Greenbrook TMS Reports Third Quarter Operational and Financial Results – Business Wire

TORONTO--(BUSINESS WIRE)--Greenbrook TMS Inc. (TSX: GTMS, NASDAQ: GBNH) (Greenbrook or the Company), today announced its third quarter 2021 (Q3 2021) operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.

THIRD QUARTER 2021 OPERATIONAL AND FINANCIAL HIGHLIGHTS

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

Q3 2021 presented specific challenges early in the quarter, with patients delaying treatment during the first open summer season since the onset of COVID-19 and a surge in the delta variant in late summer. Despite these challenges, we saw continued growth in both consolidated revenue and patient treatments in the quarter as compared to Q3 2020 as well as a strong bounce back in patient volumes in October 2021, tracking toward the record volumes that we experienced last quarter. We are also very excited about the acquisition of Achieve TMS East and Central as a foundation for future growth in New England and the central United States, and the promising prospects of the continued roll-out of our Spravato program to more of our active TMS Centers which we believe will enhance profit margins by optimizing the utilization of our current TMS Centers. These moves build on our long-term strategy of utilizing our growing network of TMS Centers and affiliated physicians as a services platform to deliver innovative treatments to patients suffering from mental health disorders. We believe that our business fundamentals remain sound, and we are positioned better than ever to serve the need for mental health support across the country, which we believe is at an all-time high.

SELECTED THIRD QUARTER FINANCIAL AND OPERATING RESULTS (1)

Selected Financial Results

(US$) (unaudited)

Q3 2021

Q3 2020

YTD 2021

YTD 2020

Total revenue

13,130,245

12,006,570

38,150,632

33,215,627

Regional operating income (loss)

249,057

967,584

(321,722)

1,482,182

Loss before income taxes

(3,452,023)

(7,667,755)

(18,026,678)

(21,643,193)

Loss for the year and comprehensive loss

(3,452,023)

(7,667,755)

(18,026,678)

(21,643,193)

Loss attributable to the common shareholders of Greenbrook

(3,517,250)

(7,636,132)

(17,919,629)

(21,271,910)

Net loss per share (basic and diluted)(2)

(0.22)

(0.57)

(1.23)

(1.69)

Notes:(1) Please note that additional selected consolidated financial information can be found at the end of this press release.(2) On January 12, 2021, the shareholders of the Company approved a special resolution for an amendment to the Companys articles and authorized a consolidation (the Share Consolidation) of the Companys outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares. The Share Consolidation was completed on February 1, 2021. The Company has retrospectively presented net loss per share calculations reflecting the number of Common Shares outstanding after giving effect to the Share Consolidation.

Selected Operating Results

As at September 30,

As at September 30,

As at December 31,

(unaudited)

2021

2020

2020

Number of active TMS Centers(1)

127

114

116

Number of TMS Centers-in-development(2)

4

11

9

Total TMS Centers

131

125

125

Number of management regions

13

13

13

Number of TMS Devices installed

214

191

198

Number of regional personnel

350

286

305

Number of shared-services / corporate personnel(3)

58

47

49

Number of TMS providers(4)

126

113

117

Number of consultations performed(5)

10,561

7,718

11,305

Number of patient starts(5)

4,762

4,017

5,445

Number of treatments performed(5)

164,870

141,584

195,992

Average revenue per treatment(5)

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Greenbrook TMS Reports Third Quarter Operational and Financial Results - Business Wire