Greenbrook Tms Inc (GBNH) 2023 Q1 法說會逐字稿

Welcome to the Greenbrook TMS Inc.'s fiscal year 2023 Q1 results conference call and webcast. (Operator Instructions) I would like to remind you that this conference call is being recorded today and is also being webcast on the company's website at www.greenbrooktms.com under the Investors section Events. (Operator Instructions)

歡迎參加 Greenbrook TMS Inc. 2023 財年第一季度業績電話會議和網絡廣播。 （操作員說明）我想提醒您，今天正在錄製本次電話會議，並且還在公司網站 www.greenbrooktms.com 的“投資者”部分“活動”下進行網絡直播。 （操作員說明）

This call contains forward-looking statements, which reflect the current expectations or beliefs of the company based on current available information. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the company to differ materially from those discussed in the forward-looking statements.

本次電話會議包含前瞻性陳述，反映了公司基於當前可用信息的當前期望或信念。前瞻性陳述受到許多風險和不確定性的影響，這些風險和不確定性可能導致公司的實際結果與前瞻性陳述中討論的結果存在重大差異。

Factors that could cause actual results or events to differ materially from current expectations are discussed in the Risk Factors section of the company's annual report on Form 20-F for the fiscal year ended December 31, 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 SEDAR, EDGAR, and on the company's website. Any forward-looking statement speak only as of the date on which it is made, and the company disclaims any intent or obligation to update any forward-looking statement unless required by law.

可能導致實際結果或事件與當前預期存在重大差異的因素在公司截至 2022 年 12 月 31 日的財年 20-F 表格年度報告的風險因素部分以及公司向加拿大稅務局提交的其他材料中進行了討論。證券監管機構和美國證券交易委員會不時提供這些信息，可在 SEDAR、EDGAR 和公司網站上查看。任何前瞻性聲明僅代表發布之日的情況，除非法律要求，否則公司不承擔任何更新任何前瞻性聲明的意圖或義務。

I would now like to turn the meeting over to Mr. Bill Leonard, President and Chief Executive Officer of Greenbrook TMS, and Erns Loubser, Chief Financial Officer. Go ahead, please, Mr. Leonard.

我現在請 Greenbrook TMS 總裁兼首席執行官 Bill Leonard 先生和首席財務官 Erns Loubser 主持會議。請繼續，倫納德先生。

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

謝謝你，喬安娜。感謝大家今天參加我們的電話會議和網絡廣播。

During Q1 2023, we're predominantly focused on the planning and execution of our comprehensive restructuring plan. We are very pleased with our progress to date, and our Q1 2023 results illustrate green shoots of significant progress made.

2023 年第一季度，我們主要關注全面重組計劃的規劃和執行。我們對迄今為止取得的進展感到非常滿意，2023 年第一季度的結果表明我們取得了重大進展。

The company returned to positive regional operating income, with significant cost reductions in respect of marketing and recurring corporate, general, and administrative expenses without proportionate corresponding impact on revenue. Revenue remained relatively steady quarter over quarter after adjusting for these typical seasonal factors of quarter one.

該公司恢復了正的區域營業收入，營銷和經常性公司、一般和管理費用方面的成本大幅降低，但對收入沒有相應的影響。在調整第一季度的這些典型季節性因素後，收入環比保持相對穩定。

We also made significant progress in respect of our EBITDA results, reducing adjusted EBITDA loss by 45% compared to Q4 2022, showing progress on our path to near-term profitability. We expect the restructuring plan will continue to allow us to rationalize our cost structure while further reducing business complexity, streamline our operating model, and drive operational efficiencies to improve our cash flows and ultimately achieve profitability in the future.

我們在 EBITDA 業績方面也取得了重大進展，與 2022 年第四季度相比，調整後 EBITDA 損失減少了 45%，這表明我們在實現短期盈利的道路上取得了進展。我們預計重組計劃將繼續使我們能夠合理化我們的成本結構，同時進一步降低業務複雜性，簡化我們的運營模式，並提高運營效率，以改善我們的現金流並最終在未來實現盈利。

Quarterly revenue increased by 52% to $19.9 million, up $6.8 million as compared to the first quarter of 2022, predominantly due to the completion of the Success TMS acquisition in the third quarter of 2022 and a strong performance in our mature regions as compared to Q1 2022. Patient starts and treatment volumes both increased by 57%, as compared to the comparative previous quarter.

