STIM on Nasdaq

Neuronetics, Inc.

Logo: Gusdavinci, CC BY-SA 4.0, via Wikimedia Commons5

American neuromodulation company

Neuronetics is a Malvern, PA based, publicly traded company incorporated in Delaware in April 2003, that develops non-invasive treatments for psychiatric disorders that have shown resistance or lack of improvement using traditional medicine. The treatments are based upon neuromodulation technology.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2003Founded1

Compare with InfuSystem Holdings, Inc, Xtant Medical (United States) or Heartflow, Inc., or pick any stock.

  • TickerSTIM on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersMalvern1
  • Websitewww.neuronetics.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address3222 Phoenixville Pike, Malvern, Pa 193556
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • LEI549300T0911ILTTG7P064
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 34107434

Neuronetics is a Malvern, PA based, publicly traded company incorporated in Delaware in April 2003, that develops non-invasive treatments for psychiatric disorders that have shown resistance or lack of improvement using traditional medicine. The treatments are based upon neuromodulation technology.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

48.5%Gross margin7
-21.1%Operating margin7
-26.1%Net margin7
99.2%Revenue growth, 20257
-174.3%Return on equity7
2.94×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 58% of the revenue Neuronetics, Inc. broke down this way in fiscal 2025.

  1. Service$87.0M758%up 1857% from 2024
  2. Product$62.2M742%down 12% from 2024
Products and services by year
Products and services202320242025
Service$4.4M$87.0M
Product$71.3M$70.4M$62.2M

Business segments

Clinical Services brought in 58% of the revenue Neuronetics, Inc. broke down this way in fiscal 2025.

  1. Clinical Services$87.0M758%up 1857% from 2024
  2. Medical Device$62.2M742%down 12% from 2024
Business segments by year
Business segments202320242025
Clinical Services$4.4M$87.0M
Medical Device$71.3M$70.4M$62.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue52¢$76.8M
  • Research and development4¢$6.6M
  • Other costs44¢$65.7M

Out of $149.2M in revenue.7 The company lost money this year.

Financial statements

Revenue8910117$149.2M in 2025+138% since 2019
0$50.0M$100.0M$150.0M2019: $62.7M$62.7M20192020: $49.2M$49.2M2020−21%2021: $55.3M$55.3M2021+12%2022: $65.2M$65.2M2022+18%2023: $71.3M$71.3M2023+9%2024: $74.9M$74.9M2024+5%2025: $149.2M$149.2M2025+99%
Gross profit8910117$72.3M in 2025+53% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $47.3M$47.3M20192020: $37.7M$37.7M2020−20%2021: $43.7M$43.7M2021+16%2022: $49.7M$49.7M2022+14%2023: $51.7M$51.7M2023+4%2024: $54.2M$54.2M2024+5%2025: $72.3M$72.3M2025+34%
Operating income8910117-$31.4M in 2025+17% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$26.9M-$26.9M20192020: -$22.3M-$22.3M2020−17%2021: -$27.6M-$27.6M2021+24%2022: -$35.1M-$35.1M2022+27%2023: -$30.6M-$30.6M2023−13%2024: -$34.6M-$34.6M2024+13%2025: -$31.4M-$31.4M2025−9%
Net income8910117-$39.0M in 2025+34% since 2019
-$60.0M-$40.0M-$20.0M02019: -$29.0M-$29.0M20192020: -$27.5M-$27.5M2020−5%2021: -$31.2M-$31.2M2021+14%2022: -$37.2M-$37.2M2022+19%2023: -$30.2M-$30.2M2023−19%2024: -$43.7M-$43.7M2024+45%2025: -$39.0M-$39.0M2025−11%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Total Revenues$149.2M$74.9M$71.3M
Total Cost of revenues$76.8M$20.7M$19.6M
Gross profit$72.3M$54.2M$51.7M
Sales and marketing$47.5M$45.6M$47.3M
General and administrative$49.7M$30.3M$25.4M
Research and development$6.6M$12.8M$9.5M
Total operating expenses$103.7M$88.7M$82.3M
Loss from operations-$31.4M-$34.6M-$30.6M
Interest expense$8.4M$7.3M$5.4M
Loss on extinguishment of debt$4.4M
Other income, net-$716.0K-$2.5M-$5.8M
Net loss-$39.1M-$43.7M-$30.2M
Less: Net loss attributable to non-controlling interest-$137.0K-$19.0K
Net loss attributable to Neuronetics stockholders'-$39.0M-$43.7M-$30.2M
Net loss per share of common stock outstanding, basic attributable to Neuronetics stockholders'-$0.59-$1.38-$1.05
Net loss per share of common stock outstanding, diluted attributable to Neuronetics stockholders'-$0.59-$1.38-$1.05
Weighted average common shares outstanding, basic (in shares)66.0M shares31.7M shares28.7M shares
Weighted average common shares outstanding, diluted (in shares)66.0M shares31.7M shares28.7M shares

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Leadership

Who has led Neuronetics, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (20)

Former names

  • NEURONETICS INCApr 15, 2003 to Aug 16, 20066

Timeline

  1. Mar 23, 2026New chief executive Daniel L. Reuvers becomes CEO15
  2. Jul 16, 2020New chief executive Keith J. Sullivan becomes CEO16
  3. Jun 27, 2018New chief executive Christopher Thatcher becomes CEO17
  4. 2003Founded Founded1

