Neuronetics sees FY25 revenue $149M-$155M, consensus $151.01M

For the full year 2025, the Company maintains its total worldwide revenue to be between $149.0 million and $155.0 million. For the full year 2025, the Company now expects gross margin to be between 48% and 50%. This update reflects an adjustment in the product mix, with Greenbrook clinical revenues representing a higher percentage of the total revenue vs. prior estimates, as well as the mix of Spravato business between bill and buy and administer and observe. The Company anticipates gross profit margin improvement in the second half as it optimizes the Spravato business mix and as it leverages its fixed infrastructure through continued growth. For the full year 2025, the Company now expects total operating expenses to be between $100.0 million and $105.0 million vs. the prior guidance of $90 million to $98 million. The updated guidance reflects approximately $20 million in realized annual cost savings from our efforts in 2024 and associated with the Greenbrook integration. The change in guidance for 2025 reflects the need to augment some critical areas, including our claims collections team which is crucial to our cash management, and additional time needed to fully assess and implement other synergies. The Company expects third quarter cash flow from operations to be in the range of negative $3 million to break-even and turn positive in the fourth quarter of 2025. This compares to our prior guidance of positive cash flow from operations beginning in the third quarter of 2025. The Company now expects year-end 2025 total cash, inclusive of cash, cash equivalents, and restricted cash, to be on the range of $25 million and $28 million, inclusive of the $10 million from the August 2025 Perceptive tranche.