Neuronetics, Inc. (STET): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do tratamento da saúde mental, a Neuronetics, Inc. (STET) surge como um inovador inovador, revolucionando a terapia de depressão por meio de sua tecnologia de estimulação magnética transcraniana de neurastar de ponta (TMS). Ao oferecer uma abordagem não invasiva e personalizada para o tratamento da depressão resistente ao tratamento, a empresa está transformando como os profissionais de saúde abordam desafios complexos de saúde mental, fornecendo esperança para pacientes que lutam com intervenções terapêuticas tradicionais e abrindo novas fronteiras em estratégias de tratamento neurológico.

Neuronetics, Inc. (Stim) - Modelo de Negócios: Principais Parcerias

Fabricantes de dispositivos médicos para equipamentos de terapia de neuroostar TMS

A Neuronetics faz parceria com fabricantes especializados de dispositivos médicos para produzir equipamentos de terapia do NeuroStar TMS. A partir de 2024, a empresa mantém relações estratégicas de fabricação para garantir a produção consistente de dispositivos TMS.

Tipo de parceiro	Número de parcerias	Volume anual de fabricação
Fabricantes de equipamentos primários	3-4 parceiros estratégicos	Aproximadamente 250-300 dispositivos TMS anualmente

Provedores de saúde e clínicas psiquiátricas

A neuronetics colabora com várias redes de saúde e prestadores de cuidados psiquiátricos para distribuir a tecnologia Neurostar TMS.

Categoria de parceria	Alcance total da rede	Taxa de adoção
Clínicas psiquiátricas	Mais de 1.200 locais clínicos	42% de penetração no mercado em 2024

Companhias de seguros para cobertura de reembolso

Parcerias críticas com provedores de seguros permitem acesso mais amplo ao paciente à terapia do TMS.

• Principais redes de seguros que fornecem cobertura: Blue Cross Blue Shield, Aetna, United Healthcare
• Porcentagem de cobertura de seguro nacional: 68% a partir de 2024
• Taxa média de reembolso por tratamento do TMS: US $ 450- $ 650

Instituições de pesquisa

A neuronética mantém as relações colaborativas com as principais instituições de pesquisa para avançar na tecnologia TMS.

Parceiro de pesquisa	Área de foco	Investimento anual de pesquisa
Departamento de Neurociência da Universidade de Stanford	Estudos de eficácia clínica	US $ 1,2 milhão
Escola de Medicina de Harvard	Desenvolvimento do protocolo de tratamento	$950,000

Desenvolvedores de tecnologia de saúde mental

Parcerias de tecnologia estratégica para aprimorar os recursos de terapia do TMS.

• Número de parcerias de desenvolvimento de tecnologia: 5-6 colaborações ativas
• Investimento anual de desenvolvimento de tecnologia: US $ 3,5 milhões
• Principais áreas de foco: integração de IA, algoritmos de personalização de tratamento

Neuronetics, Inc. (Stim) - Modelo de Negócios: Atividades -chave

Projetar e fabricar dispositivos de estimulação magnética transcraniana (TMS)

A neuronetics se concentra na produção do sistema de TMS de terapia avançada em neurostares para tratamento de depressão. Em 2023, a empresa fabricou aproximadamente 500 dispositivos TMS para ambientes clínicos e de saúde.

Modelo de dispositivo	Produção anual	Custo médio
Sistema de terapia avançada de neuroostar	500 unidades	US $ 85.000 por unidade

Desenvolver e melhorar as tecnologias de tratamento de saúde mental

O investimento em P&D para o desenvolvimento de tecnologia da saúde mental foi de US $ 21,4 milhões em 2023, representando 38% da receita total da empresa.

• As áreas de foco incluem tratamento de depressão
• Expandindo protocolos de tratamento para outras condições de saúde mental
• Refinamento de tecnologia contínua

Realizar ensaios e pesquisas clínicas

As despesas de pesquisa clínica em 2023 foram de US $ 12,6 milhões, com estudos em andamento em transtorno depressivo maior e depressão resistente ao tratamento.

