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• Eli Lilly, but for therapeutic devices that treat major depression and OCD instead of medication.
• Medtronic for non-invasive brain stimulation for mental health.
• Sonova for the brain, providing non-invasive devices to treat mental health conditions.

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• NeuroStar Advanced Therapy System: A non-invasive transcranial magnetic stimulation (TMS) device primarily used to treat major depressive disorder (MDD), obsessive-compulsive disorder (OCD), and anxious depression in adults.

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Neuronetics (symbol: STIM) primarily sells its NeuroStar Advanced Therapy system to other companies, specifically healthcare providers and facilities. The company does not publicly disclose specific "major customers" by name, as its customer base consists of a broad network of individual medical practices and healthcare institutions rather than a few concentrated buyers.

Based on their business model and disclosures, the major categories of customers that Neuronetics serves are:

• Psychiatrists' offices and practices: These are independent or group psychiatric practices that purchase and utilize the NeuroStar system to offer transcranial magnetic stimulation (TMS) therapy to patients with major depressive disorder, obsessive-compulsive disorder (OCD), and anxious depression.
• Neurologists' offices and practices: Similar to psychiatric practices, neurological practices may acquire the NeuroStar system to integrate TMS therapy into their range of treatment offerings for relevant conditions.
• Hospitals and hospital systems: Healthcare facilities, including larger hospital networks, that integrate TMS services into their mental health departments or outpatient clinics to expand treatment options for their patients.
• Mental health centers and clinics: Specialized mental health facilities and clinics, often part of integrated health systems, that provide comprehensive psychiatric care and choose to offer NeuroStar TMS therapy.

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Keith J. Sullivan, President & CEO

Mr. Sullivan has over 30 years of senior sales leadership experience in the medical device industry. He most recently served as Chief Commercial Officer and President (North America) of ZELTIQ Aesthetics, Inc., a medical technology company, from January 2016 until its acquisition by Allergan, Inc. in April 2017. Prior to ZELTIQ, he held leadership positions with Medicis Pharmaceuticals, Reliant Technologies, Medtronic, Vision Quest Laser Center, and Coherent Medical. Mr. Sullivan also served as a Clinical Professor at the Mason School of Business at William and Mary and currently serves on the Boards of Directors of Venus Concept.

Steven Pfanstiel, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Pfanstiel was appointed as Neuronetics' Chief Financial Officer effective July 15, 2025. He is a seasoned financial executive with over two decades of healthcare experience. Prior to joining Neuronetics, he served as Chief Financial Officer and Chief Operating Officer at publicly-traded Marinus Pharmaceuticals, which was acquired by Immedica Pharma AB in February 2025. Before Marinus, Mr. Pfanstiel held senior financial leadership roles at Lifescan and Optinose (acquired by Paratek Pharmaceuticals), and progressively senior finance roles at Johnson & Johnson across multiple product categories.

Stephen Furlong, Senior Advisor to the CEO

Mr. Furlong previously served as Neuronetics' Chief Financial Officer and Treasurer from July 2019 until July 2025, and was promoted to Senior Vice President, Chief Financial Officer and Treasurer in February 2021. He is transitioning to Senior Advisor to the CEO until March 31, 2026. With over 30 years of experience, he previously served as Senior Vice President, Finance at Metabolon, and as Chief Financial Officer of Rapid Micro Biosystems. Mr. Furlong also spent 14 years at Hologic, a publicly-traded medical technology company, where he held roles including Senior Vice President, Finance and Sales Administration. He also held positions at Safety 1st, Stratus Computer Inc., and Raytheon Company.

W. Andrew Macan, Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

Mr. Macan serves as Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary for Neuronetics. He was acknowledged by the Board for his leadership during the CEO transition and guiding the company through the COVID-19 pandemic.

Cory Anderson, SVP, Chief Technology Officer

Mr. Anderson brings over 20 years of medical technology experience and executive leadership within medical device startup companies. Most recently, he served as Vice President, Business Development and Marketing (Corporate Officer) at Sebacia, where he led phase IV clinical trials in five countries. Prior to Sebacia, he was VP Business Development at The Innovation Factory (TIF), an incubator where Neuronetics started, and a Principal at Accuitive Medical Ventures (AMV), a venture investor in Neuronetics. He was also appointed interim Vice President, Clinical Affairs and Medical Operations in March 2021.

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The key risks to Neuronetics (STIM) are primarily centered around its financial viability, reliance on a single core product, and the complexities of healthcare reimbursement.

1. Inability to Achieve or Sustain Profitability: Neuronetics has a documented history of financial losses, characterized by negative earnings, negative return on equity, and negative free cash flow. This ongoing challenge raises concerns about the company's ability to achieve or maintain profitable operations in the future.
2. Reliance on NeuroStar Advanced Therapy System: A significant portion of Neuronetics' revenue is generated from the sale and utilization of its NeuroStar Advanced Therapy System. This heavy dependence on a single product exposes the company to substantial risk if there are shifts in market demand, technological advancements from competitors, or issues related to the product itself.
3. Availability of Coverage and Reimbursement from Third-Party Payers: The widespread adoption and commercial success of Neuronetics' products are significantly influenced by the availability of insurance coverage and adequate reimbursement from third-party payors. A decline in such coverage or reimbursement rates could deter psychiatrists from utilizing NeuroStar, thereby negatively impacting the company's revenues.

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The clear emerging threat to Neuronetics (STIM) is the advancement and potential widespread adoption of psychedelic-assisted therapies, particularly psilocybin for treatment-resistant depression. Companies like COMPASS Pathways (CMPS) are progressing through Phase 3 clinical trials for psilocybin-assisted therapy (e.g., COMP360) for this indication. If these therapies gain regulatory approval and become commercially available, they could present a significant alternative treatment pathway for the same patient population targeted by NeuroStar TMS, potentially disrupting the market for existing non-pharmacological interventions due to differing efficacy profiles, treatment paradigms (e.g., fewer sessions), or patient preferences.

