Neuronetics reported first-quarter 2026 results largely in line with expectations, balancing growth in its Greenbrook clinic business with a slight decline in overall NeuroStar revenue. New CEO Dan Reuvers, formerly of Tactile Medical, led his first earnings call after joining the company. NeuroStar shipped 34 systems in the quarter, up 10% year-over-year. The company is piloting expanded commercial models to broaden market reach, with early feedback described as positive. Greenbrook clinic revenue grew 15%, driven by SPRAVATO strength and buy-and-bill expansion, though TMS volumes declined modestly due partly to weather disruptions. CFO Steven Pfanstiel departed earlier this month, and the company has begun searching for a successor. Reuvers emphasised opportunities in workflow optimisation and revenue cycle management at Greenbrook clinics.

Neuronetics has seen analysts revise their models, with Canaccord maintaining a fair value of $4.33 whilst recently cutting its price target by $4. The reduction suggests concerns about current execution and growth prospects not aligning with earlier expectations. The company announced Dan Reuvers as its new chief executive officer, effective 23 March 2026, replacing retiring CEO Keith Sullivan. Reuvers brings extensive medical technology leadership experience from roles at Tactile Medical, Integra LifeSciences and other firms. Neuronetics issued guidance projecting Q1 2025 worldwide revenue of $33 million to $35 million and full-year 2026 revenue of $160 million to $166 million, with gross margins between 47% and 49%. Canaccord's continued coverage indicates ongoing analyst interest in the stock's prospects.

Neuronetics has raised $120 million in a Series C round led by Ribbit Capital, valuing the pre-revenue startup at $1.45 billion. The company is developing AI systems focused on eliminating hallucinations through advanced mathematical reasoning. Founded in 2023 by Robinhood CEO Vlad Tenev, Harmonic's flagship model Aristotle uses formal reasoning, outputting logic in the Lean4 programming language to ensure verifiable accuracy. The model achieved top performance at the International Mathematical Olympiad in July. The funding, which includes participation from Sequoia, Kleiner Perkins and new backer Emerson Collective, brings total capital raised to $295 million across three rounds in 14 months. Harmonic currently offers Aristotle via a free API and plans to target safety-critical industries including aerospace and finance.