Greenbrook Tms Inc (GBNH) 2023 Q2 法說會逐字稿

Welcome to the Greenbrook TMS Inc., fiscal year 2023 Q2 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.

歡迎參加 Greenbrook TMS Inc. 2023 財年第二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。

After the speakers' remarks, there will be a question-and-answer session. Analysts and investors are reminded that any additional questions can be directed to the company at investorrelations@greenbroooktms.com.

演講者發言後，將進行問答環節。分析師和投資者請注意，如有任何其他問題，可通過investorrelations@greenbroooktms.com直接向該公司提出。

This call contains forward-looking statements which reflect the current expectations or beliefs of the company based on currently 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 the company's website. Any forward-looking statement speaks 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發布的信息，可在 SEDAR、EDGAR 和公司網站上查看。任何前瞻性聲明僅代表發布當日的情況，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 Bill Leonard, President and Chief Executive Officer of Greenbrook TMS; and Erns Loubser, Chief Financial Officer. Please go ahead, Mr. Leonard.

現在我想將會議交給 Greenbrook TMS 總裁兼首席執行官 Bill Leonard；和首席財務官 Erns Loubser。請繼續，倫納德先生。

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

謝謝你，米歇爾。感謝大家今天參加我們的電話會議和網絡廣播。

During Q2 2023, we continued to focus on the execution of our restructuring plan, and we were very pleased with our progress to date. The company has now effectively stabilized its cost structure, with a headcount reduction of 145 employees amounting to approximately $11 million in annualized savings. Furthermore, the rationalization of the marketing spend, the extinguishment of lease liabilities, and a reduction of other recurring corporate general and administrative expenses has effectively removed $10 million in annualized costs as compared to Q4 2022, with a total of approximately $21 million annualized cost saving from the business to date.

2023 年第二季度，我們繼續專注於重組計劃的執行，我們對迄今為止的進展感到非常滿意。該公司現已有效穩定其成本結構，裁員 145 名，每年節省約 1100 萬美元。此外，與2022 年第四季度相比，營銷支出的合理化、租賃負債的消除以及其他經常性公司一般和管理費用的減少已有效消除了1000 萬美元的年化成本，總共節省了約2100 萬美元的年化成本從創業至今。

Revenue in Q2 2023 and year to date 2023 increased by 29% to $18.3 million and by 40% to $38.3 million, respectively, predominately due to the Success TMS acquisition that was completed in July 2022. Q2 2023 revenue provided resilient at approximately 87% of the total quarterly revenue achieved in Q4 2022 despite the closure of 50 treatment centers in connection with the restructuring plan and a significantly reduced marketing spend.

2023 年第二季度和2023 年迄今的收入分別增長29% 至1830 萬美元和40% 至3830 萬美元，這主要是由於2022 年7 月完成的Success TMS 收購。2023 年第二季度的收入提供了彈性，約為87%儘管因重組計劃而關閉了 50 個治療中心並且營銷支出大幅減少，但 2022 年第四季度實現的季度總收入仍低於預期。

The lack of investment in marketing and general liquidity constraints prohibited any meaningful patient outreach year to date, and this significantly impacted the revenue we were able to generate in Q2 2023. Despite this, our base level post-restructuring quarterly revenue proved to be very encouraging as it was achieved without any meaningful marketing investment. This presents a significant opportunity to build on the base revenue for a clear path to profitability.

營銷投資的缺乏和普遍的流動性限制阻礙了今年迄今為止任何有意義的患者外展，這極大地影響了我們在2023 年第二季度能夠產生的收入。儘管如此，我們的重組後季度收入的基本水平被證明是非常令人鼓舞的因為它是在沒有任何有意義的營銷投資的情況下實現的。這提供了一個重要的機會，可以在基本收入的基礎上建立清晰的盈利途徑。

We believe a measured investment in our refined marketing strategy will enhance our TMS business and the continued rollout of Spravato program, including the launch of buy and bill. It paints a clear and realistic path to profitability, especially in context of our newly rationalized cost structure. We have also commenced the rollout of a medication management program as an additional revenue stream and a mechanism to build an internal patient pipeline, which we expect to yield results in the longer run. We have also now strengthened our balance sheet through recent financing transactions with our supportive insiders and lender and expect to see continued access to capital to drive us to self-sufficiency.

