Neuronetics Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The company's own 10-Q for the quarter ended June 30, 2026 states, word for word, a going-concern note: a credit covenant is currently projected to be breached for the period ended March 31, 2027, and existing liquidity would not be sufficient to repay the credit facility if it is then called. A documented going-concern note is, by definition, a substance risk — regardless of the fact that operating loss figures are improving at the same time. This is a quality judgment about the company, not a call on the current share price or timing.
What the thesis turns on
Assessment: Opportunities & Risks
Neuronetics shows an improvement story with a warning in the fine print: net loss is genuinely shrinking (H1 2026: $14.244 million, down from $22.528 million a year earlier), carried by the acquired clinic operator Greenbrook. At the same time, the company's own 10-Q for the quarter ended June 30, 2026 states, word for word, "substantial doubt" about its ability to continue as a going concern, because a credit covenant is projected to be breached on March 31, 2027. The largest shareholder became an owner through a debt conversion, and both the CEO and CFO changed within 14 months. Not investment advice.
Operating trend
Net loss narrowed from $22.528 million to $14.244 million in the first half of 2026, and from $9.839 million to $3.464 million in the second quarter alone — alongside rising revenue (+8.5% H1 2026) and growing gross profit. An April 2026 workforce reduction (planned annual savings of $2.5–3.0 million) supports the trend.
Balance sheet substance & going concern
The 10-Q for the quarter ended June 30, 2026 states, word for word, "substantial doubt" about the company's ability to continue as a going concern: the minimum-revenue covenant on the $65.0 million credit facility is projected to be breached for the period ended March 31, 2027, and cash on hand ($19.2 million) would not cover repayment if the facility is called. An accumulated deficit of $473.2 million reflects a long loss history.
Ownership structure
The largest shareholder (about 26.8%, Madryn Asset Management) became an owner via a debt-for-equity conversion, not a conventional investment decision — Madryn was previously Greenbrook's lender. That's disclosed and legal, but it changes the character of the controlling stake.
Governance & leadership continuity
CEO (Sullivan to Reuvers, March 2026) and CFO (Pfanstiel to interim CFO Brown to Naor, July/August 2026) both changed within 14 months — in the middle of the Greenbrook integration and an active covenant deadline. None of the changes is described as a dispute, but the pace complicates continuity.
Segment mix
The acquired clinic business Greenbrook is growing by double digits (Q2 2026: +16.8%) and now accounts for nearly two-thirds of consolidated revenue; the original NeuroStar device business is shrinking slightly (-2.7%). Whether that's a transition or a structural pattern will only become clear over further quarters.
Worth Noting
This analysis was not triggered by a scanner hit but by the wording of the 10-Q for the quarter ended June 30, 2026 itself, which uses the term "going concern" — a rare disclosure, filed under penalty of law, that goes beyond the usual risk-factor boilerplate.
Data as of: SEC filings through August 17, 2026 (8-K, Items 5.02/9.01); fundamental data (price, market cap, ownership, short interest) as of August 18–19, 2026.
Not to be confused: the company consists of two segments with very different dynamics — the shrinking NeuroStar device business and the growing Greenbrook clinic business. Reading only the consolidated number misses that distinction.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at STIM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.20 $ to 3.30 $ · Last price: 3.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Neuronetics Inc STIM | 0.2 | – | -2.0 | 49.4 | – | 99.2 | 4.2 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Median of companies shown | 50.8 | 28.5 | 13.7 | 62.5 | 20.3 | 11.2 | -15.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 34 | -9 | -11 | -1,001.25 | -9 | -177 | 25 |
| 2017 | 40 | -14 | -16 | -1,431.28 | -11 | -193 | 39 |
| 2018 | 53 | -20 | -24 | -2.69 | -21 | 71 | 117 |
| 2019 | 63 | -27 | -29 | -1.58 | -30 | 48 | 100 |
| 2020 | 49 | -22 | -27 | -1.46 | -28 | 25 | 79 |
| 2021 | 55 | -28 | -31 | -1.22 | -28 | 85 | 141 |
| 2022 | 65 | -35 | -37 | -1.38 | -31 | 57 | 117 |
| 2023 | 71 | -31 | -30 | -1.05 | -32 | 34 | 116 |
| 2024 | 75 | -35 | -44 | -1.38 | -31 | 28 | 141 |
| 2025 | 149 | -31 | -39 | -0.59 | -20 | 22 | 142 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.34 | – | 23 | 10.70 | -56.30 | -9 | -9 |
| 2025: Q1 | -0.18 | – | 32 | 83.60 | -39.60 | -17 | -17 |
| 2025: Q2 | -0.15 | – | 38 | 131.70 | -26.60 | -4 | -4 |
| 2025: Q3 | -0.13 | – | 37 | 101.30 | -24.30 | -1 | -1 |
| 2025: Q4 | -0.10 | – | 42 | 85.70 | -17.10 | 1 | 1 |
| 2026: Q1 | -0.16 | – | 35 | 7.80 | -31.30 | -9 | -10 |
| 2026: Q2 | -0.05 | 66.70 | 42 | 9.20 | -8.20 | -1 | -1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.47 | -0.47 – -0.47 | 162 | 20.3% | 1 |
| 12/31/2027 | -0.34 | -0.34 – -0.34 | 177 | 27.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Neuronetics/Greenbrook verkauft medizinische TMS-Therapiegeräte und betreibt Behandlungszentren; KI taucht nur als generischer, hypothetischer IT-Risikofaktor auf, nicht als Produkt- oder Kernprozessbestandteil.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-17 · 10-Q 2026-08-11
Rated on August 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 31.8%
- More than 10% revenue growth is expected for the coming year 11.8%
- Share count grows by less than 3% a year 34.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 85.0%
- Gross margin at 40% or higher and without meaningful erosion 48.5%
- Goodwill from acquisitions does not grow faster than revenue 16.7%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 29 m
- Return on capital at 15% or higher, or up versus two years ago -28.3%
- Insiders hold at least 10% or are net buyers 32.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 17.8%
- Exp. sales growth 3Y > 5% 8.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 8.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -28.3%
- Expected return > 10% -1.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Chernett Jorey | 10% Owner | Buy | 14,000 | 3.16 | 44,240 |
| Jul 23, 2026 | Naor Nir | EVP, CFO & Treasurer | Other | 500,000 | 0.00 | – |
| Jul 14, 2026 | Chernett Jorey | 10% Owner | Buy | 35,000 | 1.78 | 62,300 |
| Apr 20, 2026 | Jorey Chernett | Major Shareholder | Buy | 100,000 | 1.58 | 158,000 |
The company
About the Company
Neuronetics, Inc. bietet in der Praxis durchgeführte Behandlungen für Patienten mit Neurohealth-Erkrankungen in den USA und international an.
- Employees
- 658
- Headquarters
- Malvern, PA
- Address
- 3222 Phoenixville Pike, 19355 Malvern, United States
- Phone
- 877 600 7555
- Website
- neurostar.com/neuronetics
- IPO Date
- 06/28/2018
- ISIN
- US64131A1051
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel L. Reuvers | CEO, President & Director | 1963 |
| Nir Naor C.F.A., CPA, L.L.M., M.B.A. | Executive VP, CFO, Corporate Secretary, Principal Financial and Accounting Officer & Treasurer | 1975 |
| Robert Greene | Senior Vice President of Sales | – |
| Cory S. Anderson | Executive Vice President & General Manager of Greenbrook | 1977 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/17/2026 Neuronetics, Inc. (STIM): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/11/2026 Neuronetics, Inc. (STIM): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/20/2026 Neuronetics, Inc. (STIM): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.