TORONTO, April 25, 2024 /CNW/ - Greenbrook TMS Inc. (OTCQB:GBNHF) ("Greenbrook" or the "Company") today announced its fiscal year ended December 31, 2023 ("Fiscal 2023") operational and financial results. All values in this news release are in United States dollars, unless otherwise stated. FISCAL 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS Consolidated revenue increased by 10% in Fiscal 2023 to a record $73.8 million, up $7 million as compared to the fiscal year ended December 31, 2022 ("Fiscal 2022") despite the closure of 53 treatment centers (approximately 29% of active treatment centers as at the end of Fiscal 2022) in connection with the Company's previously-announced comprehensive restructuring plan (the "Restructuring Plan") and significantly reduced marketing spend (marketing spend in Fiscal 2023 represented 12% of annualized marketing spend in the fourth quarter of 2022 ("Q4 2022")). As a result of the Restructuring Plan, the Company achieved the following previously-announced targets: Revenue in Fiscal 2023 achieved the Company's target of approximately 90% of the annualized total quarterly revenue generated in Q4 2022, while quarterly revenue in the fourth quarter of 2023 ("Q4 2023") generated above 95% of quarterly Q4 2022 revenue. The Company has eliminated approximately $23 million of annualized costs from the business to date, achieving its previously-announced cost savings target of between $22 to $25 million. The Company incurred $1 million in restructuring and related charges associated with the Restructuring Plan, achieving its previously-announced associated charges target of between $1 million to $2 million. Regional operating loss decreased by 56% in Fiscal 2023 to $2.7 million, down $3.5 million as compared to Fiscal 2022. Loss and comprehensive loss decreased by 44% in Fiscal 2023 to $49.3 million, down $39.1 million as compared to Fiscal 2022, primarily due to the decrease in impairment loss incurred in Fiscal 2023 as compared to Fiscal 2022. The Company continued its roll-out of its Spravato® (esketamine nasal spray) offering at select treatment centers to diversify its offering to patients, including our first Spravato® "buy & bill" program which will allow us to further enhance our access to patients in specific markets that require this program offering compared to our current "administer and observe" programs. The Company has expanded its Spravato® offering to 82 treatment centers to date. The Company began a pilot program to roll-out the facilitation of medication management at select treatment centers. We believe this program will allow us 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. Bill Leonard, President and Chief Executive Officer of Greenbrook, commented: "We are pleased with the successful execution of the Restructuring Plan, which we believe provides a path to profitability once we are able to resume our investment in activities to support our revenue growth. We are excited to continue our roll-out of new treatment modalities, including our previously-announced medication management pilot and our newly-introduced 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, including talk therapy in January 2024, we believe we will be able to provide even greater access and quality of care to those suffering from MDD and other mental health disorders. We believe that mental health remains a key focus in the United States and the unmet demand for treatment remains at an all-time high. We continue to offer innovative solutions for this unmet need and our leadership position and nationwide footprint continues to serve as a valuable platform to bring the needed help to patients struggling with depression." SELECTED FISCAL 2023 FINANCIAL AND OPERATING RESULTS (1) Selected Financial Results (audited) ($) Fiscal 2023 Fiscal 2022 Total revenue 73,786,778 66,825,959 Regional operating loss (2,732,864) (6,281,165) Loss before income taxes (49,254,817) (88,305,928) Loss for the year and comprehensive loss (49,254,817) (88,305,928)    Loss attributable to the common     shareholders of Greenbrook (48,914,062) (87,671,116) Net loss per share (basic and diluted) (1.25) (3.77) _______ 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 December 31, As at December 31, (unaudited) 2023 2022 Number of active treatment centers(1) 130 183 Number of treatment centers-in-development(2) 0