Neuronetics, Inc. (STIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución del tratamiento de salud mental, Neuronetics, Inc. (STIM) emerge como un innovador innovador, revolucionando la terapia de depresión a través de su tecnología de estimulación magnética transcraneal neurostar (TMS) de vanguardia. Al ofrecer un enfoque no invasivo y personalizado para tratar la depresión resistente al tratamiento, la compañía está transformando cómo los profesionales de la salud abordan desafíos complejos de salud mental, brindando esperanza a los pacientes que han luchado con las intervenciones terapéuticas tradicionales y abriendo nuevas fronteras en estrategias de tratamiento neurológico.

Neuronetics, Inc. (STIM) - Modelo de negocio: asociaciones clave

Fabricantes de dispositivos médicos para equipos de terapia TMS Neurostar

Neuronetics se asocia con fabricantes especializados de dispositivos médicos para producir equipos de terapia de TMS Neurostar. A partir de 2024, la compañía mantiene relaciones estratégicas de fabricación para garantizar una producción consistente de dispositivos TMS.

Tipo de socio	Número de asociaciones	Volumen de fabricación anual
Fabricantes de equipos primarios	3-4 socios estratégicos	Aproximadamente 250-300 dispositivos TMS anualmente

Proveedores de atención médica y clínicas psiquiátricas

La neuronética colabora con múltiples redes de salud y proveedores de atención psiquiátrica para distribuir la tecnología Neurostar TMS.

Categoría de asociación	Alcance de la red total	Tasa de adopción
Clínicas psiquiátricas	Más de 1.200 ubicaciones clínicas	42% de penetración del mercado en 2024

Compañías de seguros para la cobertura de reembolso

Las asociaciones críticas con proveedores de seguros permiten un acceso más amplio al paciente a la terapia TMS.

• Las principales redes de seguros que proporcionan cobertura: Blue Cross Blue Shield, Aetna, United Healthcare
• Porcentaje de cobertura de seguro a nivel nacional: 68% a partir de 2024
• Tasa de reembolso promedio por tratamiento con TMS: $ 450- $ 650

Instituciones de investigación

Neuronetics mantiene relaciones colaborativas con las principales instituciones de investigación para avanzar en la tecnología TMS.

Socio de investigación	Área de enfoque	Inversión de investigación anual
Departamento de Neurociencia de la Universidad de Stanford	Estudios de eficacia clínica	$ 1.2 millones
Escuela de Medicina de Harvard	Desarrollo del protocolo de tratamiento	$950,000

Desarrolladores de tecnología de salud mental

Asociaciones de tecnología estratégica para mejorar las capacidades de terapia con TMS.

• Número de asociaciones de desarrollo tecnológico: 5-6 colaboraciones activas
• Inversión anual de desarrollo tecnológico: $ 3.5 millones
• Áreas de enfoque clave: integración de IA, algoritmos de personalización del tratamiento

Neuronetics, Inc. (STIM) - Modelo de negocio: actividades clave

Diseñar y fabricar dispositivos de estimulación magnética transcraneal (TMS)

La neuronética se centra en la producción del sistema TMS de terapia avanzada Neurostar para el tratamiento de la depresión. En 2023, la compañía fabricó aproximadamente 500 dispositivos TMS para entornos clínicos y de salud.

Modelo	Producción anual	Costo promedio
Sistema de TMS de terapia avanzada de Neurostar	500 unidades	$ 85,000 por unidad

Desarrollar y mejorar las tecnologías de tratamiento de salud mental

La inversión de I + D para el desarrollo de tecnología de salud mental fue de $ 21.4 millones en 2023, lo que representa el 38% de los ingresos totales de la compañía.

• Las áreas de enfoque incluyen el tratamiento de depresión
• Expandir los protocolos de tratamiento para otras afecciones de salud mental
• Refinamiento de tecnología continua

Realizar ensayos clínicos e investigación

El gasto de investigación clínica en 2023 fue de $ 12.6 millones, con estudios continuos en trastorno depresivo mayor y depresión resistente al tratamiento.

Categoría de investigación	Pruebas activas	Presupuesto de investigación anual
Tratamiento de depresión	7 ensayos clínicos activos	$ 12.6 millones

Marketing y ventas de soluciones de terapia TMS

Los gastos de ventas y marketing en 2023 totalizaron $ 34.2 millones, dirigidos a psiquiatras y clínicas de salud mental en los Estados Unidos.

