Greenbrook Tms Inc (GBNH) 2023 Q3 法說會逐字稿

Welcome to the Greenbrook TMS Inc. FY 2023 Q3 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 財年第三季業績電話會議和網路廣播。 （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”部分的“活動”下進行網絡直播。

(Operator Instructions) Analysts and investors are reminded that any additional questions can be directed to the company at investorrelations@greenbrooktms.com.

（操作說明）分析師和投資者請注意，如有任何其他問題，可透過investorrelations@greenbrooktms.com直接向本公司提出。

This call contains forward-looking statements, which reflect the current expectations or beliefs of the company based on currently available information.

本次電話會議包含前瞻性陳述，反映了公司基於當前可用資訊的當前期望或信念。

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. 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 US 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.

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有重大差異。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董事會提交的其他材料中進行了討論。加拿大證券監管機構和美國證券交易委員會不定期發布的信息，可在SEDAR、EDGAR 和公司網站上查閱。任何前瞻性聲明僅代表發布當日的情況，除非法律要求，否則本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 Peter Willett, Interim Financial Officer. Go ahead please, Mr. Leonard.

我現在將會議交給 Greenbrook TMS 總裁兼執行長 Bill Leonard 先生和臨時財務長 Peter Willett 先生。請繼續，倫納德先生。

Thank you, Blair, and thank you to everyone for joining our conference call and webcast today. During Q3 2023, we continued to focus on the execution of our restructuring plan, and we are very pleased with the progress to date. The reduction in headcount, rationalization of the marketing spend, extinguishment of the lease liabilities, and reduction of other recurring corporate, general and administrative expenses has effectively removed $23 million in annualized costs from the company as compared to Q4 2022, achieving our targeted range of $22 million to $25 million in cost reductions. We remain optimistic about our future as we execute on the remaining components of the restructuring plan.

謝謝布萊爾，也謝謝大家今天參加我們的電話會議和網路廣播。 2023 年第三季度，我們繼續專注於重組計畫的執行，我們對迄今為止的進展感到非常滿意。與2022 年第四季相比，員工人數的減少、行銷支出的合理化、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，有效地為公司減少了2,300 萬美元的年化成本，實現了我們的目標範圍成本降低 2200 萬至 2500 萬美元。在執行重組計劃的其餘部分時，我們對未來保持樂觀。

Quarterly revenue decreased by 13% to $18 million, down $2.8 million as compared to Q3 2022, despite the closure of 53 treatment centers or 29% of the active treatment centers in connection with the restructuring plan as at Q3 2022. Year-to-date 2023 revenue increased by 17% to $56.3 million, predominantly due to the success of TMS acquisition that was completed in July 2022.

儘管截至 2022 年第三季的重組計畫關閉了 53 個治療中心或 29% 的活躍治療中心，但季度收入仍下降 13%，至 1,800 萬美元，比 2022 年第三季減少 280 萬美元。2023 年營收成長17%，達到5,630 萬美元，主要歸功於2022 年7 月完成的TMS 收購的成功。

Q3 2023 revenue provided resilient -- proved to be resilient at approximately 86% of the total quarterly revenue achieved in Q4 2022 despite the closure of 53 treatment centers mentioned above and general liquidity constraints, prohibiting any meaningful investment in marketing year-to-date, which impacted the revenue we were able to generate.

2023 年第三季的收入具有彈性——事實證明，儘管上述53 個治療中心關閉且普遍存在流動性限制，禁止對年初至今的營銷進行任何有意義的投資，但2022 年第四季度實現的季度總收入的約86% 仍具有彈性，這影響了我們能夠產生的收入。

Despite this, our base level post restructuring quarterly revenue continues to prove very encouraging and present a great foundation for future profitability, especially in context of our newly rationalized cost structure. We believe reverting back to more optimal levels of marketing investment will enhance our TMS business. The continued rollout of the Spravato program, including the launch of buy and bill and a significant focus on contract negotiation with payers provides a holistic path to this goal.

儘管如此，重組後我們的基本水平季度收入仍然非常令人鼓舞，並為未來的盈利能力奠定了良好的基礎，特別是在我們新近合理化的成本結構的背景下。我們相信，恢復到更優化的行銷投資水準將增強我們的 TMS 業務。 Spravo 計劃的持續推出，包括推出購買和帳單以及重點關注與付款人的合約談判，為實現這一目標提供了整體途徑。

We have also commenced the rollout of medication management program as an additional revenue stream and a mechanism to build on internal patient pipeline, which has already yielded positive results to the business. While liquidity constraints still remain, we are confident in our ability to have continued access to capital to drive us to self-sufficiency as evidenced by our recent financing transaction with our supportive insiders and lender.