季度收入增長 52%，達到 1,990 萬美元，較 2022 年第一季度增加 680 萬美元，這主要是由於 2022 年第三季度完成了 Success TMS 收購，以及我們在成熟地區的表現較第一季度強勁2022 年。與上一季度相比，患者開始數量和治療量均增加了 57%。

As I've mentioned, the company has made significant progress on its restructuring plan during quarter one 2023 by eliminating approximately $19 million of annualized costs from the business to date. The company will continue to focus on reducing expenses through the implementation of the restructuring plan. These savings are expected to fully reflected in late 2023 as the costs associated with executing these savings begin to dissipate. We believe the company is on track to achieve its previously announced target of $22 million to $25 million in cost reductions once the restructuring plan is fully implemented.

正如我所提到的，該公司在 2023 年第一季度的重組計劃上取得了重大進展，迄今為止消除了約 1900 萬美元的年度業務成本。公司將繼續致力於通過實施重組計劃來減少費用。隨著執行這些節省的相關成本開始消散，這些節省預計將在 2023 年末得到充分體現。我們相信，一旦重組計劃全面實施，該公司將有望實現之前宣布的 2200 萬至 2500 萬美元成本削減目標。

From a macro perspective, we have also seen some positive momentum in the payer criteria on the TMS side and including the use of non-physician practitioners to prescribe TMS. Although not immediately impacting our operational regions, it's a positive sign for the industry as a whole.

從宏觀角度來看，我們還看到了 TMS 方面付款人標準的一些積極勢頭，包括使用非醫師從業人員開 TMS 處方。儘管不會立即影響我們的運營區域，但這對整個行業來說是一個積極的信號。

On the Spravato side, we are excited about the continued rollout of this program to diversify our offering to patients. As of the date of this press release, the company has expanded its Spravato offering to 45 treatment centers.

在 Spravo 方面，我們對繼續推出該計劃感到興奮，以使我們為患者提供的服務多樣化。截至本新聞稿發布之日，該公司已將其 Spravo 服務擴展到 45 個治療中心。

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 the unmet need, and our leadership position and nationwide footprint continue to serve as a valuable platform to bring the needed help to patients struggling with depression.

心理健康仍然是美國的一個重點關注點，未得到滿足的治療需求仍然處於歷史最高水平。我們繼續為未滿足的需求提供創新的解決方案，我們的領導地位和全國足跡繼續作為一個有價值的平台，為抑鬱症患者提供所需的幫助。

At the end of Q1 2023, the company had a footprint of 162 treatment centers. As of today, we have reduced our operating footprint to 133 treatment centers as a result of this restructuring plan.

截至 2023 年第一季度末，該公司擁有 162 個治療中心。截至今天，由於這一重組計劃，我們的運營規模已減少至 133 個治療中心。

And now, for a more detailed review of the company's financial and operating performance, I will turn it over to our CFO, Erns Loubser.

現在，為了更詳細地審查公司的財務和運營業績，我將把它交給我們的首席財務官 Erns Loubser。

Thank you, Bill. As Bill mentioned, quarterly revenue increased by 52% to $19.9 million, up $6.8 million as compared to the first quarter of 2022, predominantly due to the completion of the acquisition of Success TMS in the third quarter of 2022 and strong performance in our mature regions as compared to Q1 2022. Patient starts and treatment volumes both increased by 57% to 2,854 and 92,533, respectively, as compared to Q1 2022.

謝謝你，比爾。正如 Bill 提到的，季度收入增長 52%，達到 1990 萬美元，比 2022 年第一季度增加 680 萬美元，這主要是由於 2022 年第三季度完成了對 Success TMS 的收購，以及我們成熟地區的強勁表現與 2022 年第一季度相比。與 2022 年第一季度相比，起始患者數和治療量均增加了 57%，分別達到 2,854 人和 92,533 人。

Average revenue per treatment decreased by 3% to $215 in Q1 2023, compared to Q1 2022. This decrease was primarily attributable to the change in payer mix and the geographical distribution of revenue.