• Equipo de ventas directas de 85 profesionales
• Presupuesto de marketing: $ 34.2 millones
• Mercado objetivo: clínicas de salud mental y prácticas psiquiátricas

Proporcionar capacitación y apoyo para profesionales de la salud

Neuronetics invirtió $ 5.7 millones en programas de capacitación y apoyo profesional en 2023.

Programa de capacitación	Participantes	Presupuesto de capacitación
Certificación Neurostar TMS	425 profesionales de la salud	$ 5.7 millones

Neuronetics, Inc. (STIM) - Modelo de negocio: recursos clave

Plataforma de tecnología Neurostar TMS patentada

La neuronética posee la Sistema de TMS de terapia avanzada de Neurostar, que recibió la autorización de la FDA en 2008. A partir de 2024, la compañía ha desplegado más de 1.200 sistemas de neurostar en los Estados Unidos.

Especificación tecnológica	Detalles
Año de autorización de la FDA	2008
Sistemas implementados totales	1,200+
Indicación del tratamiento	Trastorno depresivo mayor

Propiedad intelectual y patentes

Neuronetics mantiene una sólida cartera de propiedades intelectuales.

• Patentes activas totales: 37
• Rango de vencimiento de patentes: 2028-2035
• Categorías de patentes: tecnología de dispositivos, protocolos de tratamiento

Equipo de investigación y desarrollo

A partir del cuarto trimestre de 2023, la neuronética emplea a 78 profesionales dedicados de I + D.

Composición del equipo de I + D	Número
Investigadores de doctorado	42
Especialistas en investigación clínica	36

Instalaciones de fabricación

Neuronetics opera una instalación de fabricación primaria en Malvern, Pensilvania.

• Tamaño de la instalación: 45,000 pies cuadrados.
• Capacidad de producción anual: sistemas de 500 tms
• ISO 13485 certificado

Datos clínicos y evidencia de investigación

Neuronetics ha acumulado una investigación clínica sustancial que respalda la tecnología Neurostar.

Métricas de investigación clínica	Puntos de datos
Total de estudios publicados	87
Registros de tratamiento de pacientes	75,000+
Estudios de eficacia a largo plazo	12

Neuronetics, Inc. (STIM) - Modelo de negocio: propuestas de valor

Alternativa de tratamiento de depresión no invasivo

El sistema de terapia avanzada (TMS) de Neurostar proporciona un tratamiento neuropsiquiátrico no invasivo con las siguientes especificaciones:

Característica del tratamiento	Datos específicos
Año de autorización de la FDA	2008
Duración del tratamiento	37 minutos por sesión
Curso de tratamiento típico	5 sesiones por semana durante 6 semanas

Dispositivo médico aprobado por la FDA para depresión resistente al tratamiento

Especificaciones clave del dispositivo:

• 510 (k) Aparato para el tratamiento de trastorno depresivo mayor
• Indicado para pacientes que no han respondido a los medicamentos antidepresivos iniciales
• Mecanismo: estimulación magnética transcraneal repetitiva (TMS)

Solución de terapia de salud mental personalizada

Parámetro de personalización	Detalles específicos
Orientación de tratamiento	Corteza prefrontal dorsolateral
Resistencia al campo magnético	Hasta 1.8 tesla
Frecuencia de pulso	Protocolo estándar de 10 Hz

Efectos secundarios mínimos en comparación con los tratamientos tradicionales

Efecto secundario comparativo profile:

• Sin efectos secundarios de medicamentos sistémicos
• Sin aumento de peso
• Sin disfunción sexual
• Sin sedación

Mejora potencial en la calidad de vida del paciente

Métrica de resultados clínicos	Rendimiento reportado
Tasa de respuesta	52-58% en estudios clínicos
Tasa de remisión	33-37% en pacientes con depresión resistente al tratamiento

Neuronetics, Inc. (STIM) - Modelo de negocio: relaciones con los clientes

Compromiso directo del equipo de ventas con proveedores de atención médica

Neuronetics mantiene una fuerza de ventas dedicada de 45 representantes de ventas directas dirigidas a psiquiatras, neurólogos y clínicas de salud mental a partir del cuarto trimestre de 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas directas totales	45
Llamadas promedio de ventas por representante por mes	72
Especialidades de proveedores de atención médica objetivo	Psiquiatría, neurología, clínicas de salud mental

Soporte técnico y capacitación continuos

La compañía proporciona soporte técnico integral a través de múltiples canales.