Categoria de pesquisa	Ensaios ativos	Orçamento de pesquisa anual
Tratamento de depressão	7 ensaios clínicos ativos	US $ 12,6 milhões

Marketing e vendas de soluções de terapia TMS

As despesas de vendas e marketing em 2023 totalizaram US $ 34,2 milhões, visando psiquiatras e clínicas de saúde mental nos Estados Unidos.

• Equipe de vendas diretas de 85 profissionais
• Orçamento de marketing: US $ 34,2 milhões
• Mercado -alvo: clínicas de saúde mental e práticas psiquiátricas

Fornecer treinamento e suporte para profissionais de saúde

A Neuronetics investiu US $ 5,7 milhões em programas profissionais de treinamento e apoio em 2023.

Programa de Treinamento	Participantes	Orçamento de treinamento
Certificação do NeuroStar TMS	425 Profissionais de Saúde	US $ 5,7 milhões

Neuronetics, Inc. (Stim) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia TMS do NeuroStar

A neuroneticia possui o Sistema de terapia avançada de neuroostar.

Especificação de tecnologia	Detalhes
Ano de liberação da FDA	2008
Total de sistemas implantados	1,200+
Indicação do tratamento	Transtorno depressivo maior

Propriedade intelectual e patentes

A neuronetics mantém um portfólio de propriedade intelectual robusta.

• Total de patentes ativas: 37
• Faixa de expiração de patentes: 2028-2035
• Categorias de patentes: tecnologia de dispositivos, protocolos de tratamento

Equipe de pesquisa e desenvolvimento

A partir do quarto trimestre 2023, a neuroneticia emprega 78 profissionais dedicados a P&D.

Composição da equipe de P&D	Número
Pesquisadores de doutorado	42
Especialistas em pesquisa clínica	36

Instalações de fabricação

A neuroneticia opera uma instalação de fabricação primária em Malvern, Pensilvânia.

• Tamanho da instalação: 45.000 pés quadrados.
• Capacidade anual de produção: 500 sistemas TMS
• Certificado ISO 13485

Dados clínicos e evidências de pesquisa

A neuronetics acumulou pesquisas clínicas substanciais que apoiam a tecnologia de neurostares.

Métricas de pesquisa clínica	Pontos de dados
Total de estudos publicados	87
Registros de tratamento do paciente	75,000+
Estudos de eficácia a longo prazo	12

Neuronetics, Inc. (Stim) - Modelo de Negócios: Proposições de Valor

Alternativa de tratamento de depressão não invasiva

O sistema de terapia avançada do NeuroStar (TMS) fornece um tratamento neuropsiquiátrico não invasivo com as seguintes especificações:

Característica do tratamento	Dados específicos
Ano de liberação da FDA	2008
Duração do tratamento	37 minutos por sessão
Curso de tratamento típico	5 sessões por semana durante 6 semanas

Dispositivo médico limpo da FDA para depressão resistente ao tratamento

Especificações principais do dispositivo:

• 510 (k) depuração para tratamento de transtorno depressivo maior
• Indicado para pacientes que não responderam aos medicamentos antidepressivos iniciais
• Mecanismo: estimulação magnética transcraniana repetitiva (TMS)

Solução personalizada de terapia de saúde mental

Parâmetro de personalização	Detalhes específicos
Direcionamento de tratamento	Cortex pré -frontal dorsolateral
Força de campo magnético	Até 1,8 Tesla
Frequência de pulso	Protocolo padrão de 10 Hz

Efeitos colaterais mínimos em comparação com tratamentos tradicionais

Efeito colateral comparativo profile:

• Sem efeitos colaterais da medicação sistêmica
• Sem ganho de peso
• Sem disfunção sexual
• Sem sedação

Melhoria potencial na qualidade de vida do paciente

Métrica de Resultados Clínicos	Desempenho relatado
Taxa de resposta	52-58% em estudos clínicos
Taxa de remissão	33-37% em pacientes com depressão resistente ao tratamento

Neuronetics, Inc. (Stim) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas diretas com os prestadores de serviços de saúde

A neuronética mantém uma força de vendas dedicada de 45 representantes de vendas diretas direcionadas a psiquiatras, neurologistas e clínicas de saúde mental a partir do quarto trimestre 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas diretas	45
Chamadas de vendas médias por representante por mês	72
Especialidades de provedores de saúde -alvo	Psiquiatria, neurologia, clínicas de saúde mental

Suporte técnico e treinamento em andamento

A empresa fornece suporte técnico abrangente por meio de vários canais.

