Neuronetics revenue doubles to $149M on Greenbrook integration; CEO transition, covenant relief signal execution risk

Filed March 17, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Revenue doubled to $149M (99% growth) driven by Greenbrook acquisition; clinic revenue now 59% of U.S. mix vs 6% prior year, but gross margin compressed from 72% to 49% as lower-margin clinic business replaced high-margin equipment sales.

  MD&A: Revenue and Margins verify on EDGAR →
• high

  CEO Keith Sullivan retired March 2026 after six years; new CEO Daniel Reuvers appointed. Simultaneously, company amended debt covenants and made $5M prepayment, signaling liquidity pressure during leadership transition.

  MD&A: CEO Transition & Debt Amendment verify on EDGAR →
• high

  Largest shareholder Madryn's stake diluted from 44% to 30% via equity raises ($27M total); Madryn exercised registration rights March 2026 to enable public sales, creating near-term overhang risk.

  Risk Factors: Madryn Ownership verify on EDGAR →