與 2022 年第一季度相比，2023 年第一季度每次治療的平均收入下降了 3%，至 215 美元。這一下降主要歸因於付款人組合和收入地理分佈的變化。

Same-region sales growth was 26.8% in Q1 2023, as compared to 8.3% in Q1 2022. This was predominantly due to the strong performance in our mature regions paired with the weaker market conditions in the comparative prior period, where we were impacted by the Omicron COVID variant.

2023 年第一季度同地區銷售額增長率為 26.8%，而 2022 年第一季度為 8.3%。這主要是由於我們成熟地區的強勁表現以及上一時期市場狀況的疲弱，我們受到了Omicron 新冠病毒變種。

Q3 2021 (sic - Q1 2023) saw a return to entity-wide regional operating income. Regional operating income was $0.7 million during Q1 2023, as compared to a $1 million loss in Q1 2022. The increase was primarily due to the execution of the restructuring plan. We believe we will be able to continue to achieve near-term operational synergies through the restructuring plan, resulting in a significant reduction in direct center and regional costs, and further enhancements -- further enhancing regional operating income.

2021 年第三季度（原文如此 - 2023 年第一季度）整個實體的區域營業收入有所回升。 2023 年第一季度的地區營業收入為 70 萬美元，而 2022 年第一季度則虧損 100 萬美元。這一增長主要是由於重組計劃的執行。我們相信，通過重組計劃，我們將能夠繼續實現短期運營協同效應，從而大幅降低中心和區域的直接成本，並進一步增強——進一步提高區域運營收入。

Corporate G&A, excluding one-time costs and the revaluation of the conversion instruments, increased by 20% compared to Q1 2022 due to the Success TMS acquisition, but decreased by 15% compared to Q4 2022 as a result of the restructuring plan execution. We believe we can reduce the corporate G&A costs significantly as part of the restructuring plan.

由於收購了 Success TMS，企業一般管理費用（不包括一次性成本和轉換工具重估）較 2022 年第一季度增長了 20%，但由於執行重組計劃，較 2022 年第四季度下降了 15%。我們相信，作為重組計劃的一部分，我們可以大幅降低企業一般管理費用。

The loss for the period and comprehensive loss increased by 16% to $9.3 million during Q1 2023. The increase is predominantly due to the increase in interest expense arising from the additional equity and debt financing completed in Q1 2023. The increase in the depreciation as a result of the completion of the Success TMS acquisition in Q3 2022 and one-time costs associated with the execution of the restructuring plan, financing initiatives-related expenses, and the Success TMS-related integration expenses. This was partially offset by the revaluation of the conversion instruments.

2023 年第一季度，當期虧損和綜合虧損增加 16%，達到 930 萬美元。這一增長主要是由於 2023 年第一季度完成的額外股權和債務融資導致利息支出增加。 2022 年第三季度完成 Success TMS 收購的結果以及與執行重組計劃相關的一次性成本、融資計劃相關費用以及 Success TMS 相關整合費用。這被轉換工具的重估部分抵消。

From a balance sheet perspective, accounts receivable increased by $0.9 million to $14.8 million in Q1 2023, as compared to the end of Q4 2022. The increase in Q1 2023 as compared to Q4 2022 was primarily as a result of slower-than-anticipated collection activity even when considering the typical seasonal factor in our collection cycle. We believe that this -- we will benefit from the reversion to normalized levels in the second quarter -- the second and third quarter of fiscal 2023.

從資產負債表的角度來看，與 2022 年第四季度末相比，2023 年第一季度的應收賬款增加了 90 萬美元，達到 1,480 萬美元。與 2022 年第四季度相比，2023 年第一季度的增長主要是由於收款速度慢於預期即使考慮到我們收集週期中的典型季節性因素，活動也同樣如此。我們相信，我們將從第二季度（2023 財年第二和第三季度）恢復正常水平中受益。

Cash at the end of fiscal 2022 was $8.05 million, including restricted cash.