Filings

445 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 86 major events, 191 insider forms, 44 large holders, 104 other. The latest 20:

  1. Aug 24, 2026SCHEDULE 13D/A EDGAR
  2. Aug 19, 2026144 EDGAR
  3. Aug 18, 2026144 EDGAR
  4. Aug 17, 20268-K EDGAR
  5. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 14, 2026SCHEDULE 13G EDGAR
  7. Aug 11, 2026S-8 EDGAR
  8. Aug 11, 20268-K EDGAR
  9. Aug 11, 202610-Q EDGAR
  10. Aug 4, 2026SCHEDULE 13D/A EDGAR
  11. Jul 23, 20264 EDGAR
  12. Jul 23, 20263 EDGAR
  13. Jul 20, 20268-K EDGAR
  14. Jul 15, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jul 13, 20263 EDGAR
  16. Jun 23, 20268-K EDGAR
  17. Jun 17, 20264 EDGAR
  18. Jun 17, 20264 EDGAR
  19. Jun 8, 2026144 EDGAR
  20. May 29, 20264 EDGAR

The 445 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

166 open-market trades by officers, directors and large owners since October 2021: 66 buys and 100 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 14, 2026Chernett Jorey10% ownerBuy14,000$3.16$44.2KForm 4
Jul 14, 2026Chernett Jorey10% ownerBuy35,000$1.78$62.3KForm 4
May 19, 2026Chernett Jorey10% ownerBuy100,000$1.17$117.0KForm 4
May 12, 2026Chernett Jorey10% ownerBuy475,000$1.34$636.5KForm 4
Apr 21, 2026Chernett Jorey10% ownerBuy100,000$1.51$151.0KForm 4
Apr 20, 2026Chernett Jorey10% ownerBuy100,000$1.58$158.0KForm 4
Mar 30, 2026Chernett Jorey10% ownerBuy385,442$1.25$481.8KForm 4
Mar 27, 2026Chernett Jorey10% ownerBuy500,000$1.35$675.0KForm 4
Mar 26, 2026Chernett Jorey10% ownerBuy25,000$1.44$36.0KForm 4
Mar 25, 2026Chernett Jorey10% ownerBuy125,000$1.40$175.0KForm 4
Mar 20, 2026Chernett Jorey10% ownerBuy169,472$1.41$239.0KForm 4
Mar 19, 2026Pfanstiel StevenFormer EVP, CFO and TreasurerSale8,569$1.34$11.5KForm 4
Mar 19, 2026Pfanstiel StevenFormer EVP, CFO and TreasurerSale16,431$1.34$22.0KForm 4
Mar 19, 2026Sullivan Keith JSale46,289$1.34$62.0KForm 4
Mar 19, 2026MACAN WILLIAM ANDREWEVP, CLO and CSSale16,005$1.34$21.4KForm 4
Mar 19, 2026Chernett Jorey10% ownerBuy450,000$1.33$598.5KForm 4
Mar 18, 2026Chernett Jorey10% ownerBuy607,400$1.35$820.0KForm 4
Mar 17, 2026Chernett Jorey10% ownerBuy531,000$1.16$616.0KForm 4
Mar 4, 2026MACAN WILLIAM ANDREWEVP, CLO and CSSale609$1.34$816Form 4
Feb 26, 2026MACAN WILLIAM ANDREWEVP, CLO and CSSale3,427$1.35$4.6KForm 4

All 166 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 87. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Madryn Asset Management, LP18,540,488$24.1M65.3%+64,595
UBS Group AG2,279,099$3.0M0.0%−591,499
Wexford Capital LP2,002,625$2.6M0.4%+1,301,664
FourWorld Capital Management LLC1,744,142$2.3M2.6%+254,820
Lane Generational LLC1,633,372$2.1M1.9%−141,252
Vanguard Capital Management LLC1,507,097$2.0M0.0%−540,878
Masters Capital Management LLC1,000,000$1.3M0.2%No change
AdvisorShares Investments LLC742,795$965.6K0.1%+125,602
Ikarian Capital, LLC701,182$911.5K0.1%No change
BlackRock, Inc.596,622$775.6K0.0%−1,721,915
HighTower Advisors, LLC563,741$732.9K0.0%+1,371
Marshall Wace, Llp485,692$631.4K0.0%New
Geode Capital Management, LLC458,474$596.2K0.0%−500,515
Citadel Advisors LLC421,903$548.5K0.0%+345,306
Dauntless Investment Group, LLC369,187$479.9K0.8%+99,979
State Street Corp290,299$377.4K0.0%−552,248
Centiva Capital, LP285,913$371.7K0.0%+116,594
Vanguard Fiduciary Trust Co264,734$344.2K0.0%+6,700
Goldman Sachs Group Inc264,088$343.3K0.0%+30,498
JBF Capital, Inc.233,166$303.1K0.0%No change
XTX Topco Ltd220,323$286.4K0.0%+74,168
Millennium Management LLC199,450$259.3K0.0%New
Boothbay Fund Management, LLC189,263$246.0K0.0%No change
Susquehanna International Group, Llp185,753$241.5K0.0%+99,272
Jane Street Group, LLC185,250$240.8K0.0%+168,676

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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