Neuronetics' Q2 Revenue Rises 9%; Adjusted EBITDA Turns Positive, Narrows 2026 Outlook
Neuronetics (STIM) reported Q2 2026 revenue of $41.6 million, up 9.1% year over year, with Greenbrook revenue rising 16.8% to $26.9 million. Gross margin increased to 51.1%. Adjusted EBITDA turned positive at $0.3 million. Net loss narrowed to $3.4 million. Full-year 2026 revenue guidance is $160-$164 million and gross margin 48%-50%.
How this was made
The 30-second read
Why it matters
Q2 results show revenue growth, margin expansion, and a shift to positive Adjusted EBITDA, alongside updated 2026 guidance (slightly narrower revenue range and higher gross margin outlook). Cash remains a key risk with 2026 cash flow from operations and investing guided negative and a lower cash balance at June 30.
Market read
This is a profitability and guidance update for STIM, with a near-term trading catalyst from the reported quarter and premarket move.
What to watch
Greenbrook revenue growth is strong (+16.8% YoY), but the article does not quantify unit economics or reimbursement trends; investors may focus on whether margin gains are sustainable beyond the new go-to-market and revenue cycle changes.
Background
Neuronetics combines NeuroStar TMS with direct patient care via its Greenbrook interventional psychiatry clinic network.
Ticker impact
Neuronetics reported Q2 revenue of $41.6M (+9.1% YoY), improved gross margin to 51.1%, and turned Adjusted EBITDA positive to $0.3M.
Likely near-term upside bias versus prior expectations, but follow-through may be limited by declining cash balance and negative operating/investing cash flow guidance.
The article provides fresh, decision-relevant guidance updates (revenue range, gross margin, opex ex-SBC) plus a profitability inflection (Adjusted EBITDA positive) while also highlighting cash burn and a lower cash balance vs year-end.
Market effects
Improving margins and EBITDA for a TMS provider may modestly support sentiment toward cash-flow improving specialty healthcare services, though it is company-specific.
No explicit regional demand or policy changes mentioned.
No direct global macro or cross-border catalyst described.
Counterpoint
Despite EBITDA improvement, the company still guides negative operating and investing cash flow for 2026 and reduced cash from $34.1M to $25.0M, which can cap the multiple.
Key entities
- companyNeuronetics, Inc.
STIM, reported Q2 2026 results and updated full-year 2026 revenue, gross margin, operating expense, and cash flow outlook.
- business_unitGreenbrook network
Interventional psychiatry clinic network whose revenue grew 16.8% YoY in Q2 2026.
- productNeuroStar TMS
TMS platform referenced as part of the company’s direct-to-patient care model.
- executiveNir Naor
Appointed Executive Vice President, CFO, Corporate Secretary and Treasurer.
