In Q1 2026, Neuronetics advanced its strategy combining direct sales of its NeuroStar Advanced Therapy System with operation of 93 Greenbrook mental health centers. While revenue growth shows progress, operating losses persist amid investments in sales and marketing and product development. The company’s moat derives from its FDA clearance, clinical data depth, and vertical integration of TMS delivery, supported by broad reimbursement coverage. Industry fragmentation and competitive pressures, alongside regulatory and financial covenant risks, remain important challenges as Neuronetics pursues sustainable growth.