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Oct 21, 2026, 8:30 AM ET Neuronetics plans to release third quarter 2026 financial and operating results before market open on Wednesday, November 4, 2026, and host a conference call at 8:30 a.m. Eastern Time that day. AI-generated summary · Source: company release
Nasdaq: $STIMMental-health treatmentNeuroStar and GreenbrookCash, covenants and dilution

STIM Stock Hub: Neuronetics News, NeuroStar and Financial Execution

The integrated device-and-clinic model delivered positive quarterly adjusted EBITDA, while GAAP losses and a projected debt-covenant shortfall remained. November results test whether the operating improvement converts into sustainable financial flexibility. The October 30 regular-session close was $2.25 (-5.46% versus October 29).

Last updated: October 31, 2026Market reference: October 30, 2026 regular-session closeFinancial period: June 30, 2026Archive research: October 21, 2026
Full research report · PDF
Neuronetics ($STIM), research as of October 21, 2026
18 pages covering NeuroStar and Greenbrook, treatment economics, adjusted EBITDA versus losses, cash restrictions, debt covenants and ownership. This is a dated research snapshot; the hub follows later developments. For personal use only: redistribution prohibited.
Get the report (PDF)
Next scheduled financial report
November 4, 2026 · before U.S. market open

The company schedules third-quarter results before the open and a conference call at 8:30 a.m. Eastern Time. Results notice

The projected covenant shortfall concerns the period ending March 31, 2027. A future amendment, repayment or operating improvement requires its own evidence.
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STIM stock at a glance

Close · October 30, 2026
$2.25
Regular session; -5.46% versus $2.38 on October 29. USD.
Q2 revenue
$41.568M
Up 9.1% year over year
Greenbrook revenue
$26.891M
Up 16.8%; 64.7% of Q2 revenue
NeuroStar revenue
$14.677M
Down 2.7% year over year
Gross margin
51.1%
46.6% in Q2 2025
Adjusted EBITDA
+$0.254M
Versus -$5.624M a year earlier
Unrestricted cash
$19.197M
At June 30, 2026
Long-term debt, net
$61.519M
Carrying value at June 30

Where Neuronetics stands now

Q2 revenue was $41.568M and gross margin 51.1%, with adjusted EBITDA of $0.254M but an operating loss of $1.501M. Unrestricted cash was $19.197M. The quarterly filing described a projected March 2027 revenue-covenant shortfall and substantial doubt about continued operations. Quarterly update

Positive adjusted EBITDA does not resolve net losses or a projected covenant breach. The clinic network, device demand, reimbursement, debt obligations and potential equity issuance determine whether operating improvement reaches shareholders. Restricted cash and financing capacity are not freely available operating resources.

The constructive case

Gross margin reached 51.1% from 46.6%, adjusted EBITDA turned positive for the first time since the Greenbrook acquisition, and the net loss more than halved. Greenbrook contributed $26.891 million of the quarter’s revenue, up 16.8%, and full-year guidance was narrowed rather than cut.

The cautious case

NeuroStar revenue fell 2.7% year on year, so the growth is coming from the acquired clinic network rather than the device business. Unrestricted cash of $19.197 million sits against $61.519 million of long-term debt, the share count is up 10.4% in six months, and the Form 10-Q filed August 11 restates substantial doubt about the company’s ability to continue as a going concern.

Latest Neuronetics news

Oct 21, 2026

Third-quarter report scheduled for November 4

Results are planned before the U.S. open with a conference call at 8:30 a.m. Eastern Time.

Company announcement
Sep 8, 2026

TrakStar integration with AdvancedMD announced

Access for participating NeuroStar providers is planned from Q4. Workflow integration is not new clinical efficacy or FDA clearance.

Company announcement
Aug 24, 2026

Ownership amendment reports a dated 13.92% stake

The statement reports 10,602,988 shares and updates the percentage following a changed share-count denominator. It is not a new purchase of the full holding.

SEC filing
Aug 11, 2026

Quarterly margin and adjusted EBITDA improve

Revenue was $41.568M, gross margin 51.1% and adjusted EBITDA $0.254M. Operating and net losses remained.

SEC filing
Aug 11, 2026

Quarterly filing retains projected covenant concern

The company projected a shortfall against the March 2027 revenue covenant and reiterated substantial doubt. Positive adjusted EBITDA did not remove that obligation.