2022 財年末的現金為 805 萬美元，其中包括限制性現金。

Moving to our core operating metrics. As of the end of Q1 2023, the total treatment centers increased by 9% to 162 from 148 a year ago. As mentioned previously, subsequent to the execution of the restructuring plan, we will be operating 133 treatment centers. Compared to Q1 2022, the number of consultations performed increased by 128% to 7,975, while the number of new patient starts increased by 57% to 2,854, and the number of treatments performed increased by 57% to 92,533.

轉向我們的核心運營指標。截至 2023 年第一季度末，治療中心總數從一年前的 148 個增加到 162 個，增長了 9%。如前所述，重組計劃執行後，我們將運營 133 個治療中心。與 2022 年第一季度相比，諮詢次數增加了 128% 至 7,975 人次，新患者數量增加了 57% 至 2,854 人次，治療次數增加了 57% 至 92,533 人次。

These increases were predominantly due to the completion of the Success TMS acquisition and strong performance in our mature regions as compared to Q1 2022, as I previously mentioned. We believe that devoting more resources and focus to our best performing centers through the restructuring plan and robust growth of the Spravato program will be a catalyst for future revenue growth despite the reduction in centers.

正如我之前提到的，這些增長主要是由於 Success TMS 收購的完成以及我們成熟地區與 2022 年第一季度相比的強勁表現。我們相信，儘管中心數量有所減少，但通過重組計劃和 Spravato 計劃的強勁增長，投入更多資源並專注於表現最佳的中心，將成為未來收入增長的催化劑。

Back to you, Bill.

回到你身上，比爾。

Thanks, Erns. We're very pleased that our focus on the execution of our comprehensive restructuring plan has already yielded early positive results, including the return to entity-wide regional operating income. We believe that we are now well positioned to reduce the business cost structure sufficiently to operate profitably.

謝謝，厄恩斯。我們非常高興的是，我們對全面重組計劃執行的關注已經取得了早期積極成果，包括恢復了整個實體的區域營業收入。我們相信，我們現在處於有利地位，可以充分降低業務成本結構，實現盈利。

As we continue to implement the restructuring plan, we believe that mental health remains a key focus in the United States, and the unmet demand for the treatment remains an all-time high. We continue to offer innovative solutions for this unmet need, and our leadership position and nationwide footprint continue to serve as a valuable platform to bring the needed help to patients struggling with depression.

隨著我們繼續實施重組計劃，我們認為心理健康仍然是美國的一個重點關注點，而未滿足的治療需求仍然處於歷史最高水平。我們繼續為這一未滿足的需求提供創新的解決方案，我們的領導地位和全國足跡繼續作為一個有價值的平台，為抑鬱症患者提供所需的幫助。

As always, I would like to take a moment to thank our amazing team. We're extremely proud of them as they continue to deliver the highest levels of care. Most importantly, we know that we're making a difference. We have now treated over 32,000 patients, with more than 1.2 million treatments performed.

一如既往，我想花點時間感謝我們出色的團隊。我們為他們感到非常自豪，因為他們繼續提供最高水平的護理。最重要的是，我們知道我們正在做出改變。目前，我們已經治療了超過 32,000 名患者，進行了超過 120 萬次治療。

We are having a significant positive impact on the lives of so many people suffering from mental health disorders. We look forward to keeping you updated on the progress of the company. Thank you for your time today.

我們正在對許多患有精神健康障礙的人的生活產生重大的積極影響。我們期待向您通報公司的最新進展。感謝您今天抽出時間。

And with that, Joanna, we will now take questions.

喬安娜，我們現在開始提問。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作員指令）Frank Takkinen，湖街資本市場。

Great. Thanks for taking my questions, and congrats on your progress. Bill, I was hoping you could start with, one, taking us a little bit deeper into the Neuronetics partnership.

偉大的。感謝您提出我的問題，並祝賀您取得的進步。比爾，我希望你能首先帶我們更深入地了解神經論合作夥伴關係。

How are you and Neuronetics working together and what is the intended or expected benefit to the partnership? And then, maybe if you can touch on, if you're seeing any of that to come to fruition early in Q1 if that was, at all, a driver of the performance.

您和 Neuronetics 如何合作？這種合作關係的預期或預期利益是什麼？然後，也許您可以談談，如果您看到其中任何一個在第一季度初期實現，如果這確實是業績的驅動因素的話。

Yeah. Thanks, Frank. Obviously, we've been long-term leaders in this industry, since both companies started back in the day. The relationship has never been better. We're both aligned and understand we are driven to provide care for patients really suffering from depression.

