Greenbrook TMS reports first quarter operating and financial results

Greenbrook TMS reports first quarter operating and financial results

Implemented the Spravato® (esketamine nasal spray) pilot program at select TMS Centers to treat adults with treatment-resistant depression and depressive symptoms in adults with Major Depressive Disorder (“MDD”) with suicidal thoughts or actions. Based on the promising findings from the pilot program, the Company expects to expand its offering of Spravato® to an additional 5-6 TMS Centers, for a total of 10-12 TMS Centers offering Spravato®. Q1 2021 resulted in an entity-wide regional operating loss of $1.5 million as compared to an entity-wide regional operating loss of $2.1 million in Q4 2020 and entity-wide regional operating income of $0.7 million in Q1 2020. Added three newly active TMS Centers during Q1 2021, with an additional nine TMS Centers in development, bringing the total Company network to 128 TMS Centers as at March 31, 2021, representing an increase of 3% as compared to Q1 2020.

Consultations performed, an important performance indicator for the Company, increased by 52% as compared to Q1 2020, which points to encouraging prospects for the remainder of 2021. Treatment volumes decreased by 4% to 52,126 as compared to Q4 2020 due to typical seasonal factors, amplified by harsh winter weather in parts of the United States. Despite these factors, Greenbrook managed year-over-year growth of 9% as compared to Q1 2020.

Quarterly revenue increased by 14% to $11.3 million as compared to Q4 2020 and decreased by 1% compared to Q1 2020. This is despite a series of significant weather events, which led to temporary closures of many of the Company’s TMS centers (“TMS Centers”). New patient starts increased by 19% to 1,583 as compared to the first quarter of 2020 (“Q1 2020”) and 11% compared to the fourth quarter of 2020 (“Q4 2020”).

Selected Financial Results
 
SELECTED FIRST QUARTER FINANCIAL AND OPERATING RESULTS (1)

“We are very pleased with our start to 2021, with a return in consolidated revenue to pre-COVID-19 levels in Q1 2021. We experienced record monthly highs in new patient starts and treatment volumes in March 2021 despite temporary closures of some of our TMS Centers due to significant weather events in the first half of the quarter, and the continuing challenges of the COVID-19 pandemic. We believe the improved operational performance in March 2021 positions us well for a strong second quarter. We have also successfully rolled-out the Spravato® Pilot Program, building on our long-term business plan of utilizing our TMS Centers as platforms for the delivery of innovative treatments to patients suffering from MDD and other mental health disorders, and we look forward to making this treatment option available at additional centers.”

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

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