SEC filing
Aug 3, 2026

Shareholder and board announce a governance framework

The framework gives a shareholder an opportunity to recommend a new board member, subject to approvals. It is separate from a completed appointment.

SEC filing

STIM stock catalysts and dated milestones

  • November 4, 2026 — Third-quarter results before the open; call 8:30 a.m. ET. Scheduled results
  • Q4 2026 — AdvancedMD integration access planned for existing participating practices. Commercial rollout
  • March 31, 2027 — Revenue-covenant measurement period flagged in the June filing. Projected financing risk

Results date · Financial outlook

Company Overview: A Device Business Wrapped Around a Clinic Network

The group reported 658 full-time employees at December 31, 2025. Neuronetics 2025 Form 10-K.

Neuronetics is a commercial-stage medical-technology and healthcare-services company based in Malvern, Pennsylvania. Its original franchise is the NeuroStar Advanced Therapy System, a non-invasive, office-based transcranial magnetic stimulation platform. The company expanded into direct patient care by acquiring Greenbrook, which operates interventional psychiatry clinics across the United States.

Primary source

Cash, Debt and the Unresolved Covenant

At June 30, Neuronetics reported $19.197 million of unrestricted cash and $5.750 million of restricted cash. Restricted cash is not freely available operating liquidity. Long-term debt had a carrying value of $61.519 million, and interest expense was $2.125 million in Q2.

Unrestricted cash increased by $5.983 million in Q2 even though operations and investing used $1.4 million; first-half ATM sales of $7.954 million gross and $7.578 million net explain most of the bridge.

Merlintrader Health Score · $STIM

2.35out of 5
Balance sheet and runway · 30%2.0

$19.2M of unrestricted cash against $65.0M of term-loan principal at June 30, 2026; going-concern doubt restated in the Q2 Form 10-Q because of the projected March 2027 revenue-covenant shortfall.

Catalysts · 30%2.5

No regulatory binary event. The next checkpoints are the Q3 report, due by November 16, 2026, and any covenant amendment before March 31, 2027. Q2 adjusted EBITDA turned positive.

Dilution · 20%2.0

Shares up 10.4% in the first half; 6.05M ATM shares sold at a $1.31 average, $33.7M of ATM capacity left, 1.95M warrants at $0.94 and 5.48M RSUs outstanding at June 30.

Liquidity of the shares · 10%2.5

The October 4 assessment used historical ownership concentration and September short interest. It does not guarantee liquidity around results or financing events.

Execution · 10%3.5

Q2 revenue up 9.1%, gross margin 51.1%, operating expenses down 12%; new CEO since March and new CFO since July 2026.

Assessed October 4, 2026. Weighted calculation: 2.0×30% + 2.5×30% + 2.0×20% + 2.5×10% + 3.5×10% = 2.35. This describes financial and operational robustness over twelve to eighteen months, not an investment recommendation.

Red flags

  • Adjusted EBITDA is not net income or unrestricted cash flow.
  • Restricted cash is separate from the operating cash balance.
  • The projected covenant shortfall remains a dated financing risk.

STIM Stock FAQ: Neuronetics Questions Answered

Did Neuronetics become net profitable in Q2?

No. Adjusted EBITDA was positive $0.254M, but operating loss was $1.501M and net loss attributable to shareholders $3.439M.

When are the next results?

November 4 before the U.S. open, with an 8:30 a.m. ET call. Company notice

Is all reported cash unrestricted?

No. June total cash of $24.947M included $5.750M restricted; unrestricted cash was $19.197M.

What is the March 2027 risk?

The June filing projected revenue below the covenant minimum for the period ending March 31, 2027, creating going-concern uncertainty.

Does the shareholder agreement guarantee a board appointment?

The disclosed framework provides an opportunity to recommend a board member, subject to customary approvals. It is not an unconditional completed appointment.

Primary sources

Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent analysis and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $STIM or any other security.

Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.

Neuronetics faces reimbursement, treatment-utilization and clinic-execution risks alongside debt, covenant and dilution risks. Commercial demand may not convert into timely collections or sufficient cash generation. An adverse financing outcome or interruption to clinical operations could materially affect common shareholders, including a substantial or complete loss of invested capital. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.

Merlintrader may hold positions in securities mentioned. Some links on this page are affiliate or referral links, including those to Finviz and Stocktwits, which may generate a commission at no cost to the reader. Full legal information is available on the disclaimer and terms of use and privacy pages.

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