Wed, May 15, 10:11 AM (72 days ago)
Greenbrook TMS Inc. faced significant challenges in Q1 2024, including a 7% decline in revenue to $18.0 million due to patient billing disruptions and the closure of several Treatment Centers under its Restructuring Plan. New patient starts and treatment volumes also decreased by 14% and 18%, respectively. Despite these issues, the average revenue per treatment rose by 14% to $238. Direct center and regional costs increased by 4% to $20.5 million, primarily due to higher marketing expenses and investments in the Spravato® rollout. Consequently, the entity-wide regional operating loss widened to $2.5 million from $0.5 million in Q1 2023. The company’s net loss attributable to common shareholders soared by 34% to $14.2 million, influenced by higher interest expenses and one-time costs related to restructuring and legal fees. Cash flow from operations was negative at $12.8 million, and the company relied on $12.1 million in financing activities to meet its liquidity needs. The company continues to face substantial doubt about its ability to continue as a going concern, necessitating additional financing to meet its short-term obligations and operational needs.