Slide 1: Company Presentation
COMPANY PRESENTATION NASDAQ: STIM March 2026 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 40+ years of experience 20+ years of experience Keith Sullivan Steven Pfanstiel President & EVP, Chief Financial Officer & Chief Executive Officer Treasurer Company Confidential 4
Slide 5: STRONGER together
237,574 Unique Patients Treated 8,543,702 STRONGER Treatments Administered together Two of the nation’s largest mental health and device companies are now combined to create an $149M organization with the ability to leverage its scale Annual Revenue (2025) and capabilities to treat more patients suf
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 93 Treatment (BMP) practices… we have over 420 Clinics in 15 States BMP clinics in 46 states Greenbrook Total Amount of 62,197 Patients Patients Treated 2.1M treatments Company Conf
Slide 8: A Compelling Business Combination
A Compelling Business Combination 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 driv
Slide 9: Senior Leadership
Senior Leadership Management Team Board of Directors Keith Sullivan Cory Anderson Steven Pfanstiel Rob Cascella Avinash Amin, MD Sheryl Conley Sasha Cucuz President & CEO SVP, Chief EVP, Chief Financial Board Chairman Technology Officer Officer & Treasurer Andrew Macan Lisa Metzner-Rosas Jeff Jones
Slide 10: Over 29.3 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: Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space
Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space Medication Management Interventional Medication Patients Medical 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 8.2 million treatment Largest direct sales and sessions performed on over customer support team in the 223,000 patients industry
Slide 13: Proven, Long-Term Relief for MDD
Proven, Long-Term Relief for MDD 1 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. (20
Slide 14: NeuroStar Revolutionizing Mental Health with Industry's First Adolescent Indication
As the Market Leader, NeuroStar is Revolutionizing Mental Health with Industry’s First 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 medic
Slide 15: Better Me Program (BMP) Transforms the Lives of More Patients
Better Me Program (BMP) Transforms the Lives of More Patients 420+ Designed to lead the industry in the standards for patient care 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: With the 5-Standards, Better Me Practices are 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 2H (Pre-BMP) 2025 96 days 43 days All patient interest in Active BMP Local Consumable Offices; Jul 1, 2025 – Dec 31, 2025 vs. Jan 1-Dec 31, 2023 Company C
Slide 17: NeuroStar University
NeuroStar University Since NSU opened in Q3 2022, NSU attendees have started 39% more patients than non-attendees.* Actual Treatment Session Utilization: NSU Attendees vs. Non-Attendees 120,000 NSU Opens 99,870 101,514 91,562 95,274 100,000 81,061 71,969 80,000 59,780 84,526 53,487 60,000 64,857 76,
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 +24% treatment session utilization* +19% in new MTs* * 2H 2025 data from accounts who participated in Co-Op
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 93 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 420+ BMP Clinics to Expand BMP Network increase patient flow, ~100 additional sites committed to the program Continued implementation of fully optimized
Slide 22: Comprehensive Direct Sales & Customer Support Team
Comprehensive Direct Sales Practice & Customer Support Team Development Managers Reimbursement Specialists & Area Sales Managers Managers Experienced team Regional Clinical Training dedicated to consistent Account Managers Managers growth and practice success Customer Field Service Service and Techn
Slide 23: Poised to Deliver Strong Growth While Improving Cash Flow
Poised to Deliver Strong Growth While Improving Cash Flow FY 2026 Guidance Revenue $160M to $166M (+7% to +11% YoY) 1 Gross Margin Between 47% and 49%1 $100M - $105M1; Operating Expenses includes ~$8.5 million of non-cash stock-based compensation Cash Flow Cash Flow from Operations: $(13)M to $(17)M
Slide 24: Financial Overview
Financial Overview Neuronetics transforming lives through NeuroHealth Company Confidential 24
Slide 25: Worldwide Quarterly Revenue (As Reported)
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) (As Reported) Q4 2025 Revenue of $41.8M, an 86% increase from Q4 2024 $50 $41.8 $40 $38.1 $37.3 $33.0 – $35.0 $32.0 $30 $22.5 $20 $18.5 $17.4 $16.5 $10 $0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Guidance (1)
Slide 26: Results of Operations
Results of Operations1 ($ in ($ thousands) in thousands) (As Reported) Three Months Ended December 31, 2024 2025 Revenues $22,493 $41,777 YOY Growth 86% Gross Profit 14,893 21,704 Gross Margin 66% 52% Operating Expenses: Sales and Marketing 9,811 11,743 % of Revenues 44% 28% General and Administrati
Slide 27: Financial Position
Financial Position ($ ($ in in thousands) thousands) Company Confidential 27
Slide 28: Worldwide Quarterly Revenue (2024 Adjusted Pro Forma)
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) (2024 Adjusted Pro Forma) Q4 2025 Revenue of $41.8M, a 23% increase from Q4 2024 $50 $41.8 $40 $38.1 $37.3 $33.6 $33.9 $33.0 - $35.0 $32.2 $32.0 $29.8 $30 $20 $10 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Guid
Slide 29: Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited)
Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited) ($ 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: Supplemental Information
Supplemental Information Neuronetics, Inc. Company Confidential 30
Slide 31: 2024 – 2025 U.S. NeuroStar Treatments
2024 – 2025 U.S. NeuroStar Treatments1 ($ in millions) +11.2% vs. Prior Year (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 treatments for all periods reported Company Confidential
Slide 32: 2024 – 2025 U.S. Clinic Appointments
2024 – 2025 U.S. Clinic Appointments1 ($ in millions) +18.0% vs. Prior Year (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 eliminations related to the closure of certain cl
Slide 33: Supplemental Financial and Operating Information (As Reported)
Supplemental Financial and Operating Information 1 ($ in thousands) (As Reported) (1) Actual results as reported and filed with the SEC for Neuronetics Company Confidential 33
Slide 34: Supplemental Financial and Operating Information (2024 Adjusted Pro Forma)
Supplemental Financial and Operating Information 1 ($ in thousands) (2024 Adjusted Pro Forma) (1) 2024 revenue is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 Company Confidential 34