• Línea directa de soporte técnico 24/7
• Correo electrónico de soporte dedicado: clinicalsupport@neuronetics.com
• Portal de capacitación en línea con 3.200 usuarios registrados
• Tiempo de respuesta promedio: 2.5 horas

Programas de educación del cliente

La neuronética invierte en extensas iniciativas de educación al cliente que se centran en la implementación de la terapia con TMS.

Métrica del programa de educación	2023 datos
Webinarios realizados	42
Talleres de capacitación	18
Participantes únicos en programas educativos	1,275

Servicios de consulta clínica

Neuronetics ofrece servicios de consulta clínica especializadas para proveedores de atención médica.

• Tamaño del equipo de consulta: 12 especialistas clínicos
• Duración de consulta promedio: 45 minutos
• Tiempo de respuesta de solicitud de consulta: dentro de las 24 horas

Recursos de apoyo al paciente

La compañía proporciona mecanismos completos de apoyo al paciente.

Canal de apoyo al paciente	Métricas de compromiso
Sitio web de información del paciente	87,500 visitantes únicos mensuales
Línea de ayuda de apoyo al paciente	3.200 llamadas por mes
Materiales de educación del paciente	12 recursos de idiomas diferentes

Neuronetics, Inc. (STIM) - Modelo de negocio: canales

Fuerza de ventas directa a clínicas psiquiátricas

A partir del cuarto trimestre de 2023, Neuronetics mantiene un equipo de ventas directo de 47 representantes dirigidos a clínicas psiquiátricas en los Estados Unidos.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	47
Cobertura geográfica	50 estados de EE. UU.
Visitas a la clínica promedio por representante	82 por trimestre

Conferencias médicas y ferias comerciales

La neuronética participa en 12-15 principales conferencias de dispositivos psiquiátricos y médicos anualmente.

Participación de la conferencia	2023-2024 Detalles
Conferencias totales	14
Inversión promedio de stand	$ 75,000 por conferencia

Plataformas digitales y marketing en línea

El gasto de marketing digital para 2023 fue de $ 2.3 millones, dirigido a profesionales de la salud y posibles pacientes.

• Tráfico del sitio web: 156,000 visitantes únicos mensualmente
• Seguidores de redes sociales: 45,000 en todas las plataformas
• Presupuesto de publicidad digital: $ 2.3 millones en 2023

Redes de referencia profesionales de atención médica

Neuronetics ha establecido asociaciones de referencia con aproximadamente 1,200 prácticas psiquiátricas en todo el país.

Métricas de redes de referencia	2023 datos
Prácticas totales asociadas	1,200
Referencias promedio por práctica	18 por trimestre

Socios de distribución de dispositivos médicos

La compañía colabora con 7 redes principales de distribución de dispositivos médicos en los Estados Unidos.

• Socios de distribución: 7 redes nacionales
• Cobertura: 50 estados de EE. UU.
• Ingresos anuales de distribución: $ 42.6 millones

Neuronetics, Inc. (STIM) - Modelo de negocio: segmentos de clientes

Psiquiatras y profesionales de la salud mental

Mercado total direccionable de aproximadamente 45,670 psiquiatras en los Estados Unidos a partir de 2023.

Especialidad	Número de profesionales	Tasa de adopción potencial de neurostar tms
Psiquiatras	45,670	12.3%
Psicólogos clínicos	106,500	8.7%

Pacientes con depresión resistente al tratamiento

Población de pacientes estimada con depresión resistente al tratamiento: 2.8 millones en los Estados Unidos.

• Pacientes que no han respondido a 2+ tratamientos antidepresivos
• Rango de edad: 18-65 años
• Valor anual de mercado potencial del paciente: $ 687 millones

Instituciones y clínicas de atención médica

Tipo de institución	Instalaciones totales	Instalación potencial de Neurostar
Hospitales psiquiátricos	1,806	422
Clínicas de salud mental ambulatorias	9,275	1,155

Proveedores de seguros

Número de proveedores de seguros que cubren la terapia TMS: 87% de las principales aseguradoras comerciales.

