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Merlintrader Trading Pub
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AI transparency: articles and reports are produced with the help of artificial intelligence and checked through a process that does not constitute specialist validation. They may contain errors: verify relevant information with independent sources. Read the full disclaimer.
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.
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 $2.25 (-5.46% versus October 29).
Full research report · PDF
Neuronetics ($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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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
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
- October 21, 2026 — Third-quarter report scheduled for November 4
- September 8, 2026 — TrakStar integration with AdvancedMD announced
- August 24, 2026 — Ownership amendment reports a dated 13.92% stake
- August 11, 2026 — Quarterly margin and adjusted EBITDA improve
- August 11, 2026 — Quarterly filing retains projected covenant concern
- August 3, 2026 — Shareholder and board announce a governance framework
- Neuronetics Form 10-Q for the quarter ended June 30, 2026, filed August 11, 2026
- Neuronetics Q2 2026 results, exhibit 99.1 to the Form 8-K of August 11, 2026
- Schedule 13D/A No. 3 filed by Jorey Chernett, August 4, 2026
- Neuronetics and Jorey Chernett joint press release, August 3, 2026
- Neuronetics press release, September 8, 2026
- Nasdaq short-interest data for STIM
- Nasdaq historical prices for STIM
- Schedule 13D/A No. 4 filed by Jorey Chernett, August 24, 2026
- Form 4 for Jorey Chernett, filed August 17, 2026
- Schedule 13G filed by Point72 Asset Management, L.P., Point72 Capital Advisors, Inc. and Steven A. Cohen, August 14, 2026
- Form 8-K filed August 17, 2026, Item 5.02
- Form 144 filed by William A. Macan, August 18, 2026
- Form 144 filed by William A. Macan, August 19, 2026
- Neuronetics Form 10-Q for the quarter ended March 31, 2026
- Neuronetics 2025 Form 10-K
- May 2026 corporate presentation filed with the SEC
- Neuronetics–ANT Neuro collaboration
- Optum/UHC/UBH policy expansion
- Dan Reuvers appointment
- July 20 Form 8-K
- Pointillist/Chernett Schedule 13D amendment
- Neuronetics response to Pointillist
- 2026 proxy statement
- May 2026 Chernett Form 4
- July 2026 Chernett Form 4
- Greenbrook Rockville Center of Excellence opening
- Neuronetics Investor Relations
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.
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