STIM earnings analysis
What we found in STIM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Neuronetics delivered Q2 revenue of $41.568 million and diluted EPS of negative $0.05, exceeding consensus and improving year over year from $38 million and negative $0.15, respectively. Greenbrook growth and better cost and margin trends supported the quarter, but the supplied 10-Q text does not provide current gross-margin, operating-margin, balance-sheet, segment-dollar, or free-cash-flow data. FY2026 guidance was mixed: revenue was narrowed to $160 million-$164 million, while gross-margin, operating-expense and cash-flow expectations improved; macroeconomic and ongoing cash-burn risks remain material.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew and beat consensus
- Q2 revenue was $41.568 million, up from $38 million in Q2 2025 and above the $40.1886 million consensus estimate.
- EPS loss narrowed materially
- Reported diluted EPS was negative $0.05 versus negative $0.15 in Q2 2025 and the negative $0.12 consensus estimate, an improvement of $0.10 year over year.
- Greenbrook drove reported growth
- Greenbrook was identified as a growth driver, while the provided materials state that gross margin improved and operating expenses declined; no segment dollar revenue was disclosed in the supplied 10-Q text.
- Controls remained effective
- The company stated that disclosure controls were effective at the reasonable-assurance level as of June 30, 2026, and reported no material changes in internal control over financial reporting for the quarter ended June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Inflation and macro pressure
- The company continues to monitor tariffs, supply-chain disruption, unemployment, inflation and recessionary pressures; it stated that future high inflation could impair gross-margin maintenance and expense leverage if selling-price increases do not keep pace with cost increases.
- Revenue outlook ceiling reduced
- FY2026 revenue guidance was narrowed to $160 million-$164 million from $160 million-$166 million, reducing the prior outlook ceiling by $2 million.
- Continued negative cash generation
- Expected cash flow from operations and investing remains negative at $10.5 million to $14.5 million for FY2026, indicating continued cash-burn risk despite the improved outlook.
- No new risk-factor update
- The filing directs investors to the March 17, 2026 Form 10-K and May 5, 2026 Form 10-Q risk factors and does not identify new risk-factor changes; it also states there have been no material changes to the market risks described in the 10-K.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Segment
- Greenbrook segment grew year over year; segment revenue and growth rate were not disclosed in the provided 10-Q text.
What they said about what is next.
The provided materials describe FY2026 revenue guidance of $160 million-$164 million versus $160 million-$166 million previously; gross-margin guidance increased to 48%-50% from 47%-49%, operating-expense guidance decreased to $95 million-$100 million from $100 million-$105 million, and cash flow from operations and investing is expected to be negative $10.5 million to negative $14.5 million. The 10-Q text provided does not include separate EPS guidance.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- Neuronetics, Inc. reported Q4 2025 earnings with revenue of $34.5 million, an increase of 8% year-over-year, and an improved EPS of -$0.10 compared to -$0.13 in the prior quarter, indicating operational improvements.…
- 10-K · March 17, 2026
- Neuronetics reported strong top-line expansion in 2025 with revenues of $149.2 million, up 99% year-over-year, driven by the combined NeuroStar + Greenbrook model and U.S. revenue of $146.0 million (up 101% vs. 2024).…
- 10-Q · November 4, 2025
- Neuronetics reported Q3 revenue of $37,297,000, up from $18,530,000 in Q3 2024, while gross profit was $17,108,000 but gross margin compressed to ~45.9%. Operating loss narrowed slightly (loss from operations $7,321,000…
- 10-Q · May 6, 2025
- Neuronetics reported Q1 2025 revenue of $31,975,000, up from $17,417,000 in Q1 2024 (+≈83.6% YoY), driven in part by the December 9, 2024 acquisition of Greenbrook. Gross margin compressed to 49.2% (from ~75.1% in Q1…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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