• Cobertura de Medicare: 100% para depresión resistente al tratamiento
• Tasa de reembolso promedio: $ 6,500 por curso de tratamiento

Organizaciones de investigación de salud mental

Categoría de investigación	Número de organizaciones	Posentes asociaciones de investigación
Centros de investigación académicos	276	48
Instituciones de investigación financiadas por NIH	124	31

Neuronetics, Inc. (STIM) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, la neuronética reportó gastos de investigación y desarrollo de $ 25.1 millones, lo que representa el 30.9% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 25.1 millones	30.9%
2022	$ 23.4 millones	28.7%

Costos de fabricación y producción

Los costos de fabricación de Neuronetics para el sistema de terapia Neurostar TMS en 2023 fueron de aproximadamente $ 15.6 millones.

• Costos de mano de obra de fabricación directa: $ 4.2 millones
• Gastos de materia prima: $ 7.8 millones
• Sobrecoss de fabricación: $ 3.6 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 39.2 millones, que fue del 48.3% de los ingresos totales.

Categoría de gastos	Cantidad
Costos del personal de ventas	$ 22.5 millones
Campañas de marketing	$ 11.3 millones
Materiales promocionales	$ 5.4 millones

Cumplimiento y certificación regulatoria

Los costos de cumplimiento regulatorio para 2023 fueron de $ 3.7 millones, que cubren las aprobaciones de la FDA y las regulaciones continuas de dispositivos médicos.

Ensayo clínico e financiación de la investigación

Los gastos de ensayo clínico para 2023 ascendieron a $ 8.9 millones, centrándose en expandir las aplicaciones de terapia de TMS Neurostar.

Enfoque de investigación	Asignación de financiación
Estudios de depresión	$ 5.2 millones
Ensayos de trastorno de ansiedad	$ 2.1 millones
Otras condiciones neurológicas	$ 1.6 millones

Neuronetics, Inc. (STIM) - Modelo de negocio: flujos de ingresos

Venta de dispositivos Neurostar TMS

A partir del cuarto trimestre de 2023, Neuronetics informó ingresos por ventas de dispositivos totales de $ 25.4 millones. El precio promedio de venta del dispositivo Neurostar TMS oscila entre $ 80,000 y $ 95,000 por unidad.

Categoría de dispositivo	Volumen de ventas anual	Precio medio	Ingresos totales
Sistema de terapia avanzada de Neurostar	275-300 unidades	$85,000	$ 23.4 millones

Ingresos del sistema de tratamiento recurrente

Los ingresos del sistema de tratamiento recurrente para 2023 totalizaron $ 41.2 millones, lo que representa un aumento del 15.6% de 2022.

• Costo promedio de tratamiento del paciente: $ 12,500 por curso de tratamiento completo
• Tratamientos anuales estimados por dispositivo: 250-300
• Ingresos recurrentes estimados por dispositivo: $ 3.1 millones anuales

Contratos de servicio y mantenimiento

Los ingresos por contratos de servicio y mantenimiento para 2023 fueron de $ 8.7 millones, con un valor de contrato anual promedio de $ 15,000 por dispositivo Neurostar.

Tipo de contrato	Ingresos anuales	Valor de contrato promedio
Mantenimiento estándar	$ 6.2 millones	$12,500
Mantenimiento premium	$ 2.5 millones	$22,000

Tarifas del programa de capacitación y certificación

Los ingresos del programa de capacitación y certificación en 2023 alcanzaron los $ 1.9 millones, con una tarifa de curso de certificación promedio de $ 3,500 por profesional de la salud.

Licencias potenciales de la tecnología

Los ingresos por licencias de tecnología para 2023 fueron de $ 0.6 millones, con posibles oportunidades de expansión futura en dominios de tratamiento psiquiátrico y neurológico.

Categoría de licencias	Ganancia	Crecimiento potencial
Licencias de tecnología actual	$ 0.6 millones	15-20% de crecimiento proyectado

Neuronetics, Inc. (STIM) - Canvas Business Model: Value Propositions

Non-Invasive Treatment: A non-drug, non-systemic option for Major Depressive Disorder (MDD).

You are offering a therapy that avoids systemic drug exposure for patients. As of late 2025, Neuronetics, Inc. has supported a massive patient base with this approach. The company achieved a milestone of over 229,429 global patients treated with 8.2 million treatment sessions as of September 30, 2025. To be fair, the NeuroStar Advanced Therapy System for MDD in adults had already delivered more than 6.9 million treatments as of January 2025.

Expanded Indications: FDA-cleared for MDD in adults, OCD, and adolescents aged 15-21.

