TORONTO, Aug. 13, 2024 /PRNewswire/ - Greenbrook TMS Inc. (OTCQB:GBNHF) ("Greenbrook" or the "Company") today announced its second quarter 2024 ("Q2 2024") operational and financial results. All values in this news release are in United States dollars, unless otherwise stated. SECOND QUARTER 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS Quarterly service revenue increased by 8% to $19.1 million, up $1.4 million as compared to the second quarter of 2023 ("Q2 2023") and remained relatively consistent at $37.1 million for the six-month period ended June 30, 2024 ("YTD 2024") as compared to the six-month period ended June 30, 2023 ("YTD 2023"), despite the closure of mental health service centers ("Treatment Centers") in connection with the Company's previously-announced comprehensive restructuring plan (the "Restructuring Plan") and the impact of patient billing and collections disruptions resulting from the ransomware cyberattack on Change Healthcare Solutions LLC ("Change Healthcare") that affected the broader healthcare industry. The Company recognized other revenue in Q2 2024 by completing certain key milestones related to the research collaboration agreement with Compass Pathways plc (the "Research Collaboration Agreement"), to explore delivery models for investigational COMP360 psilocybin treatment ("COMP360"). Other revenue was $1.3 million in Q2 2024 and YTD 2024, compared to nil in Q2 2023 and YTD 2023. Regional operating loss decreased by 97% in Q2 2024 to $0.04 million, down $1.2 million as compared to Q2 2023, and increased by 49% to $2.5 million in YTD 2024, up $0.8 million as compared to YTD 2023, due to an increase in direct center and regional costs. Loss for the period and comprehensive loss decreased by 3% in Q2 2024 to $12.4 million, down $0.4 million as compared to Q2 2023, and increased by 15% in YTD 2024 to $27.0 million, up $3.5 million as compared to YTD 2023. The Company continued its roll-out of diversified treatment offerings to patients in Q2 2024. The Company has expanded its Spravato® offering to 91 Treatment Centers to date, its medication management offering to 12 Treatment Centers to date and its talk therapy program to Treatment Centers within Florida and Missouri. On August 9, 2024, the Company announced that it entered into a settlement agreement and release with Mr. Benjamin Klein, Success Behavioral Holdings, LLC, Theragroup LLC, Ms. Batya Klein and The Bereke Trust U/T/A dated 2/10/03, to fully settle the previously disclosed lawsuit filed against the Company and certain affiliates (the "Klein Settlement"), which includes a cash settlement payment of $0.8 million to the plaintiffs, payable in installments, and the effective transfer of 12 Treatment Center locations in New Jersey to Mr. Klein. The Klein Settlement also involves the relinquishment for cancellation of all of the 11,634,660 common shares of Greenbrook beneficially owned or controlled by Mr. Klein. Closing of the Klein Settlement is expected to occur on or about August 15, 2024. On August 12, 2024, the Company announced that it entered into a definitive arrangement agreement (the "Arrangement Agreement") with Neuronetics, Inc. ("Neuronetics"), in which Neuronetics will acquire all of the outstanding common shares of Greenbrook (the "Common Shares") in an all-stock transaction (the "Neuronetics Transaction"). The Neuronetics Transaction creates a vertically-integrated organization capable of providing access to mental health treatment with significant scale in the United States. Beyond the strategic benefits, the Neuronetics Transaction is expected to create compelling financial benefits, including increased revenue scale and a strong growth trajectory, material cost synergies, an accelerated path to profitability, and a bolstered balance sheet. The Neuronetics Transaction is expected to close during the fourth quarter of 2024, subject to approval by both the Company's and Neuronetics' shareholders, court approval in respect of the plan of arrangement, the conversion of substantially all of the Company's debt into Common Shares, as well as other customary closing conditions. Bill Leonard, President and Chief Executive Officer of Greenbrook, commented: "We are both pleased with our Q2 2024 results and excited for the future, with the recently announced Neuronetics Transaction and Klein Settlement. Despite the impact of patient billings and collection disruptions, we saw quarter-over-quarter revenue growth driven by the continued expansion of our treatment offerings, including the previously-announced pilot programs. We are excited about the Klein Settlement, allowing us to immediately increase our regional operating performance and focus our efforts on our more profitable Treatment Centers while putting the lawsuit behind us. Looking to the future, we believe the Neuronetics Transaction will allow us to create significant long-term value to shareholders by leveraging the scale and capabilities of two leaders in the mental health industry, accelerating our combined path to profitability through material cost synergies and enhanced revenue generation. By becoming a comprehensive mental health provider and a vertically-integrated organization, we believe that we will be able to provide even greater access and quality of care to those suffering from MDD and other mental health disorders." SELECTED SECOND QUARTER FINANCIAL AND OPERATING RESULTS (1) Selected Financial Results  (US$) (unaudited) Q2 2024 Q2 2023 YTD 2024 YTD 2023 Total revenue 20,408,067 17,690,449 38,420,257 36,994,910 Regional operating loss (35,524) (1,195,233) (2,527,324) (1,692,738) Loss before income taxes (12,435,825) (12,856,998) (26,975,970) (23,517,134) Loss for the period and comprehensive loss (12,435,825) (12,856,998) (26,975,970) (23,517,134) Loss attributable to the common shareholders of Greenbrook (12,405,195) (12,742,274) (26,623,491) (23,333,584) Net loss per share (basic and diluted) (0.27) (0.31) (0.60) (0.66) ___ Note: (1)     Please note that additional selected consolidated financial information can be found at the end of this press release. Selected Operating Results As at June 30, As at December 31, (unaudited) 2024 2023 2023 Number of active Treatment Centers(1) 130 133 130 Number of Treatment Centers-in-development(2)