是的。謝謝，弗蘭克。顯然，自從兩家公司成立以來，我們一直是這個行業的長期領導者。我們的關係從未如此好過。我們一致同意並理解我們有動力為真正患有抑鬱症的患者提供護理。

What I'm seeing now is positive responses from both senior field management in working closely with Neuronetics to really increase our ability to treat more patients and do more MTs. Keith and I continue to work closely together to enhance the industry and to grow the business. I believe there's opportunities for our team to work closer with them in the field in terms of identifying potential doctors, potential referral sources. Obviously, they've started NeuroStar University in Charlotte, and our group has access to them.

我現在看到的是兩位高級現場管理人員與 Neuronetics 密切合作的積極回應，以真正提高我們治療更多患者和進行更多 MT 的能力。 Keith 和我繼續密切合作，以提升行業水平並發展業務。我相信我們的團隊有機會與他們在該領域進行更密切的合作，以確定潛在的醫生和潛在的轉診來源。顯然，他們已經在夏洛特建立了 NeuroStar 大學，我們的團隊可以訪問它們。

But I love the dialogue taking place between the senior management level. I think Keith and I can really begin to focus on some strategic opportunities along with the payers itself, creating more access to care in terms of expanding the ability for providers and also continue to push down that criteria to allow people to get into TMS.

但我喜歡高級管理層之間的對話。我認為基思和我真的可以開始與付款人一起關註一些戰略機會，在擴大提供者能力方面創造更多獲得護理的機會，並繼續降低這一標準，以允許人們進入 TMS。

So right now, opportunities exist there, and opportunities exist on the marketing side as we're both spending money. And I think we can streamline that to really focus on effective ways of generating patient opportunities for both companies. So I'm really pleased with the partnership as it exists today.

所以現在，機會存在，營銷方面也存在機會，因為我們都在花錢。我認為我們可以簡化流程，真正專注於為兩家公司創造患者機會的有效方法。因此，我對今天的合作夥伴關係感到非常滿意。

Got it. That's great color. And then, maybe just for my second one for Erns, a two-parter on the financials. Can you tease out what portion of the $19.9 million of revenue in Q1 was from the 133 existing centers that are still operating today? And then, maybe just walk us through what -- where we expect to see the biggest stepdown in expenses over Q2 and Q3 as these cost savings are reflected in the model.

知道了。那顏色真棒。然後，也許只是我為厄恩斯（Erns）寫的第二篇文章，關於財務方面的兩方合作。您能否弄清楚第一季度 1990 萬美元收入中的哪一部分來自目前仍在運營的 133 個現有中心？然後，也許只是讓我們了解一下——我們預計第二季度和第三季度的費用將出現最大下降，因為這些成本節約反映在模型中。

Yeah, absolutely. So as it relates to the revenue piece, all intensive purposes, the centers -- we wound down those centers during Q1. So the majority of the revenue generated in -- the vast majority of the revenue generated in Q1 came from the remaining centers. And what we're seeing going into April is stability in daily treatments. So we haven't seen degradation as it relates to the revenue that was generated by the centers closed. So the focus in management and the transfer of patients has yielded results.

是的，絕對是。因此，由於它與收入部分、所有密集用途、中心有關，我們在第一季度關閉了這些中心。因此，第一季度產生的大部分收入來自其餘中心。進入四月份我們看到的是日常治療的穩定性。因此，我們沒有看到退化，因為這與關閉中心產生的收入有關。所以，重點管理和病人轉移已經取得了成效。

From a cost side perspective, as you can see, if you compare Q4 over Q1, a very significant drop in other regional incentive support costs, predominantly driven by the marketing expense. And as I alluded to, the corporate G&A came down, on a recurring basis, more than 15%. And we'll continue to see a downward trajectory on both of those line items.

