Slide 1: Company Presentation
COMPANY PRESENTATION NASDAQ: STIM May 2025 Transforming Lives Through NeuroHealth
Slide 2: Forward Looking Statements
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
Slide 3: Non-GAAP Financial Measures
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, earnin
Slide 4: Presenters
Presenters 39+ years of experience 38+ years of experience Keith Sullivan Steve Furlong President & Executive Vice President, Chief Executive Officer Chief Financial Officer & Treasurer Company Confidential 4
Slide 5: STRONGER together
213,500 Unique Patients Treated 7,620,000 STRONGER Treatments Administered together Two of the nation’s largest mental health and device companies are now combined to create an $129M organization with the ability to leverage its scale annual revenue (2024) 1 and capabilities to treat more patients s
Slide 6: A Diversified Business Model with Strategic Advantages
A Diversified Business Model with Strategic Advantages from the Company’s Combined Expertise Neuronetics is now a vertically integrated organization providing greater access to mental health treatments through our collective expertise NeuroStar Greenbrook Market Leader in Transcranial Magnetic Menta
Slide 7: Stronger Commercial Footprint & Opportunity Together
Stronger Commercial Footprint & Opportunity Together Greenbrook Locations: Together, with Better Me Provider Operating 95 Treatment (BMP) practices… we have over 375 Clinics in 15 States BMP clinics in 49 states Greenbrook Total Amount of 55,700 Patients Patients Treated 1.8M treatments Company Conf
Slide 8: A Compelling Investment Opportunity
A Compelling Investment Opportunity Combines one of the U.S.’s most utilized therapeutic platforms for the treatment of MDD with one of the largest service providers to renew even more lives Large patient population best served by managing the therapeutic paradigm Multiple initiatives in place to dr
Slide 9: Senior Leadership
Senior Leadership Management Team Board of Directors Keith Sullivan Cory Anderson Steve Furlong Sara Grubbs Rob Cascella Avinash Amin, MD Sheryl Conley Sasha Cucuz President & CEO SVP, Chief EVP, CFO SVP, Chief Board Chairman Technology Officer and Treasurer Revenue Officer Bill Leonard Andrew Macan
Slide 10: Over Million Lives Affected by Depression and OCD
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 29.3 million Adult Depression (MDD) 21 million suffering1 6.4 million on medication1,2,3 Adoles
Slide 11: Positioned to Capitalize on Innovations in Mental Health
Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space Medication Management Interventional Medical Medication Patients Technology Psychotherapy Company Confidential 11
Slide 12: #1 Physician Recommended TMS
#1 Physician Recommended TMS We’re inspired every day by the opportunity to help people live more fulfilling lives Dedicated to Practice Market Leader in TMS1 Success Over 7.4 million treatment Largest direct sales and sessions performed in over customer support team in the 202,000 patients industry
Slide 13: Proven, Long-Term Relief for MDD
Proven, Long-Term Relief for MDD1 Real-World Clinical Results Clinically Proven Durability for Patients with MDD2 through 12 Months1 83% Improvement in depression symptoms1 62% Symptom relief (remission)1 (1) Dunner DL, et al. (2014). J Clin Psychiatry. 75(12):1394-1401. (2) Sackeim HA, et al. (2020
Slide 14: NeuroStar New Adolescent Indication
As the Market Leader, NeuroStar is Revolutionizing Mental Health with New Adolescent Indication NeuroStar is the first FDA-cleared TMS 1st to Market treatment for adolescent depression1 For adolescents, NeuroStar can be used as an 1st Line Treatment add-on treatment, without prior medication failure
Slide 15: Better Me Program Transforms the Lives of More Patients
Better Me Program (BMP) Transforms the Lives of More Patients Designed to lead the industry in the standards for patient care 375+ NeuroStar Clinics are in BMP Program 3x more patients treated in BMP vs. non-BMP *Clinical evidence demonstrates superior outcomes for patients who complete a course of
Slide 16: Better Me Practices Quickly Addressing Interested Patients
With the 5-Standards, Better Me Practices are Quickly Addressing Interested Patients in Need 2.2x Faster from potential patient interest to MT 2023 2024 84 days 38 days All patient interest in Active BMP Local Consumable Offices; Feb 1, 2024 – Dec 31, 2024 vs. PY Company Confidential 16
Slide 17: NeuroStar University
NeuroStar University Since NSU opened in Q3 2022, NSU attendees have started 40% more patients than non-attendees.* Actual Treatment Session Utilization 2022 – Q1 2025: NSU Attendees vs. Non- Attendees 110,000 97,831 100,022 100,000 91,505 NSU Opens 90,000 80,460 79,708 80,000 70,000 61,445 58,935 6
Slide 18: Partnering with Practices to Build Local Consumer Awareness
Partnering with Practices to Build Local Consumer Awareness1 – this one Co-Op Marketing: collaborative effort with practices to increase local patient awareness while sharing advertising costs +20% treatment session utilization* +18% in new MTs* * Q1 2025 vs. Q1 2024 data from accounts who participa
Slide 19: SPRAVATO Program
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 ideati
Slide 20: Key Growth Initiatives for Network Clinics