我們也開始推出藥物管理計劃，作為額外的收入來源和建立內部病患管道的機制，這已經為業務帶來了積極的成果。儘管流動性限制仍然存在，但我們對繼續獲得資本以推動我們實現自給自足的能力充滿信心，正如我們最近與支持我們的內部人士和貸方的融資交易所證明的那樣。

On the strategic partnership side, we continue to work with Neuronetics' leadership closely at various levels to implement a mutually beneficial strategy as it relates to enhancing TMS awareness, expanding patient access to care, and effectively redeploying systems from recently closed treatment centers. We're also very excited about the launch of their new Better Me Guarantee pilot program, which we believe will allow us to further increase our access to patients suffering from mental health disorders. Early results of the pilot show an increase on historical averages in leads and booked consults which should translate into patients.

在策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，實施互利策略，因為這涉及提高 TMS 意識、擴大患者獲得護理的機會以及有效地重新部署最近關閉的治療中心的系統。我們也對他們新的「更好的我保證」試點計畫的啟動感到非常興奮，我們相信該計畫將使我們能夠進一步增加接觸患有精神健康障礙的患者的機會。試點的早期結果顯示，潛在客戶和預約諮詢的歷史平均值增加，這應該會轉化為患者。

Although we have achieved our previously announced annual cost savings, we continue to execute on the remaining components of the restructuring plan. Given the ongoing nature of execution, the reduction in costs were only partially reflected in Q3 2023, and we expect our new operating structure will continue to allow us to rationalize cost, while further reducing business complexity, streamline our operating model, and drive operational efficiencies. 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 with our network of treatment centers well positioned to serve the unmet demand. We believe our business fundamentals are stronger than ever with the growth of the Spravato program, the opportunity to increase marketing investment in our streamlined business, the introduction of medication management, and the potential future treatment option, including psychedelics.

儘管我們已經實現了先前宣布的年度成本節約，但我們仍繼續執行重組計劃的其餘部分。鑑於執行的持續性，成本的降低僅部分反映在 2023 年第三季度，我們預計新的營運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，簡化我們的營運模式並提高營運效率。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未滿足的需求。我們相信，隨著 Spravo 計劃的發展、我們精簡業務中增加行銷投資的機會、藥物管理的引入以及未來潛在的治療選擇（包括致幻劑），我們的業務基礎比以往任何時候都更加強大。

At the end of Q3 2023, the company had a footprint of 130 treatment centers. As of today, we have 56 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 年第三季末，該公司擁有 130 個治療中心。截至目前，我們有 56 個治療中心提供 Spravo，預計透過加速推出計劃，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 Interim CFO, Peter Willett.

現在，為了更詳細地審查公司的財務和營運業績，我將把它交給我們的臨時財務長 Peter Willett。

Thank you, Bill. As Bill mentioned, revenue in Q3 2023 decreased by 13% to $18 million, down $2.8 million as compared to Q3 2022 despite the closure of 53 treatment centers or approximately 29% of active treatment centers in connection with the restructuring plan as at Q3 2022.

謝謝你，比爾。正如Bill 所提到的，儘管截至2022 年第三季的重組計畫關閉了53 個治療中心或約29% 的活躍治療中心，但2023 年第三季的收入仍下降了13%，至1,800 萬美元，比2022 年第三季減少了280 萬美元。

Year-to-date 2023 revenue increased by 17% to $56.3 million, up $8.3 million as compared to year-to-date 2022, predominantly due to the Success TMS acquisition that was completed in July 2022. Furthermore, Q3 2023 revenue remained resilient by approximately 86% of our total quarterly revenue achieved in Q4 2022, despite the closure of 53 treatment centers mentioned above and a significantly reduced marketing spend, which represented 10% of marketing spend in Q4 2022. Average revenue per treatment increased by 4% to $227 in Q3 2022 and remain consistent at $222 in year-to-date 2023. The quarter-over-quarter increase was primarily attributable to changes in payer mix, treatment modalities, and the geographical distribution of revenue.