我們相信，對精細化營銷策略的謹慎投資將增強我們的 TMS 業務以及 Spravo 計劃的持續推出，包括推出購買和賬單服務。它描繪了一條清晰而現實的盈利之路，特別是在我們新近合理化的成本結構的背景下。我們還開始推出藥物管理計劃，作為額外的收入來源和建立內部患者渠道的機制，我們預計從長遠來看會產生成果。我們現在還通過最近與支持我們的內部人士和貸方進行的融資交易加強了我們的資產負債表，並期望繼續獲得資本來推動我們實現自給自足。

On the strategic partnership side, we continue to work with Neuronetics's leadership closely at various levels to implement a mutually beneficial strategy as it relates enhancing TMS awareness, expanding patient access to care, and effectively redeploying systems for recently closed treatment centers. Additionally, key operators have attended NeuroStar University in an effort to leverage a strong education and training program to better service our patients. Although the costs associated with the restructuring plan have been substantially executed, the full benefit will only reflect in the second half of the year, as we expect our new operating structure will continue to allow us to rationalize costs while further reducing business complexity, streamline our operating model, and drive operational efficiencies.

在戰略合作夥伴關係方面，我們繼續與Neuronetics 的各級領導層密切合作，實施互惠互利的戰略，因為它涉及提高TMS 意識、擴大患者獲得護理的機會以及為最近關閉的治療中心有效地重新部署系統。此外，主要操作員都參加了 NeuroStar 大學，努力利用強大的教育和培訓計劃更好地為我們的患者服務。儘管與重組計劃相關的成本已基本執行，但全部效益只能在下半年體現，因為我們預計新的運營結構將繼續使我們能夠合理化成本，同時進一步降低業務複雜性，精簡我們的業務流程。運營模式，提高運營效率。

We believe that the mental health remains a key focus in the Unites States and the unmet demand for treatment remains at all-time high, with our network of treatment centers well-positioned to serve this unmet demand. We believe our business fundamentals are stronger than ever with the growth of Spravato program, the opportunity to increase marketing investment in our streamlined business, the introduction of med management, and the potential future of opportunities, including psychedelics.

我們相信，心理健康仍然是美國的一個重點關注點，未滿足的治療需求仍然處於歷史最高水平，我們的治療中心網絡能夠很好地滿足這一未滿足的需求。我們相信，隨著 Spravato 計劃的發展、我們精簡業務中增加營銷投資的機會、醫療管理的引入以及包括迷幻藥在內的潛在未來機會，我們的業務基礎比以往任何時候都更加強大。

At the end of Q2 2023, the company had a footprint of 133 treatment centers. As of today, we have 50 treatment centers offering Spravato, and we expect to have 70 to 80 treatment centers offering Spravato by the end of the year through an accelerated rollout plan.

截至 2023 年第二季度末，該公司擁有 133 個治療中心。截至目前，我們有 50 個治療中心提供 Spravo，預計通過加速推出計劃，到今年年底將有 70 至 80 個治療中心提供 Spravo。

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, revenue in Q2 2023 and year to date 2023 increased by 29% to $18.3 million and by 40% to $38.3 million, respectively, predominantly due to the Success TMS acquisition that was completed in July 2022. Furthermore, Q2 2023 revenue proved resilience at approximately 87% of the total quarterly revenue achieved in Q4 2022, despite the closure of 50 treatment centers in connection with the restructuring plan and a significantly reduced marketing spend. The marketing spend in Q2 2023 represented less than 10% of the marketing spend in Q4 2022.

謝謝你，比爾。正如Bill 提到的，2023 年第二季度和2023 年迄今的收入分別增長29% 至1830 萬美元和40% 至3830 萬美元，這主要是由於2022 年7 月完成的Success TMS 收購。此外，2023年第二季度的收入證明儘管因重組計劃而關閉了 50 個治療中心並且營銷支出大幅減少，但 2022 年第四季度實現的季度總收入的約 87% 仍具有韌性。 2023 年第二季度的營銷支出僅佔 2022 年第四季度營銷支出的不到 10%。

Average revenue per treatment decreased by 2% to $224 in Q2 2023, a decrease by 3% to $219 in year to date 2023. This decrease was primarily attributable to change in pay mix and the geographical distribution of revenue.

2023 年第二季度，每次治療的平均收入下降2%，至224 美元，2023 年迄今，每次治療的平均收入下降3%，至219 美元。這一下降主要歸因於薪酬組合和收入地理分佈的變化。

Despite lower revenue levels in Q2 2023, we continued to generate positive entity-wide regional operating income as a result of the significant cost reductions implemented in connection with the restructuring plan. The company has now effectively stabilized its cost structure, with a headcount reduction of 145 employees amounting to approximately $11 million in annualized savings.

