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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) has announced its voluntary delisting from the Toronto Stock Exchange (TSX) due to low trading volume. The company has been listed on NASDAQ since March 2021, and believes that it offers sufficient liquidity for shareholders. Effective March 13, 2023, the company’s common shares will no longer be traded on the TSX, allowing the Company to save on fees and redirect resources to enhance shareholder value. Canadian shareholders can continue to trade on NASDAQ. TSX approval for this delisting does not require shareholder consent, as NASDAQ provides an acceptable alternative market.
Greenbrook TMS Inc. (NASDAQ: GBNH) announced it has secured an additional
Greenbrook TMS (NASDAQ: GBNH) has secured US$2.75 million in debt financing from Madryn Asset Management and significant shareholders. The funding includes a US$2.0 million New Loan within an existing US$55 million credit facility, allowing Madryn to convert up to US$182,000 into shares at US$1.90 per share. Additionally, Greenbrook issued US$750,000 in unsecured notes to shareholders, with the option to raise an additional US$1.0 million. Proceeds will support general corporate and working capital needs. The financing aims to strengthen the company's position in providing TMS and Spravato therapies for mental health disorders.
Greenbrook TMS reported record Q3 2022 revenue of $20.8 million, a 58% increase compared to Q3 2021, driven by a 74% rise in treatment volumes to 95,046 and a 156% increase in consultations to 8,797. Despite the revenue growth, the company experienced a regional operating loss of $0.8 million and a comprehensive loss of $16.8 million, a 386% increase from the prior year, due to increased costs and integration expenses following the Success TMS acquisition. The company aims to achieve operational synergies moving forward.
Greenbrook TMS Inc. (NASDAQ: GBNH) will announce its 2022 third quarter operational and financial results after market hours on November 8, 2022. A conference call is scheduled for November 9, 2022, at 10:00 a.m. ET, hosted by CEO Bill Leonard and CFO Erns Loubser, to discuss the results. Greenbrook operates 191 treatment centers in the U.S., specializing in FDA-cleared Transcranial Magnetic Stimulation (TMS) therapy for Major Depressive Disorder. The company has administered over 900,000 TMS treatments to more than 25,000 patients.
Greenbrook TMS Inc. (NASDAQ: GBNH) reported strong operational and financial results for Q2 2022, with a 4% revenue increase to $14.2 million year-over-year. For the first half of 2022, revenue grew 9% to $27.3 million. Treatment volumes surged by 7% to a record 62,038, and consultations rose 22% to 4,318. However, the company reported an operating loss of $0.1 million in Q2 due to increased costs from expanding to 144 active TMS Centers. Following the quarter, Greenbrook completed its acquisition of Success TMS and secured a $75 million credit facility to support growth.
Greenbrook TMS Inc. (NASDAQ: GBNH) will announce its 2022 second quarter operational and financial results post-market on August 2, 2022. A conference call is scheduled for August 3, 2022, at 10:00 a.m. ET, featuring CEO Bill Leonard and CFO Erns Loubser, to discuss the financial outcomes. Interested parties can join via toll-free numbers or stream the call on their investor relations webpage. Greenbrook operates 193 treatment centers across the U.S. and has provided over 840,000 TMS treatments to more than 24,000 patients with depression.
Greenbrook TMS Inc. (NASDAQ: GBNH) has successfully closed its acquisition of Success TMS, adding 47 centers across six states. This strategic move is expected to boost revenues by over $30 million annually. To support this growth, Greenbrook secured a $75 million credit facility, enabling immediate access to $55 million for operations and future expansions. The acquisition enhances Greenbrook's operational scale and market presence while leveraging existing payor contracts, expediting growth in the mental health therapy sector.
Greenbrook TMS Inc. (GBNH) has provided an update regarding its acquisition of Check Five LLC (Success TMS). The company expects to finalize the deal in early Q3 2022, aiming to enhance its presence in the TMS therapy market. Following a waiver from Oxford Finance for its fiscal 2021 audit, Greenbrook is required to raise at least $12 million by June 30, 2022, to meet obligations. The acquisition is seen as a strategic move to expand their TMS center footprint across the U.S. and foster profitability.
Greenbrook TMS Inc. (NASDAQ: GBNH) announced the results of its shareholders' annual meeting, where 10,711,474 common shares (60.17% of outstanding shares) were represented. All nominated directors were elected with high approval ratings, including 99.97% for Brian P. Burke and full support for Colleen Campbell and others. KPMG LLP was reappointed as the Company’s auditor, receiving 100% of votes in favor. Greenbrook operates 148 treatment centers in the U.S., delivering over 840,000 TMS treatments to more than 24,000 patients for mental health issues.
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