Neuronetics posts first positive adjusted EBITDA and beats Q2 2026 estimates

 

Neuronetics posts first positive adjusted EBITDA and beats Q2 2026 estimates with non-GAAP EPS -$0.05 on revenue $41.6M

• Q2 revenue grew 9% YoY to $41.6M, driven by 17% Greenbrook growth.
• NeuroStar revenue declined 2.7% to $14.7M as model shifts from sessions to capital.
• Gross margin expanded to 51.1% from 46.6%, led by Greenbrook revenue cycle improvements.
• Net loss shrank to $3.4M ($0.05/share) from $10.1M ($0.15/share) last year.
• Adjusted EBITDA turned positive at $0.3M versus negative $5.6M a year ago.
• 2026 revenue guidance narrowed to $160–$164M, trimming the prior $166M high-end.
• Full-year gross margin outlook raised to 48–50%, and operating expenses guidance lowered meaningfully.
• Management warns NeuroStar revenue may be “choppier” near term as new go-to-market scales.
• Greenbrook retains roughly 40% unused capacity, positioning for psychedelics like COMP360 if approved.
• Main concern: execution risk and potential revenue volatility from the NeuroStar model transition and uncertain timing of psychedelic therapy approvals.
• Strong quarter, driven by Greenbrook clinic growth, margin expansion, and tighter cost control despite NeuroStar transition headwinds.

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