儘管 2023 年第二季度收入水平較低，但由於重組計劃實施了大幅成本削減，我們繼續在整個實體範圍內產生積極的區域營業收入。該公司現已有效穩定其成本結構，裁員 145 名，每年節省約 1100 萬美元。

Furthermore, the rest of the rationalization of marketing spend, extinguishment of lease liabilities, and the reduction of other recurring corporate G&A has effectively removed $10 million in annualized cost saving as compared to Q4 2022. That totals $21 million in annualized cost savings achieved to date.

此外，與2022 年第四季度相比，營銷支出的其餘合理化、租賃負債的取消以及其他經常性企業G&A 的減少實際上節省了1,000 萬美元的年化成本。迄今為止，總共實現了2,100 萬美元的年化成本節省。

Globally, direct center and regional costs increased by 27% to $18.1 million during Q2 2023 compared to Q2 2023, but, more importantly, decreased 18% compared to Q4 2022 due to the reduction in headcount, rationalization of marketing spend, and a reduction in other direct expenses resulting from execution of the restructuring plan.

在全球範圍內，與2023 年第二季度相比，2023 年第二季度的直接中心和區域成本增加了27%，達到1810 萬美元，但更重要的是，由於人員數量減少、營銷支出合理化以及成本減少，與2022 年第四季度相比下降了18%。因實施重組方案而發生的其他直接費用。

Furthermore, Q2 2023 other regional and center support costs decreased 11% as compared to Q2 2022 and 50% compared to Q4 2022, also evidencing efficiencies gained through our condensed regional footprint post-restructuring. Given the ongoing nature of the restructuring plan execution, the reduction-associated costs were only partially reflected in Q2 2023, but will be fully realized by the end of fiscal 2023.

此外，與2022 年第二季度相比，2023 年第二季度其他區域和中心支持成本下降了11%，與2022 年第四季度相比下降了50%，這也證明了通過重組後我們壓縮區域足跡所獲得的效率。鑑於重組計劃執行的持續性，相關成本削減僅部分反映在 2023 年第二季度，但將在 2023 財年底完全實現。

Regional operating income was $0.2 million during Q2 2023 as compared to $0.1 million loss in Q2 2022 and $1 million regional operating income during year to date 2023, as compared to a regional operating loss of $1.1 million during the year to date 2022 as a result of the significant cost reductions previously described.

2023 年第二季度的區域運營收入為20 萬美元，而2022 年第二季度的區域運營收入為10 萬美元，2023 年至今的區域運營收入為100 萬美元，而2022 年至今的區域運營虧損為110 萬美元，原因是前面描述的顯著成本降低。

Corporate G&A, excluding one-time costs and the revaluation of conversion instruments, increased 25% compared to Q2 2022 and increased by 23% as compared to year to date 2023, predominately due to the Success TMS acquisition. More importantly, we have seen a 14% decrease compared to Q4 2022 as a result of the restructuring plan. We believe we can continue to reduce corporate G&A costs as part of the restructuring plan.

企業一般管理費用（不包括一次性成本和轉換工具重估）與 2022 年第二季度相比增長了 25%，與 2023 年迄今相比增長了 23%，這主要是由於收購了 Success TMS。更重要的是，由於重組計劃，我們發現與 2022 年第四季度相比下降了 14%。我們相信，作為重組計劃的一部分，我們可以繼續降低企業一般管理費用。

The loss for the period and comprehensive loss increased 68% in Q2 2023 to $12.3 million, up $4.9 million as compared to Q2 2022, and increased by 41% to $21.6 million for year to date 2023, up $6.2 million as compared to year to date 2022. The increases are predominantly due to the increase in interest expense arising from the additional debt financings completed in Q1 2023, the increase in share-based compensation expense, the increased costs and depreciation as a result of the completion of the Success TMS acquisition in Q2 2022, and one-time costs partially offset by the revaluation of conversion instruments.

2023 年第二季度的期間虧損和綜合虧損增加了68%，達到1230 萬美元，比2022 年第二季度增加了490 萬美元，2023 年迄今增加了41%，達到2160 萬美元，比年初至今增加了620 萬美元2022 年增長的主要原因是 2023 年第一季度完成的額外債務融資引起的利息費用增加、股權激勵費用增加、以及由於 2022 年完成對 Success TMS 的收購而導致的成本和折舊增加。 2022 年第二季度，一次性成本被轉換工具的重估部分抵消。

From a balance sheet perspective, accounts receivable remains fairly stable as we have optimized our RCM function and now effectively generate cash revenue as our collection cycles shortened. Cash at the end of Q2 2023 was $2.1 million, including restricted cash.

