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TRICARE West Expands NeuroStar® TMS Coverage to Include Adolescents Aged 15+ Struggling with Depression

1. TRICARE expands TMS coverage for adolescents aged 15 and older. 2. NeuroStar TMS offers a first-line treatment for major depression in adolescents. 3. 4.3 million U.S. adolescents suffer from major depression. 4. Neuronetics leading in TMS treatment with extensive clinical data backing. 5. NeuroStar TMS now covered by multiple leading insurers, enhancing access.

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Why Very Bullish?

The expansion of TRICARE coverage significantly increases market opportunity for STIM due to the high prevalence of major depression in adolescents. Historically, increases in insurance coverage have directly correlated with revenue growth in healthcare companies.

How important is it?

The article outlines a critical development in insurance coverage that enhances STIM's addressable market, indicating a strong potential for future revenue increases.

Why Long Term?

The policy change may drive sustained revenue growth over years, especially as demand for mental health treatments increases amidst rising awareness of adolescent mental health.

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MALVERN, Pa., Nov. 12, 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, announced that TriWest, the regional administrator for TRICARE, has updated its medical policy to include TMS coverage for adolescents aged 15 and older. TRICARE coverage is primarily used by active and retired military service members and their eligible family members. This policy update, effective immediately, applies to TRICARE beneficiaries in the following states: Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin, and Wyoming. “TRICARE’s decision to expand coverage for TMS to adolescents is a significant step forward in ensuring that younger patients struggling with depression now have access to this life-changing treatment,” said Keith J. Sullivan, President and CEO of Neuronetics, Inc. “We applaud TRICARE and TriWest for recognizing the importance of providing innovative, evidence-based care to those who need it most, and we remain committed to working with providers and policymakers to expand adolescent access to TMS nationwide.” "The demands of military life can create unique stressors for the children of service members, increasing their vulnerability to depression and other mental health challenges,” said Geoffrey Grammer, MD, Chief Medical Officer of Neuronetics and retired U.S. Army Colonel. “By expanding coverage to include NeuroStar TMS, TriWest is taking a meaningful step toward ensuring that the sons and daughters of our active-duty and retired military heroes receive the care and support that honors their families’ service to our nation." An estimated 4.3 million U.S. adolescents aged 15-21 are affected by major depression.1 Depression amongst adolescents can disrupt crucial aspects of development, such as academic performance, relationships with peers and family members, and overall emotional well-being. With limited approved medication options for adolescents with MDD, NeuroStar is a safe and effective option that can be used as a first-line, add-on treatment with remarkable clinical outcomes.   As a first-line treatment, NeuroStar can be used without prior medication failures in this age group. Since receiving FDA clearance for adolescent patients in 2024, NeuroStar TMS therapy is also now covered by several leading insurers, including but not limited to: Evernorth Health Services (a Cigna company), BlueCross BlueShield Health Care Service Corporation (BCBS-HCSC), Humana, Aetna, Medi-Cal, Pacific Source, and more. In addition to being the first TMS company with FDA clearance for adolescent treatment, 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 7.9 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.2 Greenbrook has provided more than 2 million treatments to over 60,000 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 KlausnerICR Healthcare443-213-0499ir@neuronetics.com Media:EvolveMKD646.517.4220NeuroStar@evolvemkd.com References1 World Health Organization, Depression Fact Sheet. Accessed April 29, 2024. https://www.who.int/news-room/fact-sheets/detail/depression. 2 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.

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