從成本方面的角度來看，如您所見，如果將第四季度與第一季度進行比較，其他區域激勵支持成本將大幅下降，這主要是由營銷費用推動的。正如我提到的，公司 G&A 經常性下降超過 15%。我們將繼續看到這兩個項目的下降軌跡。

So we -- that's where we're going to see the biggest cost savings, essentially, a revenue ramp without a proportional increase in costs. And as I mentioned previously on our calls, we're targeting a 55% margin after direct center and patient care costs. And ultimately, our mature regions does a 30% margin -- regional operating income margin. So we want to see a gradual reversion to that over the next few years.

因此，我們將在這方面看到最大的成本節省，本質上是在成本不成比例增加的情況下實現收入增長。正如我之前在電話會議中提到的，扣除直接中心和患者護理費用後，我們的目標是實現 55% 的利潤率。最終，我們的成熟區域實現了 30% 的利潤率——區域營業收入利潤率。因此，我們希望看到未來幾年逐步恢復到這一狀態。

Does that answer your question, Frank?

這能回答你的問題嗎，弗蘭克？

Yes, that's perfect. I'll stop there. Thanks for taking the questions.

是的，那就完美了。我就到此為止。感謝您提出問題。

David Martin, Bloom Burton.

大衛·馬丁，布魯姆·伯頓。

Yeah. So first one, did you say you hope to get to those margins in the next few years or the next few quarters?

是的。那麼第一個問題，您是否表示希望在未來幾年或接下來的幾個季度達到這些利潤？

So in terms of the -- we won't get to 30% in the next few quarters. But like we said, we went from the comparative prior year period, $1 million loss in regional operating income to generating about 5% regional operating income. We want to scale that into the mid -- low to mid-20s% going into -- through 2023, and then, as we go into 2024, hit that target margin of 30%.

因此，就未來幾個季度我們不會達到 30% 而言。但正如我們所說，我們從上年同期區域營業收入損失 100 萬美元變為產生約 5% 的區域營業收入。我們希望將這一目標擴展到 2023 年中期（低至 20% 左右），然後在進入 2024 年時達到 30% 的目標利潤率。

Okay. So once all the steps have been taken in the restructuring and the restructuring costs are out, where do you think your corporate G&A expense is going to level out and your other regional incentive support costs are going to level out?

好的。因此，一旦重組中採取了所有步驟並且重組成本結束後，您認為您的公司一般管理費用將在哪裡趨於平衡，而您的其他區域激勵支持成本將趨於平衡？

So other regional centers support costs will probably level out at -- there's -- marketing is in other regional incentive support costs. So you have to bear in mind, as you're ramping revenue, there's a variable element to that. But if we look at the near term, we -- Q1 was about $5 million; we want to keep that consistent and ramp revenues. That's going to be in a working between increasing marketing spending -- spend a little bit and reducing the regional personnel expenses significantly.

因此，其他區域中心的支持成本可能會與營銷其他區域激勵支持成本持平。所以你必須記住，當你增加收入時，其中存在一個可變因素。但如果我們著眼於近期，我們——第一季度約為 500 萬美元；我們希望保持這種一致性並增加收入。這將是在增加營銷支出（花一點錢）和大幅減少區域人員支出之間進行的。

From a corp G&A side, we, on a recurring basis, are about -- at about $6 million. And we want to get that down to about -- between the $4 million and $4.5 million going into 2024.

從公司 G&A 方面來看，我們的經常性支出約為 600 萬美元。我們希望到 2024 年將其減少到 400 萬美元到 450 萬美元之間。

Okay, great. Second question, your direct center and patient care costs were about $126 per treatment this quarter. They have been as low as in the $107 per treatment range in third and fourth quarter last year. I'm wondering why the jump. And do you expect this to go down moving forward or to be up in this $126 range?

好的，太好了。第二個問題，本季度每次治療的直接中心和患者護理費用約為 126 美元。去年第三和第四季度，每次治療的價格已低至 107 美元。我就想知道為什麼要跳您預計該價格會在 126 美元的範圍內繼續下跌還是上漲？

That's a very good question. So there's a little bit of an accounting anomaly. As you know, we switched the Neuronetics master services agreement. We had a fixed fee arrangement on some of the Success TMS devices, NeuroStar devices, and we swapped that to a per-click fee. So it was a reallocation of where we recognize that as expense.

