New York State Medicaid Expands Coverage for TMS Therapy, Including NeuroStar® Advanced Therapy, to Treat Major Depressive Disorder (MDD)

Over 5 million New York Medicaid members to gain access to Transcranial Magnetic Stimulation (TMS) services

MALVERN, Pa., Sept. 17, 2025 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders and the maker of NeuroStar^® Advanced Therapy, the leading provider of Transcranial Magnetic Simulation (TMS), announced that New York State Medicaid will begin covering TMS services for adults diagnosed with major depressive disorder (MDD). The coverage will take effect October 1, 2025, for fee-for-service Medicaid members, and November 1, 2025, for those enrolled in Medicaid Managed Care Plans.

“This decision by New York State Medicaid reflects the growing recognition of TMS as an evidence-based, life-changing treatment for patients with depression,” said Keith J. Sullivan, President and CEO of Neuronetics, Inc. “We commend the state for making TMS more accessible to patients who need it most, and we remain committed to working alongside providers and policymakers to expand access nationwide.”

Under the new policy, nearly 1 million individuals with fee-for-service Medicaid and over 4.4 million individuals with Managed Care Organizations, will now be covered for TMS services by Medicaid in New York State.¹

Major depressive disorder (MDD) is a serious issue that affects 21 million adults in the United States, with 6.4 million people being unable to tolerate or receiving inadequate relief from antidepressant medication.^2-4 NeuroStar Advanced Therapy is a non-drug, non-invasive treatment option that delivers targeted magnetic pulses to stimulate neurons in the brain responsible for regulating mood that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. According to the NeuroStar Outcomes Database, patients can achieve up to an 83% response rate and 62% remission rate of their MDD.⁵

Neuronetics is the only TMS company in the industry with a dedicated health policy team that partners with both providers and payors to advocate for health policy updates. For more information about NeuroStar TMS Therapy, please visit NeuroStar.com.

About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (Greenbrook) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults, with more than 7.6 million treatments delivered, and is backed by the largest clinical data set of any TMS treatment system for depression, including the world’s largest depression outcomes registry. Greenbrook treatment centers also offer SPRAVATO^® (esketamine) Nasal Spray, a prescription medicine indicated for the treatment of treatment-resistant depression (TRD) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms in adults with major depressive disorder (MDD) with acute suicidal ideation or behavior in conjunction with an oral antidepressant.¹ Greenbrook has provided more than 1.8 million treatments to over 55,000 patients struggling with depression.

The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21. For safety information and indications for use, visit NeuroStar.com.

Neuronetics Contact:
Investors:
Mike Vallie or Mark Klausner
ICR Healthcare
443-213-0499
ir@neuronetics.com

Media:
EvolveMKD
646.517.4220
NeuroStar@evolvemkd.com

References:

1. New York Medicaid TMS coverage: https://www.health.ny.gov/health_care/medicaid/program/update/2025/no07_2025-07.htm#TMS  
2. NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024.
3. Per STAR*D patients that have failed one or more antidepressant trial of adequate dose and duration.
4. Zhdanava M, Pilon D, Ghelerter I, et al. The prevalence and national burden of treatment-resistant depression and major depressive disorder in the United States. J Clin Psychiatry. 2021;82(2):20m13699. https://www.psychiatrist.com/jcp/prevalence-national-burden-treatment-resistant-depression-major-depressive-disorder-in-us, accessed 9/8/2025.
5. Sackeim HA, et al. (2020). Clinical Outcomes in a Large Registry of Patients with Major Depressive Disorder Treated with Transcranial Magnetic Stimulation. J Affective Disorders, 277(12):65-74.

¹ The effectiveness of SPRAVATO^® in preventing suicide or in reducing suicidal ideation or behavior has not been demonstrated. Use of SPRAVATO^® does not preclude the need for hospitalization if clinically warranted, even if patients experience improvement after an initial dose of SPRAVATO^®. For more important safety information about SPRAVATO^®, please visit spravatohcp.com.