By Elias Schisgall
Neuronetics will cut up to 5% of its staff as part of a workforce reduction, and said its chief financial officer would step down.
The medical technology and healthcare company said Monday it expects to incur restructuring charges of about $200,000 related to the workforce cuts in the second quarter. It expects the restructuring to bring annualized cost savings between $2.5 million and $3 million, largely beginning in the third quarter.
The workforce reduction was launched on Thursday and is expected to be complete by mid-year, the company said.
Neuronetics also said that CFO Steven Pfanstiel would step down to pursue an outside opportunity.
He will remain in the role through May 1 to support a transition, and his decision to resign wasn't the result of any disagreement with Neuronetics, the company said.
It has launched a search to identify a new CFO.
The company also reaffirmed its financial guidance issued during a fourth-quarter earnings call in March.
The restructuring at Neuronetics comes as Pointillist Family Office Managing Member Jorey Chernett called on the company to explore strategic alternatives, including a sale of its transcranial magnetic stimulation business.
Pointillist is Neuronetics' largest shareholder with a roughly 14% stake, Chernett said.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
April 06, 2026 17:12 ET (21:12 GMT)
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