從資產負債表的角度來看，應收賬款保持相當穩定，因為我們優化了 RCM 功能，並且隨著收款週期的縮短，現在有效地產生了現金收入。截至 2023 年第二季度末的現金為 210 萬美元，包括限制性現金。

Subsequent to Q2 2023, the company secured $5 million of debt financing from Greybrook Health and Madryn. These financing transactions have enhanced our liquidity position. With secured access to further capital, we can continue to execute on our restructuring plan with the objective to achieve profitability. We remain confident in our ability to access capital to move to a self-sustaining business. Now more than ever, we believe we have a concretely defined pathway to profitability with a stable cost base as Bill described earlier.

2023 年第二季度後，該公司從 Greybrook Health 和 Madryn 獲得了 500 萬美元的債務融資。這些融資交易增強了我們的流動性狀況。通過獲得更多資金，我們可以繼續執行重組計劃，以實現盈利。我們對獲得資金以發展自給自足業務的能力仍然充滿信心。現在，我們比以往任何時候都更加相信，我們擁有一條具體明確的盈利途徑，並且具有穩定的成本基礎，正如比爾之前所描​​述的那樣。

Moving to our core operating metrics. As at the end of Q2 2023, the total treatment centers decreased by 8% to 133 from 144 a year ago. Compared to Q2 2022, the number of consultations performed increased by 130% to 9,924, while the number of new patient starts increased by 46% to 2,647 and the number of treatments performed increased 32% to 81,855.

轉向我們的核心運營指標。截至 2023 年第二季度末，治療中心總數從一年前的 144 個減少至 133 個，減少 8%。與 2022 年第二季度相比，諮詢次數增加了 130% 至 9,924 人次，新患者數量增加了 46% 至 2,647 人次，治療次數增加了 32% 至 81,855 人次。

Compared to year to date 2022, the number of consultations performed increased 129% to 17,899, while the number of new patient starts increased by 52% to 5,501 and the number of treatments performed increased by 44% to 174,388. These increases were predominantly due to the completion of the Success TMS acquisitions and strong performance in our mature regions as compared to Q2 2022 and year to date as I previously mentioned.

與 2022 年迄今相比，諮詢次數增加了 129%，達到 17,899 人次，新患者數量增加了 52%，達到 5,501 人，治療次數增加了 44%，達到 174,388 人次。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 年第二季度和年初至今相比的強勁表現。

We believe that devoting more resources and focus to our best performing centers through the restructuring plan will increase conversions. This, paired with a measured approach to increase marketing, will boost our core TMS business, and continuous strong growth of our Spravato program will be a catalyst for future revenue growth despite the reduction in incentives.

我們相信，通過重組計劃投入更多資源並專注於我們表現最好的中心將提高轉化率。這與增加營銷的謹慎方法相結合，將推動我們的核心 TMS 業務，儘管激勵措施減少，但我們的 Spravato 計劃的持續強勁增長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. The execution of our restructuring plan continues to yield positive results, including entity-wide regional operating income. And we believe that we are well-positioned to continue to reduce the business cost structure sufficiently to operate profitability.

謝謝，厄恩斯。我們重組計劃的執行繼續產生積極成果，包括整個實體的區域營業收入。我們相信，我們有能力繼續充分降低業務成本結構，以實現盈利。

We have now strengthened our balance sheet through recent financing transactions, including with our supportive insiders and lender and secured access to future capital, providing us with the ability to continue to strengthen our business through the growth of the Spravato program, the opportunity increased marketing investment in our streamline business, the introduction of medication management, and the potential future treatment opportunities, including psychedelics.

我們現在通過最近的融資交易（包括與支持我們的內部人士和貸方的融資交易）強化了我們的資產負債表，並確保獲得未來資本，使我們能夠通過Spravato 計劃的發展繼續加強我們的業務，增加營銷投資的機會在我們的精簡業務中，引入了藥物管理，以及未來潛在的治療機會，包括致幻劑。

We believe that mental health remains a key focus in the United States, and the unmet demand for treatment remains at 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.

我們認為，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 are extremely proud of them as they continue to deliver the highest levels of care through some recent turbulence.

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，因為他們在最近的一些動盪中繼續提供最高水平的護理。

Most importantly, we know that we are making a difference. We have now treated over 38,000 patients with more than 1.2 million treatments to perform. We are having 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.

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 38,000 名患者，並進行了超過 120 萬次治療。我們對許多患有精神健康障礙的人的生活產生了重大的積極影響。我們期待向您通報公司的最新進展。

Thank you for your time today. And with that, Michelle, we will now take questions.

感謝您今天抽出時間。米歇爾，我們現在開始提問。

(Operator Instructions) David Martin, Bloom Burton.

