TORONTO, May 14, 2024 /CNW/ - Greenbrook TMS Inc. (OTCQB:GBNHF) ("Greenbrook" or the "Company") today announced its first quarter 2024 ("Q1 2024") operational and financial results. All values in this news release are in United States dollars, unless otherwise stated. FIRST QUARTER 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS 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, quarterly revenue decreased by only 7% to $18.0 million, down $1.3 million as compared to the first quarter of 2023 ("Q1 2023"). Regional operating loss increased by 401% in Q1 2024 to $2.5 million, up $2.0 million as compared to Q1 2023, due to the reduction in revenue, increase in marketing spend and investments in the Company's cost structure associated with the continued rollout of its Spravato® (esketamine nasal spray) ("Spravato®") offering in Q1 2024. Loss for the period and comprehensive loss increased by 36% in Q1 2024 to $14.5 million, up $3.9 million as compared to Q1 2023, due to the increase in regional operating loss and the increase in interest expense arising from additional debt financings completed subsequent to Q1 2023. The Company continued its roll-out of its Spravato® offering at select Treatment Centers to diversify its offering to patients. The Company has expanded its Spravato® offering to 84 Treatment Centers to date. The Company continued its pilot program to roll-out the facilitation of medication management and began a pilot program to roll-out talk therapy at select Treatment Centers. The Company believes that these programs will allow it to reach patients earlier in their treatment journey, develop an internal patient pipeline for transcranial magnetic stimulation ("TMS") and Spravato® treatments, while also further optimizing marketing costs. The Company has expanded its medication management offering to nine Treatment Centers to date and its talk therapy program to Treatment Centers within Florida and Missouri. Bill Leonard, President and Chief Executive Officer of Greenbrook, commented: "Despite the impact of the patient billing and collections disruptions resulting from Change Healthcare in Q1 2024, we have established a strong business foundation with the substantially completed Restructuring Plan, that we believe provides a path to profitability, as we begin to reinvest in our business. We remain excited to continue our roll-out of new treatment modalities, including our previously-announced medication management and talk therapy pilots and our Spravato® "buy & bill" program, which will complement our current "administer and observe" programs, allowing us to further enhance our access to patients. By becoming a comprehensive mental health provider and expanding our continuum of care, 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 FIRST QUARTER FINANCIAL AND OPERATING RESULTS (1) Selected Financial Results (unaudited) ($) Q1 2024 Q1 2023 Total revenue 18,012,190 19,304,461 Regional operating loss (2,491,800) (497,505) Loss before income taxes (14,540,145) (10,660,136) Loss for the year and comprehensive loss (14,540,145) (10,660,136)    Loss attributable to the common          shareholders of Greenbrook (14,218,296) (10,591,310) Net loss per share (basic and diluted)  (0.32) (0.34) ________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 March 31, As at December 31, (unaudited) 2024 2023 2023 Number of active Treatment Centers(1) 130 162 130 Number of Treatment Centers-in-development(2) – – – Total Treatment Centers 130 162