Clinic Revenue Growth Outpaces Expectations, Up 37% in Q4 2025
Neuronetics (NASDAQ: STIM) has released preliminary unaudited results for the fourth quarter and full year 2025, and standout growth in its clinic segment is turning heads. With clinic revenue up 37% year-over-year on an adjusted pro-forma basis for Q4 2025, the company’s push into optimized clinical operations and clinic integration appears to be bearing fruit. This leap is not only a notable acceleration from prior quarters, but also demonstrates the impact of recent strategic moves—including the Greenbrook acquisition and the closure of underperforming clinics.
Revenue Acceleration Supported by Strategic Moves
Overall, Q4 2025 revenue reached $41.8 million, marking 86% growth versus the prior year on an as-reported basis (and 23% higher on an adjusted pro-forma basis). For the full year, revenue landed at $149.2 million—elevating 99% year-over-year as reported and 15% on an adjusted pro-forma basis. These figures reflect stronger NeuroStar system demand, improved clinic performance, and a leaner, more focused footprint after consolidating clinic operations.
Operating Cash Flow Turns Positive, Signaling Improved Discipline
One of the more significant developments in Q4 is Neuronetics achieving positive operating cash flow of $0.9 million—an important marker, as the company has previously logged operating losses. With $34.1 million in cash at year-end, Neuronetics now navigates 2026 with a stronger financial cushion and reduced operational risk.
Segment Breakdown: Clinic Revenue Outperforms, NeuroStar Growth Steady
Here is a summary of the core financial metrics for Q4 and the full year, spotlighting the respective clinics and NeuroStar hardware contributions:
| Segment | Q4 2025 Revenue ($M) | YoY % Growth (Adj. Pro-Forma) | Full Year 2025 Revenue ($M) | YoY % Growth (Adj. Pro-Forma) |
|---|---|---|---|---|
| Clinic | 23.5 | 37% | 87.0 | 28% |
| NeuroStar | 18.3 | 9% | 62.2 | 0.9% |
This table shows that while NeuroStar revenues grew modestly, clinics are delivering most of the growth, underscoring the effectiveness of Neuronetics' strategic clinic integration.
Cash Position and Earnings Call Date Encourage Transparency
Neuronetics closed 2025 with $34.1 million in total cash, pointing to improved sustainability. Investors can look forward to more details when the official Q4 2025 and full-year results are released on March 17, 2026, including on a webcast and conference call at 8:30 a.m. ET that day.
Takeaway: Growth and Profitability Prioritized
With rapid clinic revenue growth and a return to positive operating cash flow, Neuronetics is signaling a turning point in its business model. While hardware growth is now secondary to clinics, this shift reflects a more recurring and less cyclical business mix. Investors and industry observers will want to see if these trends continue as Neuronetics extends its focus on operational efficiency and deeper integration of the Greenbrook network.
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