2023 年迄今的營收成長了17%，達到5,630 萬美元，比2022 年迄今增加了830 萬美元，這主要是由於2022 年7 月完成的Success TMS 收購。此外，2023 年第三季的營收仍維持彈性儘管關閉了上述53 個治療中心，並且營銷支出大幅減少（佔2022 年第四季度營銷支出的10%），但我們在2022 年第四季度實現了季度總收入的約86%。每次治療的平均收入增長了4%，達到227 美元2022 年第三季度的費用為222 美元，2023 年迄今仍保持在222 美元。季度環比增長主要歸因於付款人組合、治療方式和收入地理分佈的變化。

Despite lower revenue levels in Q3 2023, we continue to generate entity-wide regional operating income for the third consecutive quarter as a result of the significant cost reductions implemented in connection with the restructuring plan. With reduction in headcount, rationalization of marketing spend, extinguishment of lease liabilities, and reduction of other recurring corporate, general and administrative expenses, the company has effectively stabilized its cost structure and removed $23 million in annualized costs as compared to Q4 2022.

儘管 2023 年第三季的收入水平較低，但由於重組計劃實施了大幅成本削減，我們繼續連續第三季產生整個實體範圍內的區域營業收入。透過裁員、合理化行銷支出、取消租賃負債以及減少其他經常性公司、一般和管理費用，該公司有效穩定了成本結構，與 2022 年第四季相比，減少了 2,300 萬美元的年化成本。

Direct center and regional costs decreased by 19% to $17.5 million during Q3 2023 compared to Q3 2022 due to a reduction in headcount, rationalization of marketing spend, and a reduction in other direct center expenses resulting from the execution of the restructuring plan. Given the ongoing nature of the restructuring plan execution, the reduction in associated costs were only partially reflected in Q3 2023 but will be fully realized by the end of fiscal 2023. Direct center and regional costs increased by 10% to $54.8 million during year-to-date 2023 as compared to year-to-date 2022, predominantly due to the Success TMS acquisition, partially offset by the cost savings in relation to the execution of the restructuring plan previously mentioned.

與 2022 年第三季相比，2023 年第三季的直接中心和區域成本下降了 19%，至 1,750 萬美元，原因是人員減少、行銷支出合理化以及執行重組計畫導致其他直接中心費用減少。鑑於重組計畫執行的持續性，相關成本的減少僅部分反映在 2023 年第三季度，但將在 2023 財年末完全實現。去年同期，中心和區域的直接成本增加了 10%，達到 5,480 萬美元。 - 與2022 年年初至今相比，2023 年至今的業績成長主要是由於收購了Success TMS，部分被與執行前述重組計劃相關的成本節省所抵消。

Entity-wide regional operating income was $0.5 million during Q3 2023 as compared to an entity-wide regional operating loss of $0.8 million in Q3 2022 and the company generated entity-wide regional operating income of $1.5 million during year-to-date 2023 as compared to an entity-wide regional operating loss of $2 million during year-to-date 2022. Both increases were primarily a result of the significant cost reductions previously described.

2023 年第三季度，公司範圍內的區域營業收入為50 萬美元，而2022 年第三季度，公司範圍內的區域營業虧損為80 萬美元，而2023 年迄今，公司範圍內的區域營業收入為150 萬美元。2022 年至今，整個實體的區域運作虧損為 200 萬美元。這兩項成長主要是由於前面所述的成本大幅削減的結果。

Corporate G&A, excluding onetime costs and the revaluation of conversion instruments decreased by 10% compared to Q3 2022 and by 20% compared to Q4 2022 as a result of restructuring plan execution, but increased by 10% as compared to year-to-date 2022 due to the Success TMS acquisition offset by the restructuring plan execution. We believe we can continue to reduce corporate G&A costs as we execute on the remaining components of the restructuring plan.

由於執行重組計劃，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 年第三季下降 10%，較 2022 年第四季下降 20%，但較 2022 年年初至今成長 10%由於收購Success TMS 被重組計劃的執行所抵消。我們相信，在執行重組計劃的其餘部分時，我們可以繼續降低企業一般管理費用。

The loss for the period and comprehensive loss decreased by 24% in Q3 2023 to $12.7 million, down $4.1 million as compared to Q3 2022, primarily due to the increase in regional operating income and a decreases in corporate G&A as part of the execution of the restructuring plan. The loss for the period and comprehensive loss increased by 7% to $34.4 million for year-to-date 2023, up $2.3 million as compared to year-to-date 2022, primarily due to the increases in interest expenses arising from the additional debt finances, the loss on device contract termination, the increase in share-based compensation expense, the increase in costs and depreciation as a result of the completion of the Success TMS acquisition, and onetime costs partially offset by the increases in regional operating income and the cost savings associated with the execution of the restructuring plan.

