Neuronetics makes and sells the NeuroStar Advanced Therapy System, a non-invasive medical device that uses transcranial magnetic stimulation (TMS) to treat major depressive disorder (MDD) and OCD in adults, and MDD in adolescents aged 15-21. TMS uses a magnetic field to stimulate brain regions associated with mood, and treatment requires no anesthesia — patients can resume normal activities immediately. Neuronetics sells NeuroStar systems directly to psychiatric practices, then generates recurring revenue as providers purchase software-enabled treatment session "packs" to deliver patient treatments. Following the December 2024 acquisition of Greenbrook TMS, Neuronetics also directly operates 93 outpatient mental health clinics across 15 states, which now represent roughly 59% of U.S. revenue. These clinics deliver NeuroStar TMS and also administer SPRAVATO, an FDA-approved esketamine nasal spray for treatment-resistant depression. The NeuroStar device business runs at roughly 74-75% gross margins, while the clinic business runs at roughly 30%, producing blended consolidated margins in the 46-49% range. Reimbursement coverage is broad, with over 104 major U.S. private insurers covering TMS therapy. Neuronetics' growth strategy centers on scaling SPRAVATO at Greenbrook clinics, expanding its certified provider network, growing adolescent patient volumes, and improving clinic operational efficiency.