（操作員說明）大衛·馬丁、布魯姆·伯頓。

Yeah. Good morning, Bill and Erns. First question, I'm wondering when, during the quarter, was the center count fully trimmed to 133. Erns, I think you mentioned that the benefit of the restructuring was only partially in Q2. I'm sorry. So I'm also wondering what further savings should we expect in future quarters at the center, regional, and corporate levels.

是的。早上好，比爾和厄恩斯。第一個問題，我想知道本季度中心人數何時完全削減至 133 人。Erns，我想您提到重組的好處僅部分體現在第二季度。對不起。因此，我還想知道未來幾個季度我們應該在中心、區域和企業層面進一步節省哪些費用。

That's a really good question, David. So as it relates to closure of centers, those were substantially complete at the end of Q1. So we didn't really see any revenue contribution as it relates to the closed centers. There's obviously a lag effect as it relates to the reduction in force.

這是一個非常好的問題，大衛。因此，就中心的關閉而言，這些工作在第一季度末已基本完成。因此，我們並沒有真正看到任何與關閉中心相關的收入貢獻。顯然存在滯後效應，因為它與力的減少有關。

So what we'll see in direct center and patients to get costs, other regional personnel expenses, as well as corp G&A is probably between $100, 000 and $200,000, each of those line items that is included for staffing that has been subsequently removed. So we want to aim from a free cash flow to firm on an unlevered basis. We want to see that as we exit the year, and then realistically see fully burdened cash flow to equity early in Q2 2024.

因此，我們將在直接中心和患者中看到的成本、其他區域人員費用以及公司一般管理費用可能在100, 000 美元到200,000 美元之間，其中每個項目都包含在隨後被刪除的人員配備中。因此，我們希望在無槓桿的基礎上向公司提供自由現金流。我們希望在今年結束時看到這一點，然後在 2024 年第二季度初實際看到滿負荷的現金流流向股權。

Okay. So now, you're at steady state with 133 centers. I'm wondering what's the capacity utilization in those centers. What is the opportunity to grow in those 133? And what kind of growth rate are you expecting?

好的。現在，您處於穩定狀態，擁有 133 個中心。我想知道這些中心的產能利用率是多少。這133人有什麼成長機會？您預計增長率是多少？

So in terms of -- as Bill and I mentioned, it is fairly underutilized at the moment. The current base of centers has the capability to generate well north of $25 million in revenues. As that's obviously in the immediate future, we can look at that.

因此，正如比爾和我提到的，它目前尚未得到充分利用。目前的中心基地有能力創造超過 2500 萬美元的收入。由於這顯然是在不久的將來，我們可以看看。

The reason for that capacity utilization is we've hardly invested any money in marketing. So with liquidity constraints that we've experienced over the last few quarters, we haven't really invested in marketing. Now that we've stabilized that to a certain extent, two things will happen.

產能利用率如此高的原因是我們幾乎沒有在營銷方面投入任何資金。因此，由於過去幾個季度我們經歷了流動性限制，我們並沒有真正投資於營銷。現在我們已經穩定到一定程度，將會發生兩件事。

We will continue to accelerate the Spravato program, which can drive significant revenue growth on top of the base of the $18.5 million-ish that we've generated and reinvestment in marketing that we believe will also drive a significant amount of base TMS revenue. And those are the two catalysts that will drive us to a cash flow self-sufficient business.

我們將繼續加速 Spravo 計劃，該計劃可以在我們已經產生的 1850 萬美元左右的基礎上推動顯著的收入增長，並在營銷方面進行再投資，我們相信這也將推動大量的 TMS 基礎收入。這些是推動我們實現現金流自給自足業務的兩個催化劑。

And David, let me just add. In addition, as we discussed on the phone, we're also extremely excited to roll out a med management pilot. The value of that med management introduction to our centers is, number one, it allows us to control that patient from the start of their journey in mental health.

大衛，讓我補充一下。此外，正如我們在電話中討論的那樣，我們也非常高興推出醫療管理試點。醫療管理對我們中心的價值第一是，它使我們能夠從患者心理健康之旅的一開始就對其進行控制。

Today, with TMS and Spravato, that patient tends to get into the treatment paradigm later along the lines after probably five, six, seven, eight failed meds. Having that opportunity to pilot a center allows us the ability to get that patient into sooner treatment options like TMS and Spravato. That's significant; it shortens the treatment paradigm. So we're really excited about launching that, which we just have.