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Neuronetics (STIM) primarily focuses on neurohealth therapies, with its main product being the NeuroStar Advanced Therapy System. The addressable markets for its main products and services are primarily within the United States.

Major Depressive Disorder (MDD)

Neuronetics estimates its total annual addressable market opportunity for Major Depressive Disorder (MDD) treatment sessions in the United States to be approximately $8.9 billion. This market size is based on an estimated 6.4 million MDD patients who have not achieved remission from prior antidepressant medication therapy, with approximately 3.8 million of these patients having commercial insurance or federal healthcare coverage for NeuroStar Advanced Therapy System.

With the addition of an adolescent indication (ages 15-21) for NeuroStar Advanced Therapy, Neuronetics' total addressable MDD patient market in the United States has expanded by approximately 35%, reaching 29.3 million patients.

Obsessive-Compulsive Disorder (OCD)

The NeuroStar Advanced Therapy System is cleared as an adjunct treatment for adults with obsessive-compulsive disorder. In the United States, an estimated 1.2% of adults experienced OCD in the past year. Lifetime prevalence of OCD among U.S. adults is estimated at 2.3%. Approximately 1 in 40 U.S. adults are affected by OCD currently or will develop it in their lifetimes, which translates to roughly 8.2 million adults.

Anxious Depression (Anxiety Symptoms in Adult MDD Patients)

The NeuroStar Advanced Therapy System is also cleared to decrease anxiety symptoms in adult patients with MDD who exhibit comorbid anxiety symptoms (anxious depression). In 2022, about one in five adults aged 18 and older in the United States (18.2%) experienced symptoms of anxiety in the past two weeks.

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Expected Drivers of Future Revenue Growth for Neuronetics (STIM)

1. Integration and Performance of Greenbrook TMS Acquisition: The acquisition of Greenbrook TMS is a significant driver, substantially increasing Neuronetics' revenue base. In the third quarter of 2025, total revenue saw a 101% increase year-over-year, largely attributed to the Greenbrook acquisition. Greenbrook clinics contributed $21.8 million to clinic revenue in Q3 2025, representing a 25% adjusted pro forma growth over Q3 2024. The integration efforts are expected to continue driving high treatment volumes for both NeuroStar TMS and SPRAVATO patients, and Neuronetics aims to realize over $22 million in annualized cost synergies from this acquisition.
2. Expanded Indication for Adolescent Major Depressive Disorder (MDD): The FDA clearance in March 2024 for NeuroStar Advanced Therapy as a first-line add-on treatment for MDD in adolescents (ages 15-21) is expected to significantly expand Neuronetics' total addressable market by approximately 35%. This expansion into an underserved patient population with few treatment options presents a substantial growth opportunity, further supported by the strong real-world efficacy data from the TrakStar database showing 78% of treated adolescents achieved clinically meaningful improvement.
3. Growth in NeuroStar System Sales and Treatment Session Utilization: Neuronetics continues to focus on increasing the adoption and utilization of its NeuroStar Advanced Therapy System. The company shipped 40 NeuroStar systems in Q3 2025, and NeuroStar treatment session utilization increased 11% compared to the prior year in Q3 2025. Initiatives like the Better Me Provider (BMP) program, which had over 385 active sites as of Q1 2025 and aims to increase patient treatment rates, are crucial for driving these volumes.
4. Strategic Partnerships and Operational Efficiencies: Neuronetics is leveraging strategic partnerships to expand access to its therapies. A notable example is the exclusive three-year agreement with Elite DNA Behavioral Health, one of Florida's largest mental health networks, to be the sole provider of TMS devices across its 30+ locations, with plans for further expansion in 2026. This collaboration operationalizes the strategic value of the Greenbrook acquisition by providing a scalable model for delivering services to other organizations, thereby boosting patient acquisition and utilization.
5. Broadened Reimbursement and Coverage: Expanded insurance coverage is critical for patient access and revenue growth. New York State Medicaid's decision to expand coverage for transcranial magnetic stimulation therapy, including NeuroStar Advanced Therapy, for MDD, effective October 1, 2025, is a significant development. This expanded coverage impacts over 5 million members statewide and is expected to facilitate greater patient access to NeuroStar treatment. The strong uptake and expanded insurance coverage for adolescent NeuroStar TMS treatment also represent a validated growth opportunity.

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Share Issuance

• Neuronetics completed a secondary offering in February 2025, raising approximately $18.9 million in net cash.
• In 2025, the company raised approximately $7.8 million net through an at-the-market (ATM) equity offering.
• The acquisition of Greenbrook TMS Inc. on December 9, 2024, was an all-stock transaction where each Greenbrook Share was exchanged for 0.01149 of a share of Neuronetics common stock, leading to a significant increase in outstanding shares (from 30,267,236 in Q3 2024 to 67,308,607 in Q3 2025).

Inbound Investments

• Neuronetics received an incremental $10 million in funding from Perceptive Advisors in the fourth quarter of 2024, concurrent with the Greenbrook acquisition.
• In August 2025, Neuronetics received an additional $10.0 million in funding under its existing debt agreement with Perceptive Credit Holdings IV, LP, after achieving required revenue conditions.
• The company remains eligible for an additional $5 million of Tranche 2 funding from Perceptive, subject to certain customary conditions.

Outbound Investments

• Neuronetics successfully acquired Greenbrook TMS Inc. on December 9, 2024, in an all-stock transaction. This acquisition combined Neuronetics' NeuroStar technology platform with Greenbrook's network of 95 treatment clinics across the United States.