Revenue has climbed sharply to $41.6M in Q2 2026, yet SG&A of $21.4M consumed nearly all of the $21.2M gross profit, leaving operating margin at -3.6% and net margin at -8.3%.
Neuronetics, Inc. (STIM) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 159.76M | 149.16M | 74.89M | 71.35M | 65.21M | 55.31M | 49.24M | 62.66M | 52.78M | 40.43M | 34.23M |
| Revenue Growth % | 23.01% | 99.17% | 4.96% | 9.42% | 17.89% | 12.32% | -21.41% | 18.72% | 30.53% | 18.13% | - |
| Cost of Goods Sold | 78.79M | 76.85M | 20.73M | 19.64M | 15.48M | 11.65M | 11.55M | 15.39M | 12.45M | 9.63M | 6.62M |
| COGS % of Revenue | - | 51.52% | 27.68% | 27.53% | 23.74% | 21.07% | 23.46% | 24.56% | 23.58% | 23.82% | 19.35% |
| Gross Profit | 80.97M | 72.31M | 54.16M | 51.7M | 49.72M | 43.66M | 37.69M | 47.27M | 40.33M | 30.8M | 27.61M |
| Gross Margin % | 50.68% | 48.48% | 72.32% | 72.47% | 76.26% | 78.93% | 76.54% | 75.44% | 76.42% | 76.18% | 80.65% |
| Gross Profit Growth % | - | 33.51% | 4.75% | 3.99% | 13.89% | 15.84% | -20.26% | 17.2% | 30.93% | 11.57% | - |
| Operating Expenses | 95.97M | 103.74M | 88.72M | 82.26M | 84.83M | 71.22M | 60M | 74.2M | 60.16M | 44.41M | 36.94M |
| OpEx % of Revenue | - | 69.55% | 118.47% | 115.29% | 130.1% | 128.77% | 121.84% | 118.42% | 114% | 109.83% | 107.93% |
| Selling, General & Admin | 90.41M | 97.16M | 75.95M | 72.74M | 75.5M | 63.3M | 50.8M | 60.45M | 51.93M | 36.47M | 28.72M |
| SG&A % of Revenue | - | 65.14% | 101.42% | 101.96% | 115.78% | 114.44% | 103.16% | 96.48% | 98.4% | 90.2% | 83.91% |
| Research & Development | 5.56M | 6.58M | 12.77M | 9.52M | 9.34M | 7.92M | 9.2M | 13.75M | 8.23M | 7.94M | 8.22M |
| R&D % of Revenue | - | 4.41% | 17.05% | 13.34% | 14.32% | 14.32% | 18.68% | 21.94% | 15.6% | 19.63% | 24.02% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -575K | 357K | -62K |
| Operating Income | -15M | -31.44M | -34.56M | -30.55M | -35.11M | -27.56M | -22.31M | -26.93M | -19.83M | -13.61M | -9.34M |
| Operating Margin % | -9.39% | -21.08% | -46.15% | -42.82% | -53.85% | -49.83% | -45.3% | -42.98% | -37.58% | -33.66% | -27.28% |
| Operating Income Growth % | - | 9.05% | -13.12% | 12.98% | -27.38% | -23.56% | 17.16% | -35.78% | -45.75% | -45.74% | - |
| EBITDA | -12.02M | -27.97M | -32.49M | -28.55M | -33.46M | -26.5M | -21.37M | -25.86M | -18.95M | -13.01M | -8.66M |
| EBITDA Margin % | -7.52% | -18.75% | -43.38% | -40.01% | -51.32% | -47.92% | -43.39% | -41.28% | -35.91% | -32.18% | -25.31% |
| EBITDA Growth % | 65.4% | 13.91% | -13.81% | 14.69% | -26.26% | -24.04% | 17.39% | -36.48% | -45.65% | -50.18% | - |
| D&A (Non-Cash Add-back) | 2.98M | 3.46M | 2.07M | 2.01M | 1.65M | 1.06M | 941K | 1.06M | 882K | 596K | 673K |
| EBIT | -15.04M | -30.58M | -36.44M | -24.77M | -33.61M | -27.87M | -26.83M | -28.26M | -20.41M | -13.25M | -9.4M |
| Net Interest Income | -8.63M | -8.41M | -7.3M | -5.4M | -3.6M | -3.3M | -4.52M | -3.69M | -3.69M | -2.81M | -1.83M |
| Interest Income | 0 | 0 | 0 | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.63M | 8.41M | 7.29M | 5.42M | 3.6M | 3.3M | 4.52M | 3.69M | 3.69M | 2.81M | 1.83M |
| Other Income/Expense | -7.97M | -7.56M | -9.18M | 365K | -2.1M | -3.61M | -5.14M | -2.11M | -4.26M | -2.45M | -1.9M |
| Pretax Income | -22.97M | -39M | -43.74M | -30.19M | -37.21M | -31.17M | -27.45M | -29.04M | -24.1M | -16.06M | -11.23M |
| Pretax Margin % | -14.38% | -26.15% | -58.41% | -42.31% | -57.06% | -56.36% | -55.75% | -46.35% | -45.66% | -39.72% | -32.82% |
| Income Tax | 0 | 0 | -14K | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0.03% | 0.08% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -23.08M | -39M | -43.71M | -30.19M | -37.16M | -31.19M | -27.45M | -29.04M | -24.1M | -16.06M | -11.23M |
| Net Margin % | -14.45% | -26.15% | -58.36% | -42.31% | -56.99% | -56.39% | -55.75% | -46.35% | -45.66% | -39.72% | -32.82% |
| Net Income Growth % | 48.14% | 10.78% | -44.78% | 18.76% | -19.13% | -13.62% | 5.48% | -20.53% | -50.05% | -42.95% | - |
| Net Income (Continuing) | -22.97M | -39M | -43.73M | -30.16M | -37.21M | -31.17M | -27.45M | -29.04M | -24.1M | -16.06M | -11.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.69M | 3.86M | 4.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.59 | -1.38 | -1.05 | -1.38 | -1.22 | -1.46 | -1.87 | -2.69 | -1431.28 | -1001.25 |
| EPS Growth % | 60.73% | 57.25% | -31.43% | 23.91% | -13.11% | 16.44% | 21.93% | 30.48% | 99.81% | -42.95% | - |
| EPS (Basic) | - | -0.59 | -1.38 | -1.05 | -1.38 | -1.22 | -1.46 | -1.87 | -2.69 | -1431.28 | -1001.25 |
| Diluted Shares Outstanding | 77M | 65.95M | 31.73M | 28.66M | 26.9M | 25.48M | 18.84M | 18.38M | 8.95M | 11.22K | 11.22K |
