Q2 2022 Greenbrook TMS Inc Earnings Call

management discussion and analysis for the period ended June 30, 2022, and in the company's other materials filed with the Canadian Securities Regulatory Authorities and the U.S. Securities and Exchange Commission from time to time which are available on CDAR, EDGAR, and on the company's website. Any forward looking statements speakers only as of the date of which it is made and the company disclaims any intent or obligation to update any forward-looking statements unless required by law.

I'd now like to turn the call over to Mr. Bill Leonard, President Chief Executive Officer of Greenbrook TMS, and urge Lobster Chief Financial Officer, go ahead, please, Mr. Leonard.

Thank you, Glenn, and thank you to everyone for joining our conference call and webcast today.

During Q2 2022, we achieve record quarterly consolidate revenue as well as our highest quarterly treatment volumes and consultations performed at date. Despite a tight labor market and the uncertain macroeconomic factors which prove to be challenging, we are very excited to report a record quarter to successful recapitalization of the business and the consolidation of two of the largest TMS providers in the industry.

Quarterly revenue increased in Q2 2022 by 4% to 14.2 million as compared to Q2 2021, while treatment volumes increased in Q2 2022 by 7% with 62,038 treatments performed during Q2 2022 as compared to 58,219 in Q2 2021.

We also achieved a record high in quarterly concentrations perform, which increased by 22% to 4,318 as compared to 3,522 in Q2 2021, which we believe will provide a strong momentum into 3rd quarter of fiscal 2022.blic

We continue to be excited about the ongoing rollout of Spravato Program, which continue through Q2. This program highlights and affirms our long-term business plan of utilizing our existing network of TMS Centers. The program highlights the ongoing rollout of TMS Centers.

to deliver new and innovative treatments to patients suffering from MDD and other mental health disorders. Providing spravato to our TMS centers enables to leverage excess compadding in our existing centers thereby enhancing our profit margins. As of June 30th, the company has expanded its offering spravato to 25 TMS centers across the US. The company has expanded its offering spravato to 25 TMS centers to 25 TMS centers across the US. The company has expanded its offering spravato to 25 TMS centers across the US. The company has expanded its offering spravato to 25 TMS centers across the US. The company has expanded its offering spravato to 25 TMS centers across the US.

On July 14, 2022, we completed the previously announced acquisition of Success TMS.

As one of the largest TMS therapy providers in the United States, the success TMS acquisition is expected to add significant operating scale and top line growth and is expected to accelerate the company's timeline to profitability through potential near-term operational synergies.

The acquisition added 47 TMS centers to our existing network, which are complimentary to our existing footprint.

We expect that acquisition has a potential to generate more than 30 million in consolidated revenues so that the combined company on a full-year basis. So that the combined company on a full-year basis.

We also believe that the all equity deal structure aligns incentives to build substantial share hurdle value to combine entity.