The clearance for adolescent MDD treatment, received in March 2024, was a significant expansion. This specific clearance increased the total addressable market for MDD by approximately 35%, bringing the total to 29.3 million patients. Furthermore, you secured a major payer win supporting access: New York State Medicaid expanded coverage for TMS Therapy, including NeuroStar Advanced Therapy, to treat MDD, affecting over 5 million members statewide starting October 1, 2025.

The scope of indications covered includes:

• Major Depressive Disorder (MDD) in adults
• Obsessive-Compulsive Disorder (OCD)
• Adolescent MDD (ages 15-21)

Vertically Integrated Model: Combines device technology with direct service delivery through owned clinics.

This integration means Neuronetics, Inc. captures revenue from both the capital equipment sale/leasing side and the recurring treatment service side. Looking at the third quarter of 2025, the combined entity generated total worldwide revenue of $37.3 million. The clinic operations, driven by the Greenbrook acquisition, formed the largest component of this revenue base.

Here's the quick math on the revenue mix for Q3 2025:

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Change (Adj. Pro Forma)
Total Worldwide Revenue	$37.3 million	11% growth
U.S. Clinic Revenue (Greenbrook)	$21.8 million	25% growth
U.S. Treatment Session Revenue	$10.5 million	-5.1% change (Pro forma)
U.S. NeuroStar System Revenue	$3.5 million	40 systems shipped

The clinic revenue growth of 25% on an adjusted pro forma basis shows the strength of the direct service delivery channel in that quarter. Still, the overall gross margin for Q3 2025 settled at 45.9%, down from 75.6% in Q3 2024, primarily due to the inclusion of the clinic business mix.

Clinical Efficacy: Backed by the largest real-world clinical data set in the TMS space.

The clinical foundation rests on the TrakStar® data set, which is explicitly cited as the largest real-world outcomes database in TMS. This database provides the evidence base for expanding indications and payer acceptance. For instance, data from this TrakStar database supported the FDA clearance for adolescents, showing that 78% of adolescent patients treated with NeuroStar achieved clinically meaningful improvement in their depression severity.

You're building a reputation on data, not just device sales. The company continues to invest in research using this resource, including presenting analyses comparing NeuroStar's Figure-8 coil against competitors' coils.

Finance: draft 13-week cash view by Friday.

Neuronetics, Inc. (STIM) - Canvas Business Model: Customer Relationships

You're looking at how Neuronetics, Inc. manages its connections with the different groups it serves-from the clinics buying the systems to the patients getting the therapy. It's a multi-pronged approach, blending direct sales with service-based partnerships, especially after integrating Greenbrook TMS Inc. in late 2024.

Dedicated Sales and Support

This relationship pillar focuses on the direct sale of the NeuroStar Advanced Therapy System to purchasers, which requires robust clinical hand-holding to ensure proper adoption and utilization. The efficacy of this direct sales channel is reflected in the system shipment volume, though this channel is now strategically balanced against the high-volume clinic partnerships. For the third quarter of 2025, Neuronetics, Inc. shipped 40 systems to customers. This resulted in $3.5 million in U.S. NeuroStar Advanced Therapy System revenue for the quarter. Overall, the company has reached a milestone of over 229,429 global patients treated with 8.2 million treatment sessions delivered as of the end of Q3 2025. For general inquiries or support related to the system, the Customer Service Center number is 877-600-7555.

Better Me Provider Program

The Better Me Provider (BMP) program is designed to offer high-touch support and embed operational best practices directly within partner clinics that purchase the NeuroStar system. This program, which saw its national launch in July 2024, aims to speed up patient onboarding. As of the guidance provided in January 2025, the program had over 350 active sites and over 125 more committed to joining. The reported benefits for participating practices are significant, showing results like up to 3 times faster 24-hour follow-ups and a 2.5x reduction in time from initial patient interest to motor threshold determination. This structure helps Neuronetics, Inc. scale its quality standards across a broader network of independent providers.

Fee-Based Services

Neuronetics, Inc. is actively using its Greenbrook platform to offer fee-based operational and patient-support services, moving beyond just selling the device. A prime example is the exclusive three-year agreement with Elite DNA Behavioral Health, which commenced with a pilot launch in Q4 2025. Under this deal, Neuronetics, Inc. serves as the sole provider of NeuroStar TMS devices across Elite DNA's 30+ locations. The service component involves Neuronetics, Inc. assisting Elite DNA with administrative and clinical functions through a subsidiary, including:

• PHQ-10 assessments
• TMS consultations
• Patient scheduling

This arrangement operationalizes a strategic value derived from the Greenbrook acquisition, creating a scalable model for servicing large partners.

