Welcome to our dedicated page for Greenbrook TMS news (Ticker: GBNH), a resource for investors and traders seeking the latest updates and insights on Greenbrook TMS stock.
Greenbrook TMS Inc. (NASDAQ: GBNH) is a leading provider of Transcranial Magnetic Stimulation (TMS) therapy and Spravato® (esketamine nasal spray), offering FDA-cleared, non-invasive treatments for Major Depressive Disorder (MDD) and other mental health conditions in the United States. Operating through 130 Company-operated treatment centers, Greenbrook has delivered over 1.3 million treatments to more than 40,000 patients struggling with depression.
TMS therapy involves local electromagnetic stimulation of brain regions associated with mood regulation, while Spravato® is used to treat adults with treatment-resistant depression and depressive symptoms in adults with MDD who have suicidal thoughts or actions. Both therapies are known for being non-invasive, non-sedative, and devoid of drug-related side effects.
As of recent developments, Greenbrook has secured additional financing, including multiple amendments to its credit facility with Madryn Asset Management, LP. The transactions, aimed at improving the company’s financial position, have increased its outstanding loans to approximately $87 million. These funds are expected to support Greenbrook’s general corporate needs, working capital, and debt service obligations.
Furthermore, Greenbrook has recently appointed Juliana Elstad to its board of directors. Ms. Elstad brings over two decades of experience in medical technology and leadership, which is anticipated to be an asset to the company's governance and strategic growth.
Despite facing financial challenges, including the need for additional liquidity and compliance with debt covenants, Greenbrook is actively pursuing various financing and restructuring options to sustain operations. The company remains committed to its mission of providing effective mental health treatments and supporting patients in their journey toward better mental health.
Greenbrook TMS Inc. (NASDAQ: GBNH) reported its Q4 2022 and Fiscal 2022 results, showcasing a 32% increase in revenue to
Greenbrook TMS Inc. (NASDAQ: GBNH) will release its operational and financial results for the fourth quarter and year-end 2022 after market hours on April 17, 2023. This marks a critical update for investors monitoring the company's performance.
The conference call will take place on April 18, 2023, at 10:00 a.m. ET, hosted by CEO Bill Leonard and CFO Erns Loubser, to discuss the quarterly results. Investors can join the call via toll-free numbers or through the webcast available on Greenbrook's investor relations page.
Greenbrook operates 133 treatment centers in the U.S., offering Transcranial Magnetic Stimulation (TMS) and Spravato® therapies, addressing Major Depressive Disorder and other mental health conditions.
Greenbrook TMS Inc. (NASDAQ: GBNH) announced a management cease trade order (MCTO) from the Ontario Securities Commission on April 5, 2023, due to its inability to file the annual report for the year ended December 31, 2022, by the March 31, 2023 deadline. The MCTO restricts trading for the CEO and CFO while not affecting other shareholders. The company aims to complete the audit of its financial statements and file the required documents by April 17, 2023. Greenbrook confirmed no material changes or defaults have occurred since the initial announcement and it will continue to issue bi-weekly updates as required. The company operates 133 treatment centers in the U.S., providing TMS and Spravato® therapies for mental health disorders, having delivered over one million treatments to more than 27,000 patients.
Greenbrook TMS Inc. (NASDAQ: GBNH) announced that the Ontario Securities Commission (OSC) has granted its application for a management cease trade order due to the company's failure to file its annual report on Form 20-F for the year ended December 31, 2022, by the deadline of March 31, 2023. This order restricts trading in Greenbrook's securities by its President and CFO but allows other shareholders to continue trading. The delay in filing is due to the need for additional analysis regarding potential non-cash impairment charges related to a restructuring plan. The Company expects to file the required documents by April 17, 2023, and will issue bi-weekly status reports during the default period.
On April 3, 2023, Greenbrook TMS Inc. (NASDAQ: GBNH) announced an amendment to its master sales agreement with Neuronetics. The agreement converts a US$5.7 million account balance into a US$6.0 million secured promissory note, which is expected to improve cash flow. The note matures on March 31, 2027, with an interest rate of the daily secured overnight financing rate plus 7.65%. Additionally, Greenbrook must pay approximately US$450,000 monthly for treatment sessions and cover relocation costs for TMS devices. The company’s restructuring plan, alongside this financing, aims to strengthen its financial position and facilitate operations through its 133 treatment centers.
On March 29, 2023, Greenbrook TMS (NASDAQ: GBNH) announced a delay in filing its annual report on Form 20-F for the year ended December 31, 2022. Both management and external auditors, KPMG LLP, require additional information regarding potential non-cash impairment charges tied to the Company's restructuring plan. The filing deadline of March 31, 2023, will not be met, and the Company anticipates submitting the necessary documents by April 17, 2023. Greenbrook has applied for a management cease trade order from the Ontario Securities Commission and has received a waiver from its lender regarding the credit facility. No insolvency proceedings are pending.
Greenbrook TMS Inc. (NASDAQ: GBNH) announced the completion of a non-brokered private placement, raising approximately
On March 6, 2023, Greenbrook TMS Inc. (NASDAQ: GBNH) announced a comprehensive restructuring plan aimed at boosting profitability and operational efficiency. The plan includes closing 50 treatment centers, impacting about 20-25% of the workforce, and will focus on the most profitable centers contributing nearly 90% of Q4 2022 revenue. Anticipated annual cost savings range from US$22 million to US$25 million. Despite the workforce reduction, the company prioritizes patient care quality. The restructuring and related costs are estimated between US$1 million and US$2 million, expected by the end of 2023.
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