• 24/7 de suporte técnico Linha direta
• Email de suporte dedicado: clinicalsupport@neuronetics.com
• Portal de treinamento on -line com 3.200 usuários registrados
• Tempo médio de resposta: 2,5 horas

Programas de educação de clientes

A neuronetics investe em extensas iniciativas de educação de clientes com foco na implementação da terapia do TMS.

Métrica do Programa de Educação	2023 dados
Webinars realizados	42
Workshops de treinamento	18
Participantes únicos em programas educacionais	1,275

Serviços de consulta clínica

A Neuronetics oferece serviços especializados de consulta clínica para prestadores de serviços de saúde.

• Tamanho da equipe de consulta: 12 especialistas clínicos
• Duração média da consulta: 45 minutos
• Solicitação de consulta Tempo de resposta: dentro de 24 horas

Recursos de apoio ao paciente

A empresa fornece mecanismos abrangentes de apoio ao paciente.

Canal de apoio ao paciente	Métricas de engajamento
Site de informações do paciente	87.500 visitantes únicos mensais
Helpline de apoio ao paciente	3.200 ligações por mês
Materiais de educação do paciente	12 recursos de idioma diferentes

Neuronetics, Inc. (Stim) - Modelo de Negócios: Canais

Força de vendas direta para clínicas psiquiátricas

A partir do quarto trimestre de 2023, a neuronética mantém uma equipe de vendas direta de 47 representantes direcionados a clínicas psiquiátricas nos Estados Unidos.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	47
Cobertura geográfica	50 estados dos EUA
Visitas médias à clínica por representante	82 por trimestre

Conferências médicas e feiras

A neuronetics participa de 12-15 principais conferências psiquiátricas e de dispositivos médicos anualmente.

Participação da conferência	2023-2024 Detalhes
Total de conferências	14
Investimento médio de estande	US $ 75.000 por conferência

Plataformas de marketing on -line e digital

As despesas de marketing digital em 2023 foram de US $ 2,3 milhões, direcionando profissionais de saúde e pacientes em potencial.

• Tráfego do site: 156.000 visitantes únicos mensalmente
• Seguidores de mídia social: 45.000 entre plataformas
• Orçamento de publicidade digital: US $ 2,3 milhões em 2023

Redes de referência profissional de saúde

A Neuronetics estabeleceu parcerias de referência com aproximadamente 1.200 práticas psiquiátricas em todo o país.

Métricas de rede de referência	2023 dados
Total de práticas parceiras	1,200
Referências médias por prática	18 por trimestre

Parceiros de distribuição de dispositivos médicos

A empresa colabora com 7 principais redes de distribuição de dispositivos médicos nos Estados Unidos.

• Parceiros de distribuição: 7 redes nacionais
• Cobertura: 50 estados dos EUA
• Receita anual de distribuição: US $ 42,6 milhões

Neuronetics, Inc. (Stim) - Modelo de Negócios: Segmentos de Clientes

Psiquiatras e profissionais de saúde mental

Mercado endereçável total de aproximadamente 45.670 psiquiatras nos Estados Unidos a partir de 2023.

Especialidade	Número de profissionais	Taxa de adoção potencial do neuroestar TMS
Psiquiatras	45,670	12.3%
Psicólogos clínicos	106,500	8.7%

Pacientes com depressão resistente ao tratamento

População estimada de pacientes com depressão resistente ao tratamento: 2,8 milhões nos Estados Unidos.

• Pacientes que não responderam a mais de 2 tratamentos antidepressivos
• Faixa etária: 18-65 anos
• Valor de mercado potencial de pacientes anuais: US $ 687 milhões

Instituições de saúde e clínicas

Tipo de instituição	Total de instalações	Instalação potencial do neuroStar
Hospitais psiquiátricos	1,806	422
Clínicas de saúde mental ambulatorial	9,275	1,155

Provedores de seguros

Número de provedores de seguros que cobrem a terapia do TMS: 87% das principais seguradoras comerciais.