如今，有了 TMS 和 Spravo，患者往往會在五次、六次、七次、八次失敗的藥物治療後才進入治療模式。擁有試點中心的機會使我們能夠讓患者更快地接受 TMS 和 Spravato 等治療選擇。這很重要；它縮短了治療範式。所以我們對推出它感到非常興奮，我們剛剛擁有了它。

And we still do have the upside, and we will -- our first center will launch this week. First area in Alaska with buy and bill. So there's some upside to us that we're really excited in terms of our platform. So it's been rightsized. Now, there's really good growth opportunities.

我們仍然有優勢，我們的第一個中心將於本周啟動。阿拉斯加第一個提供購買和賬單服務的區域。因此，我們對我們的平台感到非常興奮，這對我們來說有一些好處。所以它已經被調整了大小。現在，確實有很好的增長機會。

Is med management going to cost you a lot before it starts to pay off?

在開始獲得回報之前，醫療管理是否會花費大量費用？

From a cash -- we are taking, obviously in the context of our liquidity position, a very measured approach to that. So we've got in certain regions the infrastructure. We are using existing staff, existing providers to roll that out. Based on the learnings from that pilot, we will expand that broader.

從現金來看，顯然在我們的流動性狀況方面，我們正在採取一種非常謹慎的方法。所以我們在某些地區擁有基礎設施。我們正在利用現有的員工、現有的供應商來推出這一服務。根據該試點的經驗教訓，我們將擴大這一範圍。

But we obviously -- although if you would have to do it at every center today, they would be a cash requirement. But we're taking a much more measured approach to it to make sure we manage our liquidity adequately.

但我們顯然 - 儘管如果你今天必須在每個中心都這樣做，那麼它們將是現金需求。但我們正在採取更加謹慎的方法，以確保我們充分管理流動性。

Okay, great. And my last question, if I can slide it in, the TMS devices installed were at 341. I think that's only down four from your peak. You've closed a bunch of centers. Do you expect that number to be reduced substantially in future quarters? Are you obligated to keep them on these contracts? And are the lease contracts per click, or are they per month? What's that situation?

好的，太好了。我的最後一個問題，如果我可以將其滑入，安裝的 TMS 設備為 341。我認為這僅比您的峰值下降了 4 個。你們已經關閉了很多中心。您預計這個數字在未來幾個季度會大幅減少嗎？您有義務讓他們遵守這些合同嗎？租賃合同是每次點擊還是每月？那是什麼情況？

So we've obviously got, as Bill mentioned, a significant installed base with Neuronetics, which is a very close partner of ours. We will be redeploying those devices. As we said, we condensed our footprint, but are shifting capacity to more productive, higher-volume centers.

因此，正如比爾提到的，我們顯然已經擁有了一個重要的 Neuronetics 安裝基礎，它是我們非常密切的合作夥伴。我們將重新部署這些設備。正如我們所說，我們壓縮了我們的足跡，但正在將產能轉移到生產力更高、產量更高的中心。

As it relates to overall installed base, yes, you'll see that dissipating slowly as we negotiate all the leases naturally come to an end. But it's not that we could cut the cord immediately. And that's why you haven't seen a significant reduction yet.

由於它與整體安裝基礎相關，是的，當我們協商所有租賃時，您會看到它慢慢消散，自然結束。但這並不是說我們可以立即切斷電源線。這就是為什麼你還沒有看到顯著減少的原因。

And are the leases based on per use or per month or something else?

租賃是基於每次使用還是每月還是其他？

So our predominant installed base is based on usage fee per treatment.

因此，我們的主要安裝基礎是基於每次治療的使用費。

Okay, thank you.

好的謝謝。

Frank Takkinen, Lake Street Capital.

弗蘭克·塔基寧（Frank Takkinen），湖街資本公司。

Yeah. Hey, thanks for taking the questions. Wanted to start with Spravato. One, can you just give us a feel of how that rollout is going with the newest additions? And two, you referenced buy and bill on the prepared remarks. Again, can you give us maybe a finer point on when that could roll out and how we could see that impacting the model?

是的。嘿，感謝您提出問題。想從 Spravo 開始。第一，您能否讓我們了解一下最新添加的內容的推出情況如何？第二，您在準備好的評論中提到了購買和賬單。再次，您能否給我們提供一個更詳細的信息，說明該功能何時推出以及我們如何看待它對模型的影響？

Yeah. From a Spravato standpoint, obviously, we now have 50 centers operating. We expect that to reach that 70 to 80 number by the end of the year. At this time, at the end of the last year, we only had roughly just north of 30 centers in full play. So it's still a staggered approach, frankly, of centers that are doing extremely well, who have now started out the year as a full Spravato kind of center.

