Neuronetics is no longer just a transcranial magnetic stimulation device vendor. The Malvern company now runs the Greenbrook clinic network it bought late in twenty twenty-four and is trying to prove that owning both the chair and the waiting room can produce cash before a lender covenant arrives. The second-quarter print delivered the first slightly positive adjusted earnings before interest, taxes, depreciation, and amortization in the public-company history, while Greenbrook carried the entire top-line advance. That combination is the whole equity story: an operating turn that is real, sitting on a balance sheet that still needs a lender to stay patient.
Clinic revenue reached $27 million and now accounts for about two thirds of sales. Device-side NeuroStar revenue slipped to $15 million as management opened capital-purchase and lease options that pull session fees forward into one-time system sales. Gross margin widened to 51 percent as collections improved and the mix shifted. Operating expenses fell 12 percent. Those operating gains sit next to an explicit going-concern warning that already shapes the residual claim. Management already projects a miss of the trailing-twelve-month revenue test on the Perceptive credit facility for the period ending in March of twenty twenty-seven.
The equity has re-rated from under a dollar toward the high twos after the print, capitalizing the franchise near $218 million. Cash on the June quarter close sat near $25 million. Long-term debt still sits near $62 million. That price is paying for unused clinic chairs to fill and for another amendment or refinance before the covenant date. The open question is whether Greenbrook utilization and a choppier NeuroStar mix grow trailing sales fast enough to keep Perceptive from calling a loan the cash balance cannot repay.