Greenbrook TMS Reports Second Quarter Financial Results With Resilient Performance Through the COVID-19 Pandemic – Business Wire

TORONTO--(BUSINESS WIRE)--Greenbrook TMS Inc. (TSX: GTMS) (Greenbrook or the Company), today announced its second quarter 2020 (Q2 2020) operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.

SECOND QUARTER 2020 FINANCIAL AND OPERATIONAL HIGHLIGHTS

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

We are very pleased with our Q2 2020 results, which demonstrate our ability to navigate the challenging operating environment imposed by the COVID-19 pandemic. Overall, we were able to exceed previously disclosed revenue guidance while continuing to provide the highest quality of services and protecting our patients, employees, and physician partners. With access to TMS therapy now more essential than ever, we have increased efforts to expand patient interactions virtually and the corresponding increased usage of these platforms by both patients and physicians contributed to this positive result.

Mr. Leonard added: We are particularly proud of our ability to reach new patients during this difficult time. In June, we experienced a record monthly high in new patient treatment starts, which supports a strong upward trend following the initial impact of the COVID-19 pandemic and positions us well for what we hope to be a strong third quarter.

SELECTED SECOND QUARTER FINANCIAL AND OPERATING RESULTS (1)

(US$)

Q2 2020(unaudited)

Q2 2019(unaudited)

YTD 2020(unaudited)

YTD 2019(unaudited)

Total revenue

9,788,555

8,082,559

21,209,057

14,689,757

Regional operating income (loss)

(225,198)

1,002,166

514,598

1,629,166

Loss before income taxes

(9,734,642)

(2,841,107)

(13,975,438)

(5,481,194)

Loss for the period and comprehensive loss

(9,734,642)

(2,841,107)

(13,975,438)

(5,481,194)

Loss attributable to the common shareholders of Greenbrook

(9,477,505)

(2,874,092)

(13,635,778)

(5,444,514)

Net loss per share (basic and diluted)

(0.15)

(0.06)

(0.23)

(0.11)

(1)

Please note that additional selected consolidated financial information can be found at the end of this press release.

As at June 30,

As at December 31,

(unaudited)

2020

2019

2019

Number of active TMS Centers(1)

113

67

102

Number of TMS Centers-in-development(2)

12

10

17

Total TMS Centers

125

77

119

Number of management regions

13

10

13

Number of TMS Devices installed

189

127

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Greenbrook TMS Reports Second Quarter Financial Results With Resilient Performance Through the COVID-19 Pandemic - Business Wire

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