Greenbrook TMS Continues Successful Execution of Growth Strategy and Reports Third Quarter Financial Results
TORONTO--(BUSINESS WIRE)--Nov 12, 2018--Greenbrook TMS Inc. (TSX: GTMS) (“ Greenbrook ” or the “ Company ”) today announced its third quarter 2018 operational and financial results. For more information, please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations (“ MD&A ”) and the unaudited condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2018 and 2017. 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 very pleased with our results this quarter. In addition to a strong performance from our existing centers we have continued to execute our growth strategy. In this quarter alone, we expanded our TMS Center network with 5 new centers. Subsequently, we opened an additional 3 regions bringing our total to 48 centers across 8 management regions.”
THIRD QUARTER 2018 FINANCIAL AND OPERATIONAL HIGHLIGHTSRevenue increased by 52% to $5.3 million, up $1.8 million from Q3 2017 Regional operating income increased by 26% to $0.5 million, up $0.1 million from Q3 2017 Established 5 new TMS centers (for a total of 14 new TMS centers year-to-date) Continued to make significant investments in our centralized business infrastructure and ongoing recruitment of key talent to proactively manage our rapid expansion strategy
SUBSEQUENT EVENTSExpanded our TMS Center network across a further three new management regions and 4 new centers in: Austin, TexasHouston, TexasState of Connecticut
SELECTED THIRD QUARTER FINANCIAL AND OPERATING RESULTS(1)
________ Note:(1)Please note that additional selected consolidated financial information can be found at the end of this press release.
________ Notes:(1)Active TMS Centers represent TMS Centers that have performed billable TMS services.(2)TMS Centers-in-development represents TMS Centers that have committed to a space lease agreement and the development process is substantially complete.(3)Shared-services / corporate personnel is disclosed on a full-time equivalent basis. The Company utilizes part-time staff and consultants as a means of managing costs.(4)Represents physician partners that are involved in the provision of TMS therapy services from our TMS Centers.
CONFERENCE CALL AND WEBCAST
Third Quarter 2018 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 13, 2018 to discuss the financial results for the quarter.
Toll Free North America: 1-866-521-4909
For more information or to listen to the call via webcast, please visit:
Conference Call Replay:
Toll Free (North America): 1-800-585-8367
The conference call replay will be available from 1:00 p.m. ET on November 13, 2018, until 23:59 p.m. ET on December 11, 2018.
About Greenbrook TMS Inc.
Operating through 48 Company-operated treatment centers, Greenbrook is a leading provider of TMS, an FDA-cleared, non-invasive therapy for the treatment of MDD 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 190,000 TMS treatments to over 5,200 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 prospectus dated September 27, 2018 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
View source version on businesswire.com:https://www.businesswire.com/news/home/20181112005797/en/
CONTACT: Greenbrook TMS Inc.
Chief Financial Officer, Treasurer and Corporate Secretary
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: HEALTH MENTAL HEALTH PROFESSIONAL SERVICES FINANCE
SOURCE: Greenbrook TMS Inc.
Copyright Business Wire 2018.
PUB: 11/12/2018 05:26 PM/DISC: 11/12/2018 05:26 PM