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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greenbrook TMS Inc | TSX:GTMS | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.97 | 0.97 | 1.04 | 0 | 01:00:00 |
Greenbrook TMS Inc. (TSX: GTMS, NASDAQ: GBNH) (“Greenbrook” or the “Company”), today announced its second quarter 2021 (“Q2 2021”) operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.
SECOND QUARTER 2021 OPERATIONAL AND FINANCIAL HIGHLIGHTS
Bill Leonard, President and Chief Executive Officer of Greenbrook commented:
“We are proud to announce our highest quarterly consolidated revenue results to date, driven by record quarterly treatment volumes. We also achieved a strong return to entity-wide regional operating profitability and we experienced a record quarterly high in new patient starts, which we anticipate will be a catalyst for future growth. We intend to continue the roll-out of the Spravato® Pilot Program, building on our long-term business strategy of utilizing our network of TMS Centers and affiliated physicians as a service delivery platform for the delivery of innovative treatments to patients suffering from Major Depressive Disorder and other mental health disorders.”
SELECTED SECOND QUARTER FINANCIAL AND OPERATING RESULTS (1)
Selected Financial Results
(US$) (unaudited)
Q2 2021
Q2 2020
YTD 2021
YTD 2020
Total revenue
13,707,212
9,788,555
25,020,387
21,209,057
Regional operating income (loss)
921,339
(225,198)
(570,779)
514,598
Loss before income taxes
(6,738,489)
(9,734,642)
(14,574,655)
(13,975,438)
Loss for the year and comprehensive loss
(6,738,489)
(9,734,642)
(14,574,655)
(13,975,438)
Loss attributable to the common shareholders of Greenbrook
(6,775,825)
(9,477,505)
(14,402,379)
(13,635,778)
Net loss per share (basic and diluted)(2)
(0.48)
(0.76)
(1.04)
(1.13)
________ Notes:
Selected Operating Results
As at June 30,
As at June 30,
As at December 31,
(unaudited)
2021
2020
2020
Number of active TMS Centers(1)
122
113
116
Number of TMS Centers-in-development(2)
7
12
9
Total TMS Centers
129
125
125
Number of management regions
13
13
13
Number of TMS Devices installed
209
189
198
Number of regional personnel
343
275
305
Number of shared-services / corporate personnel(3)
51
44
49
Number of TMS providers(4)
124
112
117
Number of consultations performed(5)
7,124
4,435
11,305
Number of patient starts(5)
3,242
2,544
5,445
Number of treatments performed(5)
110,345
90,551
195,992
Average revenue per treatment(5)
$227
$234
$220
________ 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 six months ended June 30, 2021 and 2020. These documents will be available on the Company’s website at www.greenbrooktms.com, under the Company’s SEDAR profile at www.sedar.com and under the Company’s EDGAR profile at www.sec.gov.
CONFERENCE CALL AND WEBCAST
Second Quarter Conference Call Details:
Bill Leonard, President and Chief Executive Officer, and Erns Loubser, the Chief Financial Officer, will host a conference call at 10:00 a.m. (Eastern Time) on August 6, 2021 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.greenbrooktms.com/investors/events.htm
For those that plan on accessing the conference call or webcast, please allow ample time prior to the call time.
Conference Call Replay:
Toll Free (North America): 1-800-585-8367 Toronto: 416-621-4642 Passcode: 6948083 The conference call replay will be available beginning at 1:00 p.m. ET on August 6, 2021.
About Greenbrook TMS Inc.
Operating through 129 Company-operated treatment centers, Greenbrook is a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy, 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 675,000 TMS treatments to over 19,000 patients struggling with depression.
Cautionary Note Regarding Forward-Looking Information
Certain information in this press release, including with respect to the Company’s future financial or operating performance and the Company’s expectations regarding the expansion of the Spravato® pilot program, constitute forward-looking information within the meaning of applicable securities laws in Canada and the United States, including the United States Private Securities Litigation Reform Act of 1995. 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 and in the Company’s other materials filed with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission from time to time, available at www.sedar.com and www.sec.gov, respectively. 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.