| Basic Shares Outstanding | 77M | 65.95M | 31.73M | 28.66M | 26.9M | 25.48M | 18.84M | 18.38M | 8.95M | 11.22K | 11.22K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying STIM stock.
For fiscal year 2025, Neuronetics, Inc. (STIM) reported total revenue of $149.2M. This represents a 335.8% increase compared to $34.2M in 2016.
Neuronetics, Inc. (STIM) reported a net loss of $39.0M for the fiscal year ending 2025.
Neuronetics, Inc. (STIM) reported an operating income of $-31.4M, resulting in an operating profit margin of -21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Neuronetics, Inc. (STIM) generated $72.3M in gross profit for the year, representing a gross profit margin of 48.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Rebounds Off a Low Base
As reported in financial statements, STIM's quarterly revenue climbed from $16.4M in Q2 2024 to $41.6M in Q2 2026, a rebound that appears largely driven by recovery from a depressed base rather than proven sustained demand.
Year-over-year growth rates swung from negative in mid-2024 to above 100% in several 2025 quarters, a pattern that suggests the comparison base distorted the trend more than underlying momentum did. The most recent quarter shows growth moderating to 9.1%, which investors should monitor closely to determine whether the business is compounding or simply normalizing after a trough. Without disclosed volume and pricing breakdowns, the durability of this trajectory cannot be confirmed from the income statement alone.
Gross Margin Volatility Signals Mix Shifts
Based on STIM's reported figures, gross margin fell from roughly 75% in 2024 to 46.9% in Q1 2026 before recovering to 51.1% in Q2 2026, a swing that warrants further investigation into cost and product mix.
The sharp compression between 2024 and 2025 coincides with a substantial rise in cost of goods sold relative to revenue, which may reflect changes in product mix, manufacturing absorption, or pricing concessions, though the data alone cannot distinguish among them. Gross margin remains well below the 74% to 78% levels reported by peer ELMD, indicating weaker structural pricing power or a less favorable cost position. The partial recovery in the latest quarter is encouraging but has not yet returned to 2024 levels.
Operating Expenses Overwhelm Gross Profit
As reported in financial statements, STIM's SG&A of $21.4M in Q2 2026 exceeded gross profit of $21.2M, leaving operating income negative at -3.6% margin and indicating no current operating leverage.
Operating income has remained negative across all ten reported quarters, meaning that incremental gross profit has not yet translated into operating profit because SG&A has absorbed it. SG&A has stayed in a range of roughly $17M to $25M regardless of revenue swings, which suggests a largely fixed overhead base that could create meaningful leverage if revenue scales consistently. The key question for investors is whether revenue growth can outpace this cost base before cash reserves are materially depleted.
Net Losses Exceed Operating Losses at Times
Based on EDBL-style reporting conventions applied here, STIM's net margin of -8.3% in Q2 2026 compares with an operating margin of -3.6%, implying non-operating charges or tax effects that deserve closer review.
The gap between operating and net results varies considerably across quarters, and the income statement data provided does not isolate the specific non-operating items responsible. Stock-based compensation has been relatively modest at $1.3M to $2.4M per quarter, so it does not appear to explain the bulk of the reported losses. Investors should examine the detailed notes to understand the source of these divergences before relying on net EPS as a clean measure of performance.
Growth Credibility Versus Persistent Losses
The strongest bear case is that STIM has reported negative operating income in every one of the last ten quarters despite headline revenue growth, suggesting the top-line rebound has not yet demonstrated a path to profitability.
Short-sellers would likely argue that the 2025 surge in growth rates reflects a favorable comparison against a weak 2024 trough rather than an accelerating franchise, and that the subsequent deceleration to single-digit growth reinforces this view. Persistent SG&A levels above gross profit imply that the company may require continued revenue expansion simply to approach breakeven, a dependency that carries execution risk. Investors should treat the cash flow profile as a critical follow-up item given the consistent losses shown in the reported data.