Neuronetics, Inc. Announces Executive and Financial Updates

Neuronetics, Inc. has announced several key updates. On April 1, 2026, the company entered into an Executive Consulting and Release Agreement with Keith J. Sullivan, its former President and CEO, in connection with his retirement. Sullivan will provide consulting services through March 31, 2027, while continuing to vest in his equity awards. The agreement includes standard restrictive covenants. The company also initiated a workforce reduction impacting up to 5% of employees, expected to be completed by mid-year 2026, as part of a cost optimization effort. This is anticipated to result in approximately $0.2 million in restructuring charges in Q2 2026 and annualized cost savings of $2.5 to $3.0 million starting in Q3 2026. Furthermore, Steven E. Pfanstiel, EVP, CFO, and Treasurer, will resign effective May 1, 2026, with the company commencing a search for his successor. Neuronetics reaffirmed its financial guidance for fiscal year 2026, as previously provided on March 17, 2026.