是的。顯然，從 Spravo 的角度來看，我們現在有 50 個運營中心。我們預計到今年年底這一數字將達到 70 到 80 個。去年年底的這個時候，我們只有大約 30 名中鋒能夠充分發揮作用。因此，坦率地說，這仍然是一種交錯的方法，對於那些表現非常好的中鋒來說，他們現在已經作為一個完整的 Spravo 類型的中鋒在今年開始了。

We're having great support and a working relationship with Janssen in terms of the relationship between the two organizations. We're excited about the Spravato opportunity. It allows us to expand to a wider capture range with patients. They're very complementary of one another, both TMS and Spravato, with the ability to transition patients from one treatment modality to the other.

在兩個組織之間的關係方面，我們得到了楊森的大力支持和工作關係。我們對 Spravo 的機會感到很興奮。它使我們能夠擴大患者的捕獲範圍。 TMS 和 Spravo 彼此非常互補，能夠將患者從一種治療方式過渡到另一種治療方式。

As far as what buy and bill does for us, it's really two things. One, the biggest area is there are specific payers in certain marketplaces that will not allow you to provide patients with Spravato unless you do buy and bill. So we definitely want to roll that out. Our first location is going to be in Alaska. That just rolled out this week.

就購買和賬單對我們的作用而言，這實際上是兩件事。第一，最大的問題是某些市場上有特定的付款人，除非您購買並開具賬單，否則不允許您向患者提供 Spravo。所以我們絕對想推出它。我們的第一個地點將在阿拉斯加。這周剛剛推出。

From a contribution side, Erns, I believe we're going to see probably an uptick of 10% per treatment over the course of time with that. So we're going to learn from buy and bill. And then obviously, as we begin to strengthen the balance sheet and progress our position with some of the vendors in terms of the distributors, we'll begin to roll that out at marketplaces across the country.

Erns，從貢獻方面來看，我相信隨著時間的推移，每次治療的貢獻可能會增加 10%。所以我們要從購買和賬單中學習。顯然，隨著我們開始加強資產負債表並提高我們在分銷商方面與一些供應商的地位，我們將開始在全國各地的市場上推出這一服務。

Okay, that's helpful. And then I wanted to ask one on some of the patient metrics. If you're looking at a quarter-over-quarter basis, it looks like treatments were down quarter over quarter, but new patient consults were up really nicely on a quarter-over-quarter basis. I was hoping you could maybe talk to maybe some of the dynamic that occurred in the quarter if there was some challenged conversions from consult to treatment and maybe any implications of that good consult number into Q3, Q4 revenue expectations?

好的，這很有幫助。然後我想詢問一些患者指標。如果你看一下季度環比，你會發現治療量環比下降，但新患者諮詢量環比增長非常好。我希望您能談談本季度發生的一些動態，如果從諮詢到治療的轉換存在一些挑戰，也許這個良好的諮詢數字對第三季度、第四季度收入預期有何影響？

Yeah, absolutely. So this has been a product to integrating the marketing approach between the legacy Success platform and the Greenbrook platform. So our marketing strategy has changed a little bit that covers broader outreach, that generates a higher lead volume, but a lower conversion rate.

是的，絕對是。因此，這是一個整合傳統 Success 平台和 Greenbrook 平台之間營銷方法的產品。因此，我們的營銷策略發生了一些變化，涵蓋了更廣泛的外展，從而產生了更高的潛在客戶數量，但轉化率更低。

I'll let Bill speak a little bit more to this, but we've now really, from learnings in Q4, optimized our marketing approach, and we expect to start seeing an uptick in our conversion rates due to those optimization of marketing. So yes, I'm encouraged, although it's not completely like-for-like in terms of the lead volume. I think it is encouraging that we saw such a big increase in leads and the ability to convert those going into Q3.

我會讓比爾對此多說一點，但我們現在確實從第四季度的經驗中優化了我們的營銷方法，並且由於這些營銷優化，我們預計我們的轉化率會開始上升。所以，是的，我很受鼓舞，儘管就鉛量而言並不完全一樣。我認為令人鼓舞的是，我們看到銷售線索的大幅增長以及將這些銷售線索轉化為第三季度的能力。

Yeah. I think, to add to that, Frank, we really saw some good stories in the fact that our base business was resilient when we weren't marketing. But with that said, I think, early on November, December, we were spending significant dollars attracting a range of patients. Some of those conversions with that patient didn't close. It just probably wasn't as tuned into TMS or Spravato.