Key Growth Initiatives for Network Clinics Focus on execution, profitable product diversification & expansion Drive growth in 95 clinics through enhanced RAM clinic Identifying and Educating Patients engagement, leveraging automated referral systems and optimized digital/DTC targeting Expanding the
Slide 21: Key Growth Initiatives for Customer Clinics
Key Growth Initiatives for Customer Clinics Harnessing the power of our proven programs to help more patients in need Expand referral networks for 375+ BMP Clinics to Expand BMP Network increase patient flow, 110+ additional sites committed to the program Continued implementation of fully optimized
Slide 22: Comprehensive Direct Sales & Customer Support Team
Comprehensive Direct Sales 40 Practice & Customer Support Team 10 Development Managers 10 Reimbursement Specialists & Area Sales Managers Managers Experienced team 21 02 Regional Clinical Training Account dedicated to consistent Managers Managers growth and practice success 07 18 Customer Field Serv
Slide 23: Significant Realized Cost Synergies
Significant Realized Cost Synergies1 Total Cost Saving Efforts $22.6M (Annualized Expected Savings) Fully Executed Expected 1H 2025 NNI RIF/Spend Greenbrook Additional Reductions Clinics Reductions $16.2M $5.1M $1.3M (Annualized Expected (Annualized Expected (Annualized Expected Savings) Savings) Sa
Slide 24: Improved Financial Profile Adds Scale and Strength
Improved Financial Profile Adds Scale and Strength Fourth quarter and full year revenue 2024 was $22.5M and $74.9M, respectively 4Q 20241,2 FY 20241,2 Neuronetics Gross Pro Forma Revenue $19.2M Neuronetics Gross Pro Forma Revenue $71.5M Intercompany Eliminations ($2.4M) Less Intercompany Elimination
Slide 25: Non-GAAP Financial Measures (Unaudited)
Non-GAAP Financial Measures (Unaudited) Neuronetics Adjusted Pro Forma Revenue is not a measure 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 revenue. However, management uses both t
Slide 26: Poised to Deliver Mid-Teens Growth and Profitability
Poised to Deliver Mid-Teens Growth and Profitability FY 2025 Guidance1 Revenue $149M to $155M (+15% to +19% Pro Forma YoY) Prior Guidance of $145M to $155M (+12 to +19% Pro Forma YoY)2 Gross Margin Approximately 55% Operating Expenses $90M - $98M Profitability Cash flow positive beginning in Q3 2025
Slide 27: Financial Overview
Financial Overview Neuronetics transforming lives through NeuroHealth Company Confidential 27
Slide 28: Worldwide Quarterly Revenue
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) Q1 2025 Revenue of $32.0M, an 84% increase from Q1 2024 $40 $36.0-$38.0 $35 $32.0 $30 $25 $22.5 $20.3 $20 $18.5 $17.6 $17.9 $17.4.0 $36.0-38.0 $15.5 $15 $10 $5 $0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2
Slide 29: Results of Operations
Results of Operations1 ($ in ($ thousands) in thousands) Three Months Ended March 31, 2024 2025 Revenues $17,417 $31,975 YOY Growth 84% Gross Profit 13,088 15,738 Gross Margin 75% 49% Operating Expenses: Sales and Marketing 11,641 11,999 % of Revenues 67% 38% General and Administrative 5,957 13,137
Slide 30: Financial Position
Financial Position ($ in thousands) ($ in thousands) As of March 31, 2025 Cash and Cash Equivalents $20,224 Other Assets $121,764 Total Assets $141,988 Long-term debt, net $55,341 Convertible Preferred Stock Warrant Liability $0 Convertible Preferred Stock $0 Accumulated Deficit ($432,464) Total Sto
Slide 31: Worldwide Quarterly Revenue (Pro Forma)
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) Q1 2025 Revenue of $32.0M, a 7% increase from Q1 2024 $45 $40 $36.0-38.0 $35 $33.5 $33.9 $32.2 $32.0 $29.8 $30 $25 $20 $15 $10 $5 $0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Guidance (1) 2024 revenue is based on Adjusted Pro forma r
Slide 32: Results of Operations (Pro Forma)
Results of Operations1 ($ in ($ thousands) in thousands) Three Months Ended March 31, 2024 2025 Revenues $29,767 $31,975 YOY Growth 7% Gross Profit 12,716 15,738 Gross Margin 43% 49% Operating Expenses: Sales and Marketing 18,726 11,999 % of Revenues 63% 38% General and Administrative 11,491 13,137
Slide 33: Annual Revenue
Annual Revenue1 ($ in ($ millions) in millions) Annual Revenue by Geography $160 $149.0 - $155.0 $140 $129.4 $2.4 $120 $100 $80 $127.0 $60 $40 $20 $0 2024 2025 Guidance US OUS (1) 2024 is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 24 Company Confi
Slide 34: Supplemental Information
Supplemental Information Neuronetics, Inc. Company Confidential 34
Slide 35: Local Consumables New MTs & Utilization
Local Consumables New MTs (New Patient Starts) & Utilization Local Consumable Monthly Utilization & New MTs Jan 2021 – Mar 2025 45,000 40,000 1,300 35,000 1,100 30,000 25,000 900 20,000 15,000 700 10,000 500 5,000 - 300 Utilization New MT's 35 Company Confidential
Slide 36: Supplemental Financial and Operating Information
Supplemental Financial and Operating Information1 ($ in thousands) 2023 2024 2025 2023 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY FY Total U.S. NeuroStar Advanced Therapy System Revenues $3,850 $4,489 $3,597 $4,524 $3,310 $4,000 $4,108 $3,849 $2,846 $16,460 $15,267 YoY Change 6% 2% -9%
Slide 37: Supplemental Financial and Operating Information (Pro Forma)
Supplemental Financial and Operating Information1 ($ in thousands) 2024 2025 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 FY Total U.S. NeuroStar Advanced Therapy System Revenues $3,310 $4,000 $4,108 $3,849 $2,846 $15,267 YoY Change -14% -11% 14% -15% -14% -7% Total U.S. Treatment Sessions Revenues $10