Slide 1: Company Presentation
COMPANY PRESENTATION NASDAQ: STIM August 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 20+ years of experience Keith Sullivan Steven Pfanstiel President & EVP, Chief Financial Officer & Chief Executive Officer Treasurer Company Confidential 4
Slide 5: STRONGER together
221,376 Unique Patients Treated 7,912,427 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 390 Clinics in 15 States BMP clinics in 49 states Greenbrook Total Amount of 57,971 Patients Patients Treated 1.9M 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 Sara Grubbs Jeff Jones Rob Cascella Avinash Amin, MD Sheryl Conley Sasha Cucuz President & CEO SVP, Chief SVP, Chief SVP, Chief Board Chairman Technology Officer Revenue Officer of Operations Bill Leonard Andrew Macan
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 7.6 million treatment Largest direct sales and sessions performed in over customer support team in the 209,000 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: New Adolescent Indication for NeuroStar
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 (BMP) Transforms the Lives of More Patients
Better Me Program (BMP) Transforms the Lives of More Patients 390+ Designed to lead the industry in the standards for patient care NeuroStar Clinics are in BMP Program 3.3x more patients treated in BMP vs. non-BMP1 *Clinical evidence demonstrates superior outcomes for patients who complete a course
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 Q4 2024 & (Pre-BMP) Q1 2025 96 days 42 days All patient interest in Active BMP Local Consumable Offices; Oct 1, 2024 – Mar 31, 2025 vs. Jan 1-Dec 31, 2023
Slide 17: NeuroStar University
NeuroStar University Since NSU opened in Q3 2022, NSU attendees have started 36% more patients than non-attendees.* Actual Treatment Session Utilization: NSU Attendees vs. Non-Attendees 110,000 99,511 97,755 100,000 NSU Opens 93,657 83,676 90,000 80,000 73,090 81,608 70,000 60,957 57,707 69,391 60,0
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* +22% in new MTs* * Q2 2025 vs. Q2 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 390+ 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 dedicated to consistent Account Managers Managers growth and practice success 07 18 Customer Field Serv
Slide 23: Poised to Deliver Mid-Teens Growth and Positive Cash Flow
Poised to Deliver Mid-Teens Growth and Positive Cash Flow FY 2025 Guidance Revenue $149M to $155M (+15% to +19% Pro Forma YoY) 2 Between 48% and 50%1 Gross Margin Prior Guidance of approximately 55%2 Operating Expenses $100M - $105M1 Prior Guidance of $90M - $98M2 Cash Flow Q3 Cash Flow from Operati
Slide 24: Financial Overview
Financial Overview Neuronetics transforming lives through NeuroHealth Company Confidential 24
Slide 25: Worldwide Quarterly Revenue
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) Q2 2025 Revenue of $38.1M, a 132% increase from Q2 2024 $45 $40 $38.1 $37.0 - $39.0 $35 $32.0 $30 $25 $22.5 $20.3 $20 $17.9 $18.5 $17.6 $17.4.0 $16.5 $15.5 $15 $10 $5 $0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 20
Slide 26: Results of Operations
Results of Operations1 ($ in ($ thousands) in thousands) Three Months Ended June 30, 2024 2025 Revenues $16,450 $38,108 YOY Growth 132% Gross Profit 12,179 17,758 Gross Margin 74% 47% Operating Expenses: Sales and Marketing 12,303 11,868 % of Revenues 75% 31% General and Administrative 6,148 12,150
Slide 27: Financial Position
Financial Position ($ in thousands) ($ in thousands) As of June 30, 2025 Cash and Cash Equivalents $10,969 Restricted Cash $6,500 Other Assets $117,181 Total Assets $134,650 Long-term debt, net $55,539 Convertible Preferred Stock Warrant Liability $0 Convertible Preferred Stock $0 Accumulated Defici
Slide 28: Worldwide Quarterly Revenue
Worldwide Quarterly Revenue1 ($ in ($ millions) in millions) Q2 2025 Revenue of $38.1M, an 18% increase from Q2 2024 $45 $40 $38.1 $37.0 - $39.0 $35 $33.5 $33.9 $32.2 $32.0 $29.8 $30 $25 $20 $15 $10 $5 $0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Guidance (1) 2024 revenue is based on A
Slide 29: Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information
Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited) ($ 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
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 $0 2024 2025 Guidance US OUS (1) 2024 is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 Note: Guidanc
Slide 31: Supplemental Information
Supplemental Information Neuronetics, Inc. Company Confidential 31
Slide 32: Local Consumables New MTs (New Patient Starts) & Utilization
Local Consumables New MTs (New Patient Starts) & Utilization Local Consumable Monthly Utilization & New MTs Jan 2021 – Jun 2025 45,000 1,300 40,000 35,000 1,100 30,000 25,000 900 20,000 700 15,000 10,000 500 5,000 - 300 Utilization New MT's 32 Company Confidential
Slide 33: Supplemental Financial and Operating Information
Supplemental Financial and Operating Information1 ($ in thousands) 2023 2024 2025 2023 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 $3,484 $16,460 $15,267 YoY Change
Slide 34: Supplemental Financial and Operating Information
Supplemental Financial and Operating Information1 ($ in thousands) 2024 2025 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 FY Total U.S. NeuroStar Advanced Therapy System Revenues $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $15,267 YoY Change -14% -11% 14% -15% -14% -13% -7% Total U.S. Treatment Sessio