是的。我認為，補充一點，弗蘭克，我們確實看到了一些好故事，因為當我們不進行營銷時，我們的基礎業務具有彈性。但話雖如此，我認為，在 11 月初和 12 月，我們花費了大量資金來吸引一系列患者。該患者的部分轉化並未結束。它可能只是沒有那麼適合 TMS 或 Spravo。

I think, now, the lesson's learned in terms of customizing that spend based on our product offering at the center, both having ability to offer TMS and Spravato. Obviously, looking at the patient pipeline, what's in the pipeline at particular centers and regions, physician coverage, including Medicare, and obviously the network performance in terms of us driving patients from the network to us. So I think we've gotten smarter with how we spend that dollar. And I think it's going to maximize profitability by increasing our conversions based on that.

我認為，現在，我們已經吸取了教訓，即根據我們中心提供的產品定制支出，兩者都有能力提供 TMS 和 Spravato。顯然，看看患者管道、特定中心和地區的管道、醫生覆蓋範圍（包括醫療保險）以及將患者從網絡轉移到我們這裡的網絡性能。所以我認為我們在如何花錢方面變得更加明智。我認為，通過在此基礎上增加我們的轉化率，可以最大限度地提高盈利能力。

Okay, that's helpful. And then maybe for my last one, just wanted to put a finer point on some of the financials. How should we be thinking about a regional operating income margin for Q3 and Q4?

好的，這很有幫助。也許在我的最後一篇文章中，我只是想對一些財務狀況進行更詳細的闡述。我們應該如何考慮第三季度和第四季度的區域營業利潤率？

And then is there -- can you just parse out in the corporate G&A line below regional operating income? What is likely to fall off as we go into Q3? It looks like there was a fair amount of one-time in that aggregate corporate G&A expense line.

然後，您能否在區域營業收入下方的公司 G&A 行中進行解析？當我們進入第三季度時，什麼可能會下降？看起來公司總管理及行政費用中有相當多的一次性費用。

Yeah, sure. So first, dealing with the regional operating income, so the core element that we -- like I said, there's two elements to it: the dynamics is going to be direct center and patient care costs are going to reduce as the reduction in force is fully realized into Q3. And you're going to see the same on the regional personnel expenses and other regional and central support costs.

好，當然。首先，處理區域營業收入，所以我們的核心要素——就像我說的，有兩個要素：動態將成為直接中心，隨著兵力的減少，患者護理成本將減少全面實現到第三季度。您將在區域人員費用以及其他區域和中央支持成本上看到同樣的情況。

Regional marketing expense is probably going to flex the other way as we start a measured investment into regional marketing was a bit of liquidity position now. That, in turn, is obviously going to issue -- have a return on investment to boost revenue. So we want to see it -- and assuming we can do that the sooner we can ramp up the regional operating income profile and we want to see that go into the teens or at least get close to it, depending on how quickly we can get up and running in Q3, Q4.

區域營銷費用可能會以另一種方式彎曲，因為我們開始對區域營銷進行有針對性的投資，現在有一點流動性。反過來，這顯然會帶來問題——獲得投資回報以增加收入。因此，我們希望看到它 - 假設我們能夠做到這一點，我們就能越早提高地區營業收入狀況，我們希望看到它進入十幾歲或至少接近它，這取決於我們能多快實現在第三季度、第四季度啟動並運行。

Okay, that's helpful. I'll stop there. Thank you.

好的，這很有幫助。我就到此為止。謝謝。

Thanks, Frank.

謝謝，弗蘭克。

(Operator Instructions) There are no further questions at this time. I will turn the call back to Bill Leonard for closing remarks.

（操作員說明） 目前沒有其他問題。我將把電話轉回給比爾·倫納德，讓他發表結束語。

Yeah. Thanks, Michelle. Again, we're really excited about the resilient performance in light of no marketing for our TMS business. Really pleased with how we've addressed the cost side of our business and excited about the future in terms of getting back to normalizing our TMS business with some support and marketing, expansion of Spravato footprint, excited about the med management trial to see we learn and feel really good about -- with the progress made.

是的。謝謝，米歇爾。再一次，我們對 TMS 業務在沒有營銷的情況下的彈性表現感到非常興奮。我們對如何解決業務成本方面的問題感到非常滿意，並對未來感到興奮，通過一些支持和營銷、擴大Spravo 業務範圍來恢復TMS 業務的正常化，對醫療管理試驗感到興奮，看看我們能學到什麼並對所取得的進展感到非常滿意。

So we appreciate your time today and hope everyone enjoys the rest of the summer. Have a great summer. Thanks.

感謝您今天的寶貴時間，並希望每個人都能享受這個夏天剩下的時光。有一個愉快的暑假。謝謝。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and 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。