Cautionary Note Regarding Non-IFRS Measures
This press release makes reference to certain non-IFRS measures including certain metrics specific to the industry in which we operate. These measures are not recognized measures under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures are not intended to represent, and should not be considered as alternatives to, loss attributable to the common shareholders of Greenbrook or other performance measures derived in accordance with IFRS as measures of operating performance or operating cash flows or as a measure of liquidity. In addition to our results determined in accordance with IFRS, we use non-IFRS measures including, “EBITDA” and “Adjusted EBITDA”. These non-IFRS measures and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. See the Company’s MD&A for a further discussion of these non-IFRS financial measures. Additionally, see the Company’s MD&A, along with the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2020 and December 31, 2019 and the quarters ended September 30, 2020 and September 30, 2019, and March 31, 2021 and March 31, 2020, for a reconciliation of EBITDA and Adjusted EBITDA to loss attributable to the common shareholders of Greenbrook for each of the periods shown in the table below.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(US$)
Q2 2021
(unaudited)
Q2 2020
(unaudited)
YTD 2021
(unaudited)
YTD 2020
(unaudited)
Total revenue
13,707,212
9,788,555
25,020,387
21,209,057
Direct center and patient care costs
6,854,000
5,166,153
13,214,023
11,047,442
Regional employee compensation
3,068,947
2,323,340
6,055,262
4,849,530
Regional marketing expenses
1,401,295
1,087,698
3,385,916
1,954,800
Depreciation
1,461,631
1,436,562
2,935,965
2,842,687
Total direct center and regional costs
12,785,873
10,013,753
25,591,166
20,694,459
Regional operating income (loss)
921,339
(225,198)
(570,779)
514,598
Center development costs
182,974
140,861
463,407
370,368
Corporate employee compensation
3,670,679
2,398,594
6,557,263
5,022,025
Corporate marketing expenses
181,799
298,237
342,833
603,685
Other corporate, general and administrative expenses
1,971,005
437,342
3,639,469
1,384,959
Share-based compensation
203,362
175,447
409,332
284,852
Amortization
115,833
115,833
231,666
231,666
Interest expense
1,334,187
694,208
2,362,099
1,352,042
Interest income
(11)
(1,078)
(2,193)
(9,561)
Earn-out consideration
–
5,250,000
–
5,250,000
Loss before income taxes
(6,738,489)
(9,734,642)
(14,574,655)
(13,975,438)
Income tax expense
–
–
–
–
Loss for the period and comprehensive loss
(6,738,489)
(9,734,642)
(14,574,655)
(13,975,438)
Loss attributable to non-controlling interest
37,336
(257,137)
(172,276)
(339,660)
Loss attributable to the common shareholders of Greenbrook
(6,775,825)
(9,477,505)
(14,402,379)
(13,635,778)
Net loss per share (basic and diluted) (1)
(0.48)
(0.76)
(1.04)
(1.13)
________ Note:
(US$)
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
Q1 2020
Q4 2019
Q3 2019
(unaudited)
Revenue
13,707,212
11,313,175
9,913,552
12,006,570
9,788,555
11,420,502
12,536,671
8,459,103
Regional operating income (loss)(1)
921,339
(1,492,118)
(2,050,168)
967,584
(225,198)
739,796
2,056,836
770,813
Net loss attributable to common shareholders of Greenbrook
(6,775,825)
(7,626,554)
(8,391,630)
(7,636,132)
(9,477,505)
(4,158,274)
(7,034,356)
(3,431,009)
Adjusted EBITDA
(2,705,666)
(4,013,910)
(4,223,446)
(937,073)
(1,665,672)
(1,648,053)
(1,296,201)
(1,033,876)
Net loss per share – Basic(2)
(0.48)
(0.56)
(0.60)
(0.57)
(0.76)
(0.39)
(0.62)
(0.31)
Net loss per share – Diluted(2)
(0.48)
(0.56)
(0.60)
(0.57)
(0.76)
(0.39)
(0.62)
(0.31)
_________ Notes:
View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005994/en/
Glen Akselrod Investor Relations Greenbrook TMS Inc.
Contact Information: investorrelations@greenbrooktms.com 1-855-797-4867
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