Neuronetics, Inc. · NASDAQ:STIM
Neuronetics — Q3 2026 Earnings Presentation
26 slides from Neuronetics's earnings presentation, Nov 4, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION NASDAQ: STIM November 2026 Exhibit 99.2
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: Leading platform for in-office mental health therapies
261,591 Unique Patients Treated1 9,446,469 Treatments Administered1 $149.2M Annual Revenue (2025) 1) Neuronetics, Inc. internal estimate based on the Company’s data on total treatment sessions and patients treated as of September 30, 2026. A leading platform for delivering in-office mental health th
Slide 5: Seasoned Senior Leadership Team
Seasoned Senior Leadership Team Cory Anderson Executive Vice President and General Manager of Greenbrook Dan Reuvers President & CEO Rob Greene Senior Vice President of Sales Nir Naor Chief Financial Officer
Slide 6: A Leader in Advancing Mental Health Care
A Leader in Advancing Mental Health Care Through its nationwide network of customers and company-run clinics, Neuronetics is facilitating access to leading therapies for mental health conditions. *Psychedelics are not yet commercially available and pending FDA approval. There can be no assurance tha
Slide 7: Million Lives Affected by Depression
Over 29 Million Lives Affected by Depression1,2,3 U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Total Available Market 29.3 million* What is MDD? Major depressive disorder is persistent low mood or loss of interest lasting two weeks or more, enou
Slide 8: Million Patients are Poorly Served by Medication
8 Million Patients are Poorly Served by Medication1,2,3,4,5 First-line medical management via anti-depressants has significant limitations Antidepressants have limited effectiveness Patients’ chances for remission decreases with each subsequent medication attempt Antidepressants have material side e
Slide 9: Innovative In-Office Therapies
Innovative In-Office Therapies Offering two rapidly growing therapies for treatment resistant depression (TRD) when common anti-depressants fail Transcranial Magnetic Stimulation (TMS) Nasal Esketamine Spray Growth in Patients Treated with TMS in 20251 +23% Growth in Global Spravato Revenue in 20252
Slide 10: NeuroStar TMS
NeuroStar TMS The industry's leading TMS therapeutic platform 83% measurable relief1 62% full remission1 19 min per session 36 daily sessions How it works TMS uses focused magnetic pulses to gently activate brain circuits involved in mood, helping them function more normally over time. Treatment cou
Slide 11: Spravato
Spravato Approved for use as monotherapy or in combination with existing antidepressants in adults with Treatment-Resistant Depression (TRD)1 52.5% remission at 4 weeks3 How it works Prescription nasal spray that is believed to target glutamate, working differently from standard antidepressants. Tre
Slide 12: Deploying Therapies Through Differentiated, Scaled Model
Deploying Therapies Through Differentiated, Scaled Model NeuroStar TMS Customers 93 Clinics Nationwide 800+ Sites Nationwide Mix of company-owned sites and NeuroStar TMS customers facilitates widespread patient access
Slide 13: Greenbrook Mental Wellness Centers
Individualized, ongoing care Greenbrook Mental Wellness Centers Offering both therapies within a single clinic is designed to facilitate continuity of care. Treatment is individualized at initiation and adjusted over time, managed within one integrated care relationship. Referred patients are evalua
Slide 14: Greenbrook: Positioned as a Leading Platform for Emerging Therapies
Greenbrook: Positioned as a Leading Platform for Emerging Therapies Greenbrook’s infrastructure can support additional novel therapies as they reach the market Uniquely positioned to be at the forefront of psychedelic therapy administration REMS (Risk Evaluation and Mitigation Strategy): an FDA-requ
Slide 15: NeuroStar: Evolving our Go-to-Market Approach
NeuroStar: Evolving our Go-to-Market Approach Competing across a broader set of customers than ever before, while preserving the support that sets us apart. Three ways to access NeuroStar, designed to broaden reach while preserving high-touch support From one model to three Our Treatment Session mod
Slide 16: Poised to Deliver Strong Growth While Improving Cash Flow
Poised to Deliver Strong Growth While Improving Cash Flow FY 2026 Guidance Revenue $160M to $164M (+7% to +10% YoY) Gross Margin Between 49% and 50% Operating Expenses GAAP $92.5M- $95.5M / Excl. stock-based comp $89.0M - $92.0M stock-based compensation of ~$3.5 million Cash Flow Cash Flow from Oper
Slide 17: Operating Expenses Reconciliation ($ in millions)
($ in millions) (1) Stock-based compensation consists of expenses related to restricted stock units and performance based 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 op
Slide 18: Financial Overview
Neuronetics Financial Overview
Slide 19: Worldwide Quarterly Revenue
Worldwide Quarterly Revenue1 Q3 2026 Revenue of $42.0M, a 12.5% increase from Q3 2025 ($ in millions) ($ in millions) (1) As reported in the Company’s earnings release dated November 4, 2026 (As Reported)
Slide 20: Results of Operations
Results of Operations1 ($ in thousands) ($ in thousands) (1) As reported in the Company’s earnings release dated November 4, 2026 (As Reported) Three Months Ended September 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 13% Gross Profit $17,108 $21,890 Gross Margin 46% 52% Total Operating Expense
Slide 21: Adjusted EBITDA Reconciliation
($ in thousands) Three Months Ended September 30, 2025 2026 Net Loss to STIM Shareholders’ ($9,045) ($1,692) Interest Expense, Net $2,080 $2,097 Depreciation and Amortization $886 $742 EBITDA ($6,079) $1,147 Stock Based Compensation1 $1,409 $178 Restructuring2 $562 Adjusted EBITDA ($4,670) $1,887 (1
Slide 22: Financial Position
Financial Position ($ in thousands) ($ in thousands) Neuronetics, Inc. Supplemental Financial and Operating Information For the period ended March 31, 2026 2017 2018 2019 2020 2017 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2026 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 23: NeuroStar Indications and Safety Information
NeuroStar Indications and Safety Information NeuroStar Adult Indications for Use The NeuroStar Advanced Therapy System is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from Major
Slide 24: SPRAVATO Indications and Safety Information
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.
Slide 25: SPRAVATO Indications and Safety Information
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.
Slide 26: SPRAVATO Indications and Safety Information
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.