Direct Patient Interaction

The ownership of Greenbrook clinics allows Neuronetics, Inc. to manage patient relationships directly, offering a fully integrated care experience. This segment is a major revenue driver, reflecting direct patient interaction for therapy delivery. For the third quarter of 2025, U.S. Greenbrook clinic revenue reached $21.8 million. This figure represents a 25% growth on an adjusted pro forma basis compared to the third quarter of 2024. As of June 2025 data, the Greenbrook network, which operates across the United States, had provided more than 1.8 million treatments to over 55,000 patients struggling with depression.

Here's a quick look at how the key relationship channels contributed financially and operationally in Q3 2025:

Relationship Channel	Q3 2025 Revenue/Volume Metric	Associated Data Point
Dedicated Sales (System Sales)	$3.5 million in System Revenue	40 systems shipped
Fee-Based/Partnership (Elite DNA)	Pilot Launch in Q4 2025	Exclusive agreement across 30+ Elite DNA locations
Direct Patient Interaction (Greenbrook)	$21.8 million in Clinic Revenue	25% adjusted pro forma growth year-over-year
BMP Program (Partner Support)	Over 350 active sites (as of Jan 2025)	Reported 2.5x reduction in time to treatment initiation

Finance: draft 13-week cash view by Friday.

Neuronetics, Inc. (STIM) - Canvas Business Model: Channels

You're looking at how Neuronetics, Inc. gets its NeuroStar systems and therapy access into the hands of psychiatrists and patients across the US and beyond. It's a multi-pronged approach combining direct sales, owned clinics, and partnerships. Honestly, the integration of Greenbrook TMS has fundamentally changed this part of the model.

Direct Sales Force: Selling NeuroStar systems to psychiatrists and hospitals in the U.S.

Neuronetics, Inc. relies on its commercial organization to place the NeuroStar Advanced Therapy System directly with healthcare providers. This channel focuses on selling the capital equipment itself. For instance, in the second quarter of 2025, the Company shipped a total of 41 systems. The average selling price per system (ASP) in that quarter was over $85,000, which was the highest ASP in the past 5 years. This direct sales effort supports both independent practices and the company's own clinic network.

Here's a look at system sales and associated revenue for context:

Metric	Period Ending June 30, 2025 (Q2 2025)	Period Ending March 31, 2025 (Q1 2025)
NeuroStar Advanced Therapy Systems Shipped (Units)	41	Data not specified in search for Q1 system units
U.S. NeuroStar Advanced Therapy System Revenue (USD)	$3.5 million	$2.8 million

Owned Clinic Network: Over 95 Greenbrook TMS treatment centers providing direct patient care.

This channel represents a significant shift, as Neuronetics, Inc. now operates the Greenbrook TMS Inc. network. As of the Greenbrook acquisition effective December 9, 2024, this network includes over 95 company-operated treatment centers across the United States. This provides a direct-to-patient delivery mechanism for both NeuroStar TMS and SPRAVATO® treatments. The revenue generated here is substantial; for the third quarter of 2025, U.S. clinic revenue reached $21.8 million. For the first quarter of 2025, that U.S. clinic revenue was $18.7 million. It's a major component of the overall revenue picture now.

Partnered Clinic Network: The Better Me Provider network across 49 states.

Neuronetics, Inc. is actively executing growth initiatives around its partnered channel, specifically mentioning the rollout of the Better Me Provider Program. This program is designed to enhance patient care and accessibility through external providers. While the exact number of states covered as of late 2025 isn't explicitly confirmed in the latest filings I have access to, the company is focused on the successful roll-out of this program. The company also notes that NeuroStar Advanced Therapy is FDA cleared for use in adolescents aged 15-21 with MDD, expanding the addressable market by an estimated 35%, which benefits all provider networks.

• Better Me Provider Program execution is a key 2025 priority.
• FDA clearance for adolescent MDD expands partner market reach.
• The program aims to institute the buy-and-bill model for providers.

International Distributors: Selling systems and treatment sessions outside the U.S.

