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Press release content from Business Wire. The AP news staff was not involved in its creation.

Greenbrook TMS Reports Record Third Quarter Financial Results

November 4, 2019 GMT

TORONTO--(BUSINESS WIRE)--Nov 4, 2019--

Greenbrook TMS Inc. (TSX: GTMS) (“ Greenbrook ” or the “ Company ”) today announced its third quarter 2019 operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.

THIRD QUARTER 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS

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

“We are very pleased to have completed the acquisition of Achieve TMS, expanding our footprint to the west coast and giving us national coverage. The growth in our existing business continues at a rapid pace with another record quarter even though only three days of revenue from the Achieve TMS business were included in our results for this quarter. With 109 TMS Centers coast to coast, we are excited to bring this life changing technology to patients suffering with depression and other mental health disorders.”

________

Note:

SELECTED THIRD QUARTER FINANCIAL AND OPERATING RESULTS(1)

(US$)

Q3 2019
(unaudited)

 

Q3 2018

(unaudited)(2)

 

YTD 2019
(unaudited)

 

YTD 2018

(unaudited)(2)

Total Revenue

8,459,103

 

5,338,364

 

23,148,860

 

14,166,560

Regional Operating Income

770,813

 

476,556

 

2,399,979

 

1,393,450

Loss before income taxes

(3,365,014)

 

(1,469,049)

 

(8,846,208)

 

(3,930,419)

Loss for the year and comprehensive loss

(3,365,014)

 

(1,469,049)

 

(8,846,208)

 

(3,930,419)

Loss attributable to the common shareholders of Greenbrook

(3,431,009)

 

(1,480,489)

 

(8,875,523)

 

(4,009,012)

Net loss per share (basic and diluted)

(0.06)

 

(0.04)

 

(0.17)

 

(0.11)

________

Notes:

 

As at September 30,

 

As at December 31,

(unaudited)

 

 

2019

 

 

2018

 

 

2018

Number of active TMS Centers (1)

94

 

39

 

47

Number of TMS Centers-in-development (2)

12

 

4

 

10

Total TMS Centers

106

 

43

 

57

Number of management regions

13

 

4

 

8

Number of TMS Devices installed

164

 

90

 

108

Number of regional personnel

253

 

114

 

132

Number of shared-services / corporate personnel (3)

36

 

16

 

17

Number of TMS providers (4)

102

 

39

 

46

Number of consultations performed

5,560

 

2,956

 

4,211

Number of patient starts

2,888

 

1,825

 

2,626

Number of TMS treatments performed

104,096

 

65,484

 

95,621

Average revenue per TMS treatment

$222

 

$216

 

$222

________

Notes:

For more information, please refer to the Management’s Discussion & Analysis of Financial Condition and Results of Operations (“ MD&A ”) and the unaudited condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2019 and 2018. These documents will be available on the Company’s website at www.greenbrooktms.com and under the Company’s SEDAR profile at www.sedar.com.

CONFERENCE CALL AND WEBCAST

Third Quarter 2019 Conference Call Details:

Bill Leonard, President and Chief Executive Officer and Erns Loubser, Chief Financial Officer will host a conference call at 10:00 a.m. (Eastern Time) on November 5, 2019 to discuss the financial results for the quarter.

Toll Free North America: 1-866-521-4909
Toronto: 647-427-2311

Webcast:

For more information or to listen to the call via webcast, please visit: www.//www.greenbrooktms.com/investors/events.htm

Conference Call Replay:

Toll Free (North America): 1-800-585-8367
Toronto: 416-621-4642
Passcode: 3396057

The conference call replay will be available from 1:00 p.m. ET on November 5, 2019, until 23:59 p.m. ET on December 5, 2019.

About Greenbrook TMS Inc.

Operating through 109 Company-operated treatment centers, Greenbrook is a leading provider of TMS, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, in the United States. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation. Greenbrook has provided more than 320,000 TMS treatments to over 9,000 patients struggling with depression.

Cautionary Note Regarding Forward-Looking Information

Certain information in this press release, including with respect to the rapid expansion of our TMS Center network, or the Company’s future financial or operating performance, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s current annual information form available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(US$)

Q3 2019

(unaudited)

 

Q3 2018

(unaudited)(1)

 

YTD 2019

(unaudited)

 

YTD 2018

(unaudited)(1)

Total Revenue

8,459,103

 

5,338,364

 

23,148,860

 

14,166,560

 

 

 

 

 

 

 

 

Direct center and patient care costs

4,267,769

 

3,533,931

 

11,655,616

 

9,450,428

Regional employee compensation

1,670,037

 

806,643

 

4,460,213

 

1,999,120

Regional marketing expenses

742,482

 

506,884

 

1,881,054

 

1,287,838

Depreciation

1,008,002

 

14,350

 

2,751,998

 

35,724

Total direct center and regional costs

7,688,290

 

4,861,808

 

20,748,881

 

12,773,110

Regional Operating Income

770,813

 

476,556

 

2,399,979

 

1,393,450

Center development costs

496,509

 

91,311

 

1,176,180

 

397,821

Corporate employee compensation

1,420,069

 

708,586

 

4,336,220

 

1,742,105

Corporate marketing expenses

578,330

 

286,481

 

1,210,219

 

675,293

Transaction costs

378,407

 

467,375

 

378,407

 

920,347

Other corporate, general and administrative expenses

748,297

 

384,667

 

2,395,084

 

1,307,094

Share-based compensation

117,112

 

64,668

 

573,426

 

249,239

Interest expense

513,138

 

2,046

 

1,316,795

 

79,900

Interest income

(116,035)

 

(38,529)

 

(140,144)

 

(47,930)

Loss before income taxes

(3,365,014)

 

(1,469,049)

 

(8,846,208)

 

(3,930,419)

 

 

 

 

 

 

 

 

Income tax expense

-

 

-

 

-

 

-

Loss for the year and comprehensive loss

(3,365,014)

 

(1,469,049)

 

(8,846,208)

 

(3,930,419)

Income attributable to non-controlling interest

65,995

 

11,440

 

29,315

 

78,593

Loss attributable to the common shareholders of Greenbrook

(3,431,009)

 

(1,480,489)

 

(8,875,523)

 

(4,009,012)

Loss for the year attributable to:

 

 

 

 

 

 

 

Non-controlling interest

65,995

 

11,440

 

29,315

 

78,593

Common shareholders of Greenbrook

(3,431,009)

 

(1,480,489)

 

(8,875,523)

 

(4,009,012)

Net loss per share (basic and diluted)

(0.06)

 

(0.04)

 

(0.17)

 

(0.11)

________

Notes:

View source version on businesswire.com:https://www.businesswire.com/news/home/20191104006048/en/

CONTACT: Erns Loubser

Chief Financial Officer and Treasurer

Greenbrook TMS Inc.Linda Armstrong Investor Relations

Greenbrook TMS Inc.Contact Information:

investorrelations@greenbrooktms.com

1-855-797-4867

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: BIOTECHNOLOGY HEALTH MEDICAL DEVICES

SOURCE: Greenbrook TMS Inc.

Copyright Business Wire 2019.

PUB: 11/04/2019 05:40 PM/DISC: 11/04/2019 05:40 PM

http://www.businesswire.com/news/home/20191104006048/en