Greenbrook TMS Reports Third Quarter Financial Results With Continued Resilient Performance Through the COVID-19 Pandemic, Announces Spravato Pilot…

Greenbrook TMS Inc. (TSX: GTMS) ("Greenbrook" or the "Company"), today announced its third quarter 2020 ("Q3 2020") operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.

THIRD QUARTER 2020 FINANCIAL AND OPERATIONAL HIGHLIGHTS

Quarterly revenue increased by 42% to $12.0 million, up $3.5 million from the third quarter of fiscal 2019 ("Q3 2019"), representing our second highest quarterly revenue results to date.

Revenue for the nine-month period ended September 30, 2020 ("YTD 2020") increased by 43% to $33.2 million, up $10.1 million from the nine-month period ended September 30, 2019 ("YTD 2019").

Despite the impact of the COVID-19 pandemic, quarterly revenue increased by 23%, up $2.2 million from the second quarter of fiscal 2020 ("Q2 2020").

Quarterly regional operating income increased by 26% to $1.0 million, up $0.2 million from Q3 2019; however, YTD 2020 regional operating income decreased by 38% to $1.5 million, representing a decrease of $0.9 million from YTD 2019.

Added one active TMS Center during Q3 2020, with an additional 11 TMS Centers in development, bringing the total Company network to 125 TMS Centers, representing an increase of 18% as compared to Q3 2019.

Bill Leonard, President and Chief Executive Officer of Greenbrook commented:

"In Q3 2020, we proudly announce our second highest quarterly revenue results since our inception and a return to strong regional operating income, despite the challenging operating environment imposed by the COVID-19 pandemic. We continued to experience record monthly highs in new patient starts throughout Q3 2020, highlighting the essential need for TMS therapy during these challenging times. We believe these record monthly highs will support a continued strong upward trend into the fourth quarter of 2020."

Greenbrook also announced today that it has signed a non-binding term sheet with a third-party lender in respect of a secured term loan facility in an aggregate amount of up to $30 million. Completion of the proposed financing remains subject to customary conditions, including completion of customary due diligence and negotiation of definitive documentation; however, there can be no assurances that the financing will be completed on the terms set forth in the non-binding term sheet, or at all. Further details regarding the terms of such proposed financing will be provided if and when a definitive loan agreement has been entered into between the parties.

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SELECTED THIRD QUARTER FINANCIAL AND OPERATING RESULTS (1)

(US$)

Q3 2020(unaudited)

Q3 2019(unaudited)

YTD 2020(unaudited)

YTD 2019(unaudited)

Total revenue

12,006,570

8,459,103

33,215,627

23,148,860

Regional operating income

967,584

770,813

1,482,182

2,399,979

Loss before income taxes

(7,667,755)

(3,365,014)

(21,643,193)

(8,846,208)

Loss for the period and comprehensive loss

(7,667,755)

(3,365,014)

(21,643,193)

(8,846,208)

Loss attributable to the common shareholders of Greenbrook

(7,636,132)

(3,431,009)

(21,271,910)

(8,875,523)

Net loss per share (basic and diluted)

(0.11)

(0.06)

(0.34)

(0.17)

________Notes:

(1)

Please note that additional selected consolidated financial information can be found at the end of this press release.

As at September 30,

As at December 31,

(unaudited)

2020

2019

2019

Number of active TMS Centers(1)

114

94

102

Number of TMS Centers-in-development(2)

11

12

17

Total TMS Centers

125

106

119

Number of management regions

13

13

13

Number of TMS Devices installed

191

164

178

Number of regional personnel

286

253

273

Number of shared-services / corporate personnel(3)

47

36

44

Number of TMS providers(4)

113

102

109

Number of consultations performed

7,718

5,560

8,039

Number of patient starts

4,017

2,888

4,080

Number of TMS treatments performed

141,584

104,096

155,343

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Greenbrook TMS Reports Third Quarter Financial Results With Continued Resilient Performance Through the COVID-19 Pandemic, Announces Spravato Pilot...