The international segment contributes to the overall revenue base, though it is smaller than the U.S. operations. For the third quarter of 2025, international revenue showed strong growth, increasing 73% over the third quarter of 2024. This indicates that the distributor network for selling systems and treatment sessions outside the U.S. is expanding its contribution. For comparison, total U.S. revenue in Q3 2025 increased by 102% over Q3 2024, highlighting the relative scale, but the international growth rate is notable.

Finance: draft 13-week cash view by Friday.

Neuronetics, Inc. (STIM) - Canvas Business Model: Customer Segments

You're looking at the core groups Neuronetics, Inc. (STIM) serves as of late 2025, a picture heavily shaped by the Greenbrook TMS acquisition and new indications. These segments drive both capital equipment sales and recurring treatment revenue.

Psychiatrists and Mental Health Practices: Clinics purchasing the NeuroStar system (capital equipment).

This segment is the direct buyer of the NeuroStar Advanced Therapy System. The purchase decision is driven by the need for a non-invasive, non-drug alternative for patients who haven't responded to standard medication. The average selling price (ASP) for these systems is a key metric here; for the three months ended June 30, 2025, the ASP was over $85,000, which was the highest ASP in the past 5 years. System shipments fluctuate, with 41 systems shipped in Q2 2025 and 40 systems shipped in Q3 2025. This group is also targeted by the Better Me Provider program, which aims to improve site efficiency, with participating practices showing up to 3 times faster 24-hour follow-ups.

Adult Patients with MDD/OCD: Individuals who have failed to achieve satisfactory improvement from prior medication.

These are the end-users of the NeuroStar therapy. The system is indicated for Major Depressive Disorder (MDD) adults who failed prior medication, and as an adjunct for Obsessive-Compulsive Disorder (OCD). The sheer volume of use underscores this segment's importance; NeuroStar Advanced Therapy has seen more than 7.4 million treatments delivered historically. The revenue generated from these treatments is significant, with U.S. treatment session revenue hitting $10.8 million in Q2 2025. Furthermore, the Greenbrook clinic network, now part of Neuronetics, has provided over 1.8 million treatments to more than 55,000 patients struggling with depression.

Adolescent Patients (15-21): New, growing segment for MDD treatment.

This represents a major expansion opportunity following FDA clearance in March 2024 for NeuroStar as the first and only TMS treatment for adolescents with depression. This clearance expanded Neuronetics' total addressable market (TAM) for MDD by approximately 35%, reaching 29.3 million patients. By late 2025, TRICARE West expanded NeuroStar coverage to include adolescents aged 15+, validating this segment's growing clinical and payer acceptance. Real-world data supporting this group showed 78% of adolescent patients achieved clinically meaningful improvement.

Large Behavioral Health Networks: Strategic partners like Elite DNA Behavioral Health.

Neuronetics is actively pursuing strategic partnerships to scale access, exemplified by the exclusive three-year agreement with Elite DNA Behavioral Health, one of Florida's largest networks. Elite DNA operates across 30+ locations. This collaboration, which began with a pilot launch in Q4 2025, positions Neuronetics as the sole provider of TMS devices across those sites. This model leverages the Greenbrook platform to provide fee-based operational and patient-support services, like PHQ-10 processing and scheduling, which is a direct operationalization of a strategic value from the Greenbrook acquisition.

Here's a quick look at how the financial performance reflects the mixed revenue streams from these customer segments through the first three quarters of 2025:

Metric (As of Late 2025)	Value	Context/Period
Total Expected Full Year 2025 Revenue	$149.0 million to $155.0 million	Full Year 2025 Guidance
Q3 2025 Total Revenue	$37.3 million	Three Months Ended September 30, 2025
Q2 2025 U.S. Clinic Revenue (Greenbrook)	$23.0 million	Three Months Ended June 30, 2025
Q2 2025 U.S. NeuroStar System Revenue	$3.5 million	Three Months Ended June 30, 2025
Q2 2025 U.S. Treatment Session Revenue	$10.8 million	Three Months Ended June 30, 2025
Estimated Full Year 2025 Gross Margin	Approximately 55%	Full Year 2025 Guidance
Q2 2025 Gross Margin	46.6%	Three Months Ended June 30, 2025
Total Cash Position	$34.5 million	As of September 30, 2025

The shift in revenue mix, driven by the clinic segment (Greenbrook/Elite DNA model), has compressed the gross margin to 46.6% in Q2 2025, down from 74.0% in Q2 2024. Still, the company expects to realize over $22 million in annualized cost synergies.

