Greenbrook TMS Inc. (TSX: GTMS) ("Greenbrook" or the "Company"), today announced its second quarter 2019 operational and financial results. 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, 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. All values in this news release are in United States dollars, unless otherwise stated.
Bill Leonard, President and Chief Executive Officer of Greenbrook commented:
"We are pleased with our results this quarter and year-to-date as we continue to experience strong year-over-year growth rates both at our newly established centers as well as with our existing footprint. With 82 centers now in our network, we are meeting our development objectives, which lays the foundation for sustained future growth."
SECOND QUARTER 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS
________
SELECTED SECOND QUARTER FINANCIAL AND OPERATING RESULTS (1)
(US$) |
Q2 2019
|
|
Q2 2018
|
|
YTD 2019
|
|
YTD 2018
|
Total Revenue |
8,082,559 |
|
4,926,625 |
|
14,689,757 |
|
8,828,195 |
Regional Operating Income |
1,002,166 |
|
697,293 |
|
1,629,166 |
|
916,893 |
Loss before income taxes |
(2,841,107) |
|
(1,332,088) |
|
(5,481,194) |
|
(2,461,371) |
Loss for the year and comprehensive loss |
(2,841,107) |
|
(1,332,088) |
|
(5,481,194) |
|
(2,461,371) |
Loss attributable to the common shareholders of Greenbrook |
(2,874,092) |
|
(1,372,984) |
|
(5,444,514) |
|
(2,528,523) |
Net loss per share (basic and diluted) |
(0.06) |
|
(0.04) |
|
(0.11) |
|
(0.07) |
________
Notes:
|
As at June 30, |
As at December 31, |
||||
(unaudited)
|
2019 |
2018 |
2018 |
|||
Number of active TMS Centers(1) |
67 |
34 |
47 |
|||
Number of TMS Centers-in-development(2) |
10 |
6 |
10 |
|||
Total TMS Centers |
77 |
40 |
57 |
|||
Number of management regions |
10 |
|
4 |
8 |
||
Number of TMS Devices installed |
127 |
79 |
108 |
|||
Number of regional personnel |
199 |
104 |
132 |
|||
Number of shared-services / corporate personnel(3) |
30 |
14 |
17 |
|||
Number of TMS providers(4) |
64 |
32 |
46 |
|||
Number of consultations performed |
3,383 |
1,915 |
4,211 |
|||
Number of patient starts |
1,839 |
1,174 |
2,626 |
|||
Number of TMS treatments performed |
66,206 |
41,033 |
95,621 |
|||
Average revenue per TMS treatment |
$222 |
$215 |
$222 |
________
Notes:
CONFERENCE CALL AND WEBCAST
Second 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 August 7, 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.greenbrooktms.com/investors/events.htm
Conference Call Replay:
Toll Free (North America): 1-800-585-8367
Toronto: 416-621-4642
Passcode: 9964329
The conference call replay will be available from 1:00 p.m. ET on August 7, 2019, until 23:59 p.m. ET on September 7, 2019.
About Greenbrook TMS Inc.
Operating through 82 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 285,000 TMS treatments to over 8,000 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$) |
Q2 2019 (unaudited) |
Q2 2018 (unaudited) (1) |
YTD 2019 (unaudited) |
YTD 2018 (unaudited) (1) |
||||
Total Revenue |
8,082,559 |
4,926,625 |
14,689,757 |
8,828,195 |
||||
|
|
|
|
|
||||
Direct center and patient care costs |
3,931,231 |
3,193,758 |
7,387,847 |
5,916,498 |
||||
Regional employee compensation |
1,538,755 |
619,606 |
2,790,176 |
1,192,478 |
||||
Regional marketing expenses |
674,531 |
404,412 |
1,138,572 |
780,952 |
||||
Depreciation |
935,876 |
11,556 |
1,743,996 |
21,374 |
||||
Total direct center and regional costs |
7,080,393 |
4,229,332 |
13,060,591 |
7,911,302 |
||||
Regional Operating Income |
1,002,166 |
697,293 |
1,629,166 |
916,893 |
||||
Center development costs |
414,975 |
194,836 |
679,671 |
306,510 |
||||
Corporate employee compensation |
1,456,050 |
530,368 |
2,916,151 |
1,033,519 |
||||
Corporate marketing expenses |
427,543 |
255,801 |
631,889 |
409,812 |
||||
Other corporate, general and administrative expenses |
978,892 |
991,653 |
1,646,787 |
1,375,398 |
||||
Share-based compensation |
162,155 |
64,668 |
456,314 |
184,572 |
||||
Interest expense |
405,817 |
1,457 |
803,657 |
77,855 |
||||
Interest income |
(2,159) |
(9,402) |
(24,109) |
(9,402) |
||||
Loss before income taxes |
(2,841,107) |
(1,332,088) |
(5,481,194) |
(2,461,371) |
||||
|
|
|
|
|
||||
Income tax expense |
- |
- |
- |
- |
||||
Loss for the year and comprehensive loss |
(2,841,107) |
(1,332,088) |
(5,481,194) |
(2,461,371) |
||||
Income attributable to non-controlling interest |
32,985 |
40,896 |
(36,680) |
67,152 |
||||
Loss attributable to the common shareholders of Greenbrook |
(2,874,092) |
(1,372,984) |
(5,444,514) |
(2,528,523) |
||||
Loss for the year attributable to: |
|
|
|
|
||||
Non-controlling interest |
32,985 |
40,896 |
(36,680) |
67,152 |
||||
Common shareholders of Greenbrook |
(2,874,092) |
(1,372,984) |
(5,444,514) |
(2,528,523) |
||||
Net loss per share (basic and diluted) |
(0.06) |
(0.04) |
(0.11) |
(0.07) |
_______
Notes:
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