2023 年第三季的當期虧損和綜合虧損下降 24%，至 1,270 萬美元，比 2022 年第三季減少 410 萬美元，主要是由於區域營業收入的增加以及作為執行重組計劃。 2023 年迄今，當期虧損和綜合虧損增加 7%，達到 3,440 萬美元，比 2022 年迄今增加 230 萬美元，主要是由於額外債務融資導致的利息支出增加、設備合約終止損失、股權激勵費用增加、完成收購Success TMS 導致的成本和折舊增加以及一次​​性成本被區域營業收入和成本增加部分抵消與執行重組計劃相關的節省。

From a balance sheet perspective, accounts receivable remains fairly stable as we have optimized our RCM function and now effectively generate cash revenue. Cash at the end of Q3 2023 was $1.8 million, including restricted cash. Subsequent to Q3 2023, the company received $4.7 million in financing from our supportive lender and various investors. We remain confident in our ability to continue to access capital to move to a self-sustaining business. Now more than ever, we believe we have completely defined pathway to profitability with a stable cost base as Bill described earlier.

從資產負債表的角度來看，應收帳款保持相當穩定，因為我們優化了 RCM 功能，現在有效地產生了現金收入。截至 2023 年第三季末的現金為 180 萬美元，包括限制性現金。 2023 年第三季之後，該公司從我們的支持貸款人和各種投資者那裡獲得了 470 萬美元的融資。我們對繼續獲得資本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，正如比爾之前所描述的那樣，我們已經完全確定了透過穩定的成本基礎來實現盈利的途徑。

Moving to our core operating metrics. As at the end of Q3 2023, total active treatment centers decreased by 29% to 130 from 183 a year ago. Compared to Q3 2022, the number of consultations performed decreased by 5% to 8,334, while number of new patient starts decreased by 11% to 2,546, and the number of treatments performed decreased by 16% to 79,488. These decreases were predominantly due to the decrease in treatment centers previously noted. Compared to year-to-date 2022, the number of consultations performed increased by 58% to 26,233, while the number of new patient starts increased by 24% to 8,047, and the number of treatments reformed increased by 17% to 253,876. These increases were predominantly due to the completion of the Success TMS acquisition.

轉向我們的核心營運指標。截至 2023 年第三季末，積極治療中心總數從一年前的 183 個減少至 130 個，減少了 29%。與 2022 年第三季相比，諮詢次數減少了 5%，至 8,334 人次，新患者數量減少了 11%，至 2,546 人次，治療次數減少了 16%，至 79,488 人次。這些減少主要是由於先前提到的治療中心的減少。與 2022 年迄今相比，諮詢次數增加了 58%，達到 26,233 例，新患者數量增加了 24%，達到 8,047 例，改革治療的數量增加了 17%，達到 253,876 例。這些成長主要是因為完成了 Success TMS 收購。

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

我們相信，透過重組計劃建立更多資源並關注我們過去的表演中心將增加轉換。這與增加行銷的審慎方法相結合將促進我們的核心 TMS 業務，並且儘管中心數量有所減少，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。回到你身上，比爾。

Thanks, Peter. Our business has shown a remarkable resilience in spite of the challenges we've been facing this year.

謝謝，彼得。儘管今年我們面臨挑戰，但我們的業務仍表現出非凡的韌性。

Our commitment to the execution of the restructuring plan continued to yield positive results in Q3 2023, including our third consecutive quarter of regional operating income. The company is in the final phases of the restructuring plan and anticipate the reductions made to the business cost structure will solidify our path to profitability once we're able to resume investment in activities to support our revenue growth.

我們對執行重組計劃的承諾在 2023 年第三季繼續取得積極成果，包括我們連續第三個季度實現區域營業收入。該公司正處於重組計劃的最後階段，預計一旦我們能夠恢復對支持收入成長的活動的投資，業務成本結構的削減將鞏固我們的獲利之路。

We're excited to continue our rollout of new treatment modalities, including our previously announced medication management pilot and our newly introduced Spravato buy and bill program, which will complement our current administer and observe programs and allowing us to further enhance our access to patients.

我們很高興繼續推出新的治療方式，包括我們先前宣布的藥物管理試點和我們新推出的Spravato 購買和計費計劃，這將補充我們當前的管理和觀察計劃，並使我們能夠進一步加強對患者的接觸。

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 continues 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領域，而未滿足的治療需求仍處於歷史最高水準。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範圍的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 level of care through some recent turbulence. Most importantly, we know that we're making a difference. We now have treated over 40,000 patients with more than 1.3 million treatments performed. We are having a significant positive impact on the lives of so many people suffering from mental health disorders.