Neuronetics Rewrites Its Sales Playbook — and the Tape Notices

Greenbrook strength and a new NeuroStar go-to-market pivot narrowed losses and lifted the stock 122% in 90 days.

STIM · Earnings Call · 2026-08-11

A sharper go-to-market for NeuroStar

Neuronetics (STIM) reported a second quarter to remember: revenue rose 9.1% to $41.6M, net loss narrowed to $3.4M from $10.1M a year earlier, and the stock has climbed ~122% over the last 90 days — pulling a name that spent years in drawdown sharply off the mat. The catalyst is a deliberate reset of how the company sells its TMS platform, moving away from a single treatment session model toward a broader go-to-market that includes capital equipment sales, leasing, and a la carte support. CEO Dan Reuvers was explicit about the philosophy behind the shift:

For most of our history, we offered essentially 1 way to work with us, a treatment session model built around a high-touch partnership between Neuronetics and our customer. That model sets us apart, but as the TMS market has matured, customers value different levels of support.
Daniel Reuvers, President and Chief Executive Officer · 2026-08-11

He detailed the new options—outright purchase, lease-financing, or a la carte service—designed to win business previously out of reach. The strategy deliberately trades a bit of near-term revenue mix for a larger addressable universe. As Reuvers put it, “if a customer chose the capital route versus the traditional sessions route, they'll still pay for things like service and consumables and training, and those things are currently embedded in the sessions structure,” a point that explains why NeuroStar revenue fell 2.7% even as capital sales grew double digits. The message to investors is to look at the franchise as one integrated number, not as a brittle classification.

Greenbrook: the operational engine

The quarter’s star performer was the Greenbrook clinic network. Revenue there rose 16.8% year-over-year to $26.9M, and management pointed to improving revenue-cycle management—cleaner claims, better payer contracting, and early AI use in prior authorization—which is converting billings into cash. The business is still running well below capacity, which is the next margin lever. Reuvers framed it as operating leverage: “We've got a fair amount of fixed costs, as you know, and we've talked about having available capacity as much as 40% that's still not consumed.” Filling that available capacity is the single biggest near-term opportunity, and it also underpins the attraction of interventional psychiatry as a longer-term option. With Compass Pathways’ COMP360 in late-stage development, Greenbrook’s existing REMS infrastructure, trained staff, and patient-access operations position it to be an early provider of psychedelic therapy. Reuvers noted, “As new psilocybin treatments become available, they'll need places equipped to deliver them safely and at scale.” That optionality is real, even if the regulatory and reimbursement path remains unresolved.

The financial inflection

The numbers confirm the turnaround narrative. Gross margin expanded to 51.1% from 46.6%, driven by mix and better clinic economics. Management raised full-year gross margin guidance and lowered the opex range, while narrowing total revenue guidance to $160–164M. The new CFO, Nir Naor, explained why the old revenue split is being retired: “As customers move between owning a system, financing 1, purchasing support on an a la carte basis, or opting for the traditional session model, the split between capital and treatment session revenue no longer reflects the business in a consistent manner.” — Nir Naor, Chief Financial Officer · 2026-08-11 Cash burn is the metric that matters most to this balance sheet. Net cash used in operations and investing was just $1.4M in Q2, versus $3.8M a year earlier, and the company guided to a narrower full-year cash usage range. Net loss fell to -$3.4M from -$10.1M, a clear sign the operational discipline at Greenbrook is translating to the bottom line.

From pilot to rollout

The go-to-market shift isn’t new to the company—it was telegraphed on the prior call. In May, Reuvers said: “We’re going to expand our menu and allow customers to kind of establish which parts of value they want and make sure that we've got kind of a broader girth of go-to-market menus that they can select from.” — Daniel Reuvers, President and Chief Executive Officer · 2026-05-05 The Q2 results show that pilot is now a broader rollout. Similarly, the inventory normalization that weighed on session revenue in 2025 appears to be behind the company. On the November call, CFO Steve Pfanstiel described the dynamic: “It means our customers are keeping a pretty steady level of treatment session inventory.” — Steven Pfanstiel, Chief Financial Officer · 2025-11-04 Reuvers confirmed this quarter that inventories are now at a low, sustainable level, removing that specific headwind for the back half. The market is clearly voting for the new direction—the 90-day return of +122% and a peak on August 14 reflect growing confidence that the model pivot, combined with Greenbrook’s cash conversion, can finally put Neuronetics on a path to sustained profitability and positive operating cash flow. With a 92% drawdown from its 2018 peak still in the rearview mirror, the stock’s recovery is early but the operational trajectory is visibly improving.