You should track the system ASP and the growth in clinic-based revenue, as that's where the partnership strategy is showing up in the numbers. Finance: draft 13-week cash view by Friday.

Neuronetics, Inc. (STIM) - Canvas Business Model: Cost Structure

You're looking at the costs Neuronetics, Inc. incurs to run its vertically integrated business, especially after bringing the Greenbrook clinic operations in-house. This structure is heavily influenced by the service component now included.

Cost of Goods Sold (COGS) is significantly impacted by the Greenbrook clinic business. The inclusion of these service costs is the primary driver behind the revised gross margin expectation for the full fiscal year 2025, which is now guided to be between 47% and 49%. To give you a sense of the clinic's contribution, U.S. Greenbrook clinic revenue in the third quarter of 2025 was $21.8 million, but the resulting gross margin for the entire company in that quarter was 45.9%, down from 75.6% in the third quarter of 2024, clearly showing the high cost of services relative to the system sales.

Operating Expenses for the full year 2025 are expected to be in the range of $100 million to $105 million. This is a revision from earlier guidance, reflecting the combined operational structure. For context, the total operating expenses in the third quarter of 2025 were $24.4 million.

Here's a look at the components of operating expenses, using the latest available quarterly data to show where the spending is going:

• The inclusion of Greenbrook's general and administrative expenses in Q3 2025 was $6.1 million.
• Sales and marketing expenses for the three months ended March 31, 2025, were $11.999 million.
• R&D expenses for the three months ended March 31, 2025, were $1.616 million.

Sales and Marketing Costs cover the direct sales force supporting the NeuroStar system and patient awareness campaigns. The company is actively managing these costs, as evidenced by savings noted in general, administrative, sales, and marketing expenses during the third quarter of 2025, which partially offset the increase from Greenbrook's G&A.

R&D and Regulatory Costs represent the investment Neuronetics, Inc. is making to improve its device and pursue new indications. For the first quarter of 2025, Research and Development spending was $1.616 million.

You can see the quarterly expense snapshot from Q1 2025 below, which helps map out the operating cost base:

Expense Category (Q1 2025)	Amount (In thousands)
Sales and marketing	$11,999
General and administrative	$13,137
Research and development	$1,616
Total operating expenses	$26,752

Finance: draft 13-week cash view by Friday.

Neuronetics, Inc. (STIM) - Canvas Business Model: Revenue Streams

You're looking at how Neuronetics, Inc. (STIM) actually brings in the money, which is a mix of direct service delivery and capital equipment sales, especially after integrating Greenbrook TMS Inc. The revenue streams are clearly segmented, which helps in understanding the business mix.

The core of the revenue comes from two main areas: the clinic operations and the NeuroStar system itself. For the third quarter of 2025, total worldwide revenue hit $37.3 million. This total revenue reflects the combined performance following the December 2024 acquisition.

Here's a breakdown of the key components making up that top line:

• U.S. Clinic Revenue from Greenbrook operations was $21.8 million in Q3 2025.
• U.S. NeuroStar Advanced Therapy System revenue was $3.5 million in Q3 2025.
• U.S. treatment session revenue was $10.5 million in Q3 2025.

The recurring revenue from disposable components used per session is a vital part of the model. For the second quarter of 2025, this Treatment Session Revenue was $10.8 million. This contrasts with the $10.5 million seen in the third quarter of 2025, which management noted was affected by customer inventory patterns in 2024.

When you look at the capital equipment side, the NeuroStar System Sales, the average selling price (ASP) was over $85,000 in the second quarter of 2025, marking the highest ASP in five years. In that same Q2 2025 period, the company shipped 41 systems, while Q3 2025 saw 40 systems shipped.

You need to keep an eye on the full-year expectation, as guidance was recently adjusted. Here's the quick math on the forward-looking expectation:

Revenue Component	Period/Scope	Amount
U.S. Clinic Revenue	Q3 2025	$21.8 million
NeuroStar System Sales Revenue	Q3 2025	$3.5 million
Treatment Session Revenue	Q2 2025	$10.8 million
Total Worldwide Revenue Guidance	Full Year 2025	$147 million to $150 million

The full-year 2025 guidance for total worldwide revenue is now expected to fall between $147 million and $150 million. This is a slight revision from earlier projections, reflecting the current business mix. Finance: draft 13-week cash view by Friday.