Slide 1: Company Presentation: Transforming Lives Through NeuroHealth
COMPANY PRESENTATION NASDAQ: STIM November 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 Keith SullivanPresident & Chief Executive Officer 20+ years of experience Steven Pfanstiel EVP, Chief Financial Officer & Treasurer
Slide 5: Stronger Together
STRONGER together Two of the nation’s largest mental health and device companies are now combined to create an organization with the ability to leverage its scale and capabilities to treat more patients suffering from mental health conditions
Slide 6: A Diversified Business Model with Strategic Advantages from Combined Expertise
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 Market Leader in Transcranial Magnetic Stimulation (TMS
Slide 7: Stronger Commercial Footprint & Opportunity Together
Stronger Commercial Footprint & Opportunity Together Greenbrook Locations: Operating 95 Treatment Clinics in 15 States Together, with Better Me Provider (BMP) practices… we have over 420 BMP clinics in 49 states
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 Management Team and Board of Directors
Senior Leadership Management Team Board of Directors Keith Sullivan Cory Anderson Sara Grubbs Jeff Jones President & CEO SVP, Chief SVP, Chief SVP, Chief Technology Officer Revenue Officer of Operations Bill Leonard Andrew Macan Steven Pfanstiel Lisa Metzner-Rosas EVP, Chief EVP, GC & Chief EVP, Chi
Slide 10: Lives Affected by Depression and OCD: Total Available Market
Over 29 Million Lives Affected by Depression and OCD Total Available Market 29.3 million U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Nearly 8 million patients are poorly served by antidepressant medication • Lack of Treatment Efficacy • Intoler
Slide 11: Combined Company 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 Patients Medical Medication Technology Psychotherapy
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 Market Leader in TMS1 Over 7.9 million treatment sessions performed in over 216,000 patients Robust R&D Pipeline 3rd generation system. Largest clinical dataset in the world to drive ne
Slide 13: Proven, Long-Term Relief for MDD
Proven, Long-Term Relief for MDD1 Real-World Clinical Results for Patients with MDD2 Clinically Proven Durability through 12 Months1 (1) Dunner DL, et al. (2014). J Clin Psychiatry. 75(12):1394-1401. (2) Sackeim HA, et al. (2020) J. Affect. Disord. 277:65-74. Based on a real-world, retrospective stu
Slide 14: NeuroStar: Industry's First Adolescent Indication
As the Market Leader, NeuroStar is Revolutionizing Mental Health with Industry’s First Adolescent Indication 1st to Market NeuroStar is the first FDA-cleared TMS treatment for adolescent depression1 1st Line Treatment For adolescents, NeuroStar can be used as an add-on treatment, without prior medic
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 420+ NeuroStar Clinics are in BMP Program 3x more patients treated in BMP vs. non-BMP1 *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 2x Faster from potential patient interest to MT 2023 (Pre-BMP) 96 days Q1 & Q2 2025 44 days All patient interest in Active BMP Local Consumable Offices; Jan 1, 2025 – Jun 30, 2025 vs. Jan 1-Dec 31, 2023
Slide 17: NeuroStar University
NeuroStar University Since NSU opened in Q3 2022, NSU attendees have started 38% more patients than non-attendees.* A 2-DAY COURSE HELD AT OUR STATE-OF-THE-ART TRAINING CENTER Practices learn how to achieve the best clinical outcomes and market their NeuroStar business, through a combination of inst
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 +22% treatment session utilization*+19% in new MTs* Q3 2025 data from accounts who participated in Co-Op in
Slide 19: SPRAVATO Treatment Offering
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 SPRAV
Slide 20: Key Growth Initiatives for Network Clinics
Key Growth Initiatives for Network Clinics Focus on execution, profitable product diversification & expansion Identifying and Drive growth in 95 clinics through enhanced RAM clinic 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 420+ BMP Clinics to Expand BMP Network increase patient flow, 100 additional sites committed to the program Patient Education Continued implementation of
Slide 22: Comprehensive Direct Sales & Customer Support Team
Comprehensive Direct Sales & Customer Support Team Experienced team dedicated to consistent growth and practice success
Slide 23: FY 2025 Guidance
Comprehensive Direct Sales & Customer Support Team Experienced team dedicated to consistent growth and practice success Revenue $147M to $150M (+14% to +16% Adjusted Pro Forma YoY) 1 Prior Guidance of $149M—$155M2 Between 47% and 49%1 Gross Margin Prior Guidance of 48%—50%2 Operating Expenses $100M—
Slide 24: Financial Overview
Financial Overview Neuronetics transforming lives through NeuroHealth
Slide 25: Worldwide Quarterly Revenue and FY 2025 Guidance
Worldwide Quarterly Revenue1 FY 2025 Guidance Revenue $147M to $150M (+14% to +16% Adjusted Pro Forma YoY) 1 Prior Guidance of $149M - $155M2 Between 47% and 49%1 Gross Margin Prior Guidance of 48% - 50%2 Operating Expenses $100M - $105M2 Cash Flow Q4 Cash Flow from Operations: +$2M to -$2M1 Targeti
Slide 26: Results of Operations
Results of Operations1 ( thousands) $ in thousands) As of September 30, 2025 Cash and Cash Equivalents $27,971Restricted Cash $6,500
Slide 27: Financial Position
Financial Position Cash and Cash Equivalents $27, 971
Slide 28: Worldwide Quarterly Revenue
Worldwide Quarterly Revenue1 Q3 2025 Revenue of $37.3M, an 11% increase from Q3 2024 (1) 2024 revenue is based on Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29
Slide 29: Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information
Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited) ($ in thousands) The following table presents the Company’s pro forma operating results, giving effect to the acquisition of Greenbrook as if the transaction had occurred on January 1, 2024. These pro forma results are based o
Slide 30: Annual Revenue and Revenue by Geography
Annual Revenue1 ($ in millions) Annual Revenue by Geography (1) 2024 is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29
Slide 31: Supplemental Information
Supplemental Information Neuronetics, Inc.
Slide 32: U.S. NeuroStar Treatments
U.S. NeuroStar Treatments1 (1) 2024 data represents pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and excludes Greenbrook
Slide 33: U.S. Clinic Appointments
U.S. Clinic Appointments1 (1) 2024 data represents adjusted pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and adjusted to reflect
Slide 34: Supplemental Financial and Operating Information
Supplemental Financial and Operating Information1 2023 2024 2025 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 $3,484 $3,508 $15,267 YoY Change 6% 2% -9% -2% -14% -11
Slide 35: Supplemental Financial and Operating Information
Supplemental Financial and Operating Information1 2024 2025 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY Total U.S. NeuroStar Advanced Therapy System Revenues $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $3,508 $15,267 YoY Change -14% -11% 14% -15% -14% -13% -15% -7% Total U.S. Treatment Sessions