這是一個非常好的問題。所以會計上有一點異常。如您所知，我們更換了 Neuronetics 主服務協議。我們對一些 Success TMS 設備、NeuroStar 設備採取了固定費用安排，並將其改為按點擊付費。因此，這是對我們將其視為費用的地方進行了重新分配。

So that's why you've seen a growth from Q4 to Q1 in direct center and patient care costs. So that's the anomaly there. If you want to get a sense of where that's going to be going forward, once again, as I said, we want that cost line item to be about 45%, in the near term, of top line, essentially generating a 55% direct center operating margin.

這就是為什麼您看到直接中心和患者護理成本從第四季度到第一季度有所增長。這就是那裡的異常情況。如果你想了解未來的發展方向，正如我所說，我們希望該成本項目在短期內佔營收的 45% 左右，基本上產生 55% 的直接收益中心營業利潤率。

Okay. Is wage inflation any part of that increase? And is lower capacity utilization in the first quarter also part of it as you move through the quarters? And as you typically see capacity utilization go up, will that drop per treatment?

好的。工資上漲是否是增長的一部分？隨著季度的推移，第一季度產能利用率較低是否也是原因之一？正如您通常看到的容量利用率上升一樣，每次治療的容量利用率會下降嗎？

Absolutely. So in terms of the first quarter, we haven't fully obviously executed the restructuring plan. And although there's variable costs in the direct center and patient care cost line item, there's also fixed costs and staffing fixed costs. So we'll see those as we scale up and utilize -- utilization goes up, we'll see that drop as a percentage of revenue.

絕對地。所以從第一季度來看，我們顯然還沒有完全執行重組計劃。儘管直接中心和患者護理成本項目中有可變成本，但也有固定成本和人員固定成本。因此，當我們擴大規模和利用利用率時，我們會看到這些——利用率上升，我們會看到利用率佔收入的百分比下降。

Okay, thanks. That's it from me.

好的謝謝。這就是我說的。

Thanks, David.

謝謝，大衛。

(Operator Instructions) Justin Keywood, Stifel.

（操作員說明）Justin Keywood，Stifel。

Hi, good morning. Thanks for taking my call. Erns, can you speak to the liquidity position of the company? And does the current cash position enable the business to proceed through the restructuring and into profitability?

早上好。感謝您接聽我的電話。 Erns，您能談談公司的流動性狀況嗎？目前的現金狀況是否能讓企業進行重組並實現盈利？

So as we've outlined in our financials, we are in various discussions in terms of shoring up our balance sheet a little bit to execute the restructuring plan. There is a need for additional capital at the moment, and we've got a lot of interest. And we've obviously also got a very supportive lender in Madryn, which is also an equity holder, and insiders.

因此，正如我們在財務數據中概述的那樣，我們正在進行各種討論，以稍微支撐我們的資產負債表以執行重組計劃。目前需要額外的資金，而且我們對此很感興趣。顯然，我們在 Madryn 也得到了非常支持的貸款人，它也是股東和內部人士。

The accounts payable reduced in the current quarter. The accounts receivable increased slightly. Any risk in that accounts receivable dragging on as far as number of days?

本季度應付賬款減少。應收賬款略有增加。應收賬款拖欠天數是否存在風險？

Really good question. As I said, we experienced even -- you have a seasonal factor as it relates to collections. In Q1, typically, you see a little bit of a slowdown, but even justice for that, we saw some slower collections. We benchmark that against other healthcare services companies, and there was a global macro impact in terms of payers paying a little bit slower.

真是個好問題。正如我所說，我們甚至經歷過——與系列相關的季節性因素。在第一季度，通常情況下，您會看到一點點放緩，但即使公平地說，我們也看到了一些較慢的收集速度。我們將其與其他醫療服務公司進行了比較，結果發現，付款人支付速度稍慢，這對全球宏觀經濟產生了影響。

We've seen a very good reversion in March, and we're hoping that that will continue. So I don't think the accounts receivable is at risk. As it relates to accounts payable, obviously, that coming down has a lot to do with the conversion of the Neuronetics notes and as we raise additional funding, catching up on -- with payment plans with vendors -- with key vendors.

