintenance - Once every one to two weeks for the next year ® • We currently have 84 REMS-Certified Treatment Centers offering SPRAVATO • Further expansion possible, dependent on facility assessment, marketing demand and ROI

analyses. Company Confidential 9

Significant Commercial Footprint and Scale Greenbrook NeuroStar TMS 93

Clinics Nationwide 800+ Customer Sites Nationwide Company Confidential 10

Strategic Account Comprehensive Customer Managers Support Team

Reimbursement Area Sales Specialists & Managers Managers Experienced team Regional Clinical Training Account Managers Managers dedicated to consistent growth and practice success Field Service Customer and Technical Service Support

Representatives Sales Leaders Company Confidential 11

Neuronetics is Positioned to Capitalize on Innovations in the Mental

Health Space Medication Management Interventional Medical Patients Medication Technology Pending Introduction of Psychedelic Psychotherapy Therapies Company Confidential 12

Key Growth Initiatives for Network Clinics Focus on execution,

profitable product diversification & expansion Drive growth in 93 clinics through enhanced RAM clinic Identifying and engagement, leveraging automated referral systems Educating Patients and optimized digital/DTC targeting Expanding the ®

Fill gaps in treatment paradigm with SPRAVATO and Continuum of Care for future psychedelic therapies Patients Standardize operational excellence across our network Consistent Implementation of Best through comprehensive training, enhanced practice

Operation Practices capabilities, and centralized services Company Confidential 13

Key Growth Initiatives for Customer Clinics Harnessing the power of

our proven programs to help more patients in need New Go-To-Market Expanding go-to-market menu through pilot programs Models aimed at addressing customer needs Enhance digital education utilizing social media, blogs, Patient Education and webinars

to support patients and BMP practices Expanding Services to Centralized call center to help BMP providers manage Existing Customers patient inquires more efficiently (billing and contracts) Company Confidential 14

Poised to Deliver Strong Growth While Improving Cash Flow th (As of

May 5 , 2026) FY 2026 Guidance Revenue $160M to $166M (+7% to +11% YoY) Between 47% and 49% Gross Margin $100M - $105M Operating Expenses includes ~$8.5 million of non-cash stock-based compensation Cash Flow Cash Flow from Operations: $(13)M to

$(17)M Company Confidential 15

Seasoned Senior Leadership Team Dan Reuvers Andrew Macan Cory Anderson

Lisa Metzner-Rosas Jeff Jones President & CEO EVP, GC & Chief SVP, Chief SVP, Chief SVP, Chief of Compliance Officer Technology Officer Marketing Officer Operations Company Confidential 16

Financial Overview Neuronetics transforming lives through NeuroHealth

Company Confidential 17

1 Worldwide Quarterly Revenue ($ in ($ in m illions million)s) (As

Reported) Q1 2026 Revenue of $34.5M, an 8% increase from Q1 2025 $41.8 $38.1 $37.3 $34.5 $32.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (1) Actual results as reported and filed with the SEC for Neuronetics Company Confidential 18

2025 – 2026 U.S. NeuroStar Treatments ($ in millions) , , , , ,

Company Confidential 19

2025 – 2026 U.S. Clinic Appointments ($ in millions) , -2.4% vs.

, Prior Year , , , Company Confidential 20

1 Results of Operations ($ in ($ in thousand thousasn)ds) (As

Reported) Three Months Ended March 31, 2025 2026 Revenues $31,975 $34,454 YOY Growth 8% Gross Profit $15,738 $16,154 Gross Margin 49% 47% Total Operating Expenses $26,752 $25,149 % of Revenues 84% 73% Loss from Operations ($11,104) ($8,995) % of

Revenues -34% -26% Adjusted EBITDA ($8,645) ($6,583) (1) Actual results as reported and filed with the SEC for Neuronetics except for adjusted EBITDA which is a Non-GAAP metric Company Confidential 21

Reconciliation Bridge EBITDA to Adjusted EBITDA ($ in thousands) The

following table presents the Company’s reconciliation between EBITDA and adjusted EBITDA. These pro formaed re os nu altsss ua mre p tiobnass that management believes are reasonable under the circumstances. However, they are not necessarily

indicative of the Company’s future performance. Earnings before interest, ta on, xe sa,n dd eapmreocriat tiziation (“EBITDA”) is defined as income (loss) before income taxes, excluding the following items: interest expense,

depreciation, and amortization. Adjusted EBITDA (“Adjusted EBITDA”) is definede xa cs lud E ingBI TD theA f,o llowing items: stock based compensation, loss on extinguishment of debt, and other items not considered indicative of the

Company’s ongoing operational performance and expected to occur infrequently. Three Months Ended March 31, 2025 2026 Net Loss to STIM Shareholders’ ($12,675) ($10,790) Interest Expense, Net $1,675 $1,246 Depreciation and Amortization

$911 $745 EBITDA ($10,089) ($8,799) 1 Stock Based Compensation $1,444 $1,677 2 Loss on Extinguishment of Debt --- $539 Adjusted EBITDA ($8,645) ($6,583) (1) Stock-based compensation consists of expenses related to restricted stock units. We exclude

these expenses from our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based compensation is a recurring expense and a key part of our

employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers. (2) In connection with its $5 million repayment of debt in the first

quarter of 2026 to Perceptive Advisors, LLC, the Company recorded a loss on partial debt extinguishment of approximately $0.5 million. This infrequent and non- recurring expense is removed from EBITDA in order to provide a more accurate reflection

of the Company’s cfo orre m aonpce er a fotion r thael pp ee riod r presented. Company Confidential 22

($ in thousands) Financial Position ($ in thousands) As of March 31,

2026 Cash and Cash Equivalents $13,214 Restricted Cash $5,750 Total Cash $18,964 Other Assets $106,476 Total Assets $125,440 Long-term debt, net $61,297 Convertible Preferred Stock Warrant Liability $0 Convertible Preferred Stock $0 Accumulated

Deficit ($469,577) kh d ’ Eq $13,265 Company Confidential 23

Supplemental Information Neuronetics, Inc. Company Confidential

24

1 Supplemental Financial and Operating Information ($ in thousands)

(As Reported) (1) Actual results as reported and filed with the SEC for Neuronetics Company Confidential 25

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