• Cobertura do Medicare: 100% para depressão resistente ao tratamento
• Taxa média de reembolso: US $ 6.500 por curso de tratamento

Organizações de pesquisa em saúde mental

Categoria de pesquisa	Número de organizações	Potenciais parcerias de pesquisa
Centros de pesquisa acadêmica	276	48
Instituições de pesquisa financiadas pelo NIH	124	31

Neuronetics, Inc. (Stim) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a neuronética relatou despesas de pesquisa e desenvolvimento de US $ 25,1 milhões, representando 30,9% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 25,1 milhões	30.9%
2022	US $ 23,4 milhões	28.7%

Custos de fabricação e produção

Os custos de fabricação da Neuronetics para o sistema de terapia do NeuroStar TMS em 2023 foram de aproximadamente US $ 15,6 milhões.

• Custos de mão de obra de fabricação direta: US $ 4,2 milhões
• Despesas de matéria -prima: US $ 7,8 milhões
• Manufatura de sobrecarga: US $ 3,6 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 39,2 milhões, o que foi 48,3% da receita total.

Categoria de despesa	Quantia
Custos de pessoal de vendas	US $ 22,5 milhões
Campanhas de marketing	US $ 11,3 milhões
Materiais promocionais	US $ 5,4 milhões

Conformidade e certificação regulatória

Os custos de conformidade regulatórios para 2023 foram de US $ 3,7 milhões, cobrindo as aprovações da FDA e os regulamentos de dispositivos médicos em andamento.

Ensaios clínicos e financiamento de pesquisa

As despesas de ensaios clínicos em 2023 foram de US $ 8,9 milhões, com foco na expansão das aplicações de terapia do NeuroStar TMS.

Foco na pesquisa	Alocação de financiamento
Estudos de depressão	US $ 5,2 milhões
Ensaios de transtorno de ansiedade	US $ 2,1 milhões
Outras condições neurológicas	US $ 1,6 milhão

Neuronetics, Inc. (Stim) - Modelo de negócios: fluxos de receita

Vendas de dispositivos do NeuroStar TMS

A partir do quarto trimestre de 2023, a Neuronetics registrou receita total de vendas de dispositivos de US $ 25,4 milhões. O preço de venda média do dispositivo NeuroStar TMS varia entre US $ 80.000 e US $ 95.000 por unidade.

Categoria de dispositivo	Volume anual de vendas	Preço médio	Receita total
Sistema de terapia avançada do NeuroStar	275-300 unidades	$85,000	US $ 23,4 milhões

Receitas recorrentes do sistema de tratamento

As receitas recorrentes do sistema de tratamento para 2023 totalizaram US $ 41,2 milhões, representando um aumento de 15,6% em relação a 2022.

• Custo médio do tratamento do paciente: US $ 12.500 por curso completo de tratamento
• Tratamentos anuais estimados por dispositivo: 250-300
• Receita recorrente estimada por dispositivo: US $ 3,1 milhões anualmente

Contratos de serviço e manutenção

As receitas do contrato de serviço e manutenção para 2023 foram de US $ 8,7 milhões, com um valor médio anual do contrato de US $ 15.000 por dispositivo NeuroStar.

Tipo de contrato	Receita anual	Valor médio do contrato
Manutenção padrão	US $ 6,2 milhões	$12,500
Manutenção premium	US $ 2,5 milhões	$22,000

Taxas do programa de treinamento e certificação

As receitas do Programa de Treinamento e Certificação em 2023 atingiram US $ 1,9 milhão, com uma taxa média do curso de certificação de US $ 3.500 por profissional de saúde.

Licenciamento potencial de tecnologia

As receitas de licenciamento de tecnologia para 2023 foram de US $ 0,6 milhão, com possíveis oportunidades futuras de expansão em domínios de tratamento psiquiátrico e neurológico.

Categoria de licenciamento	Receita	Crescimento potencial
Licenciamento de tecnologia atual	US $ 0,6 milhão	15-20% de crescimento projetado

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.