我們在三月份看到了非常好的回歸，我們希望這種情況能夠持續下去。所以我認為應收賬款不存在風險。由於它與應付賬款相關，顯然，這種下降與 Neuronetics 票據的轉換有很大關係，並且隨著我們籌集額外資金，趕上 - 與供應商的付款計劃 - 與主要供應商。

Thank you. And a question for Bill. In your opening remarks, I believe you mentioned Spravato expanding to 45 clinics, which, I think, is a pretty big jump from last quarter. If you can just describe the rationale for that expansion. What has been the uptake and how the Spravato offering will continue going forward as for TMS?

謝謝。還有一個問題要問比爾。在您的開場白中，我相信您提到了 Spravo 擴展到 45 家診所，我認為這比上季度有了很大的增長。如果您能描述一下擴展的理由。就 TMS 而言，Spravoto 產品的採用情況如何以及將如何繼續發展？

Yeah. Thanks, Jus. As we said on earlier calls, we're going to continue to ramp Spravato. I think on my last call, I said we'd like to get to at least north of 70 locations this year by the end of the year. It again expands on our platform, creating great utilization at the center level with our doctors and staff, not to mention being able to access additional patients that are not responding to TMS or further down the line on depression.

是的。謝謝，尤斯。正如我們在之前的電話會議中所說，我們將繼續擴大 Spravo 的規模。我想在我上次打電話時，我說過我們希望在今年年底之前至少覆蓋 70 個以上的地點。它再次擴展了我們的平台，為我們的醫生和工作人員在中心層面創造了巨大的利用率，更不用說能夠接觸到對 TMS 沒有反應或進一步治療抑鬱症的其他患者。

So we love what we're seeing from Spravato in terms of its complementary relationship with TMS. We have scenarios where that TMS patient did not respond, and we're putting them in Spravato. And then, we have situations where the Spravato patient is now ready, they're at baseline, and moving to TMS.

因此，我們很喜歡 Spravo 與 TMS 的互補關係。我們遇到了 TMS 患者沒有反應的情況，我們將他們置於 Spravo 中。然後，我們會遇到這樣的情況：Spravo 患者現在已準備就緒，他們處於基線狀態，並正在轉向 TMS。

So as part of our discussion, we never entered this business to be just TMS. We really want to capitalize on a center-based offering for those patients who failed drug therapy and -- at their individual doctor's office. So for us, one-day psychedelics maybe, but for now, we really like the expansion to Spravato and TMS and the ability to give patients a treatment that makes sense based on our doctor's recommendation. So we'll continue to see the expansion of Spravato.

因此，作為我們討論的一部分，我們進入這個行業從來不是僅僅為了 TMS。我們確實希望利用以中心為基礎的服務，為那些藥物治療失敗的患者提供服務，並在他們的個人醫生辦公室提供服務。因此，對我們來說，也許是一日迷幻藥，但就目前而言，我們真的很喜歡 Spravo 和 TMS 的擴展，以及能夠根據醫生的建議為患者提供有意義的治療。因此，我們將繼續看到 Spravo 的擴張。

Thank you. The Spravato in the current quarter has a percentage of total revenue, do you have that?

謝謝。本季度Spravo佔總收入的百分比，你有嗎？

Yeah. I think Spravato was north of 10% on our current revenues, up from last year, just based on the fact that we had more centers existing from day 1 of 2023, compared to the staggered approach of 2022. And we do expect to see Spravato north of 10% of our revenue this year.

是的。我認為，與 2022 年的交錯方式相比，我們從 2023 年第一天起就有了更多的中心，而我們目前的收入比去年增加了 10% 以上。我們確實希望看到 Spravato超過我們今年收入的 10%。

Thank you.

謝謝。

Thank you. At this time, there are no further questions. You may proceed.

謝謝。目前，沒有其他問題了。您可以繼續。

Appreciate everyone's questions and a chance to listen in. We can look forward to updating you on our next call with -- we hope to have more progress for you, and we'll see you again in the summertime. Enjoy your summer, and thanks for participating today.

感謝每個人的提問和傾聽的機會。我們期待在下次通話中向您通報最新情況——我們希望您能取得更多進展，我們將在夏季再次見到您。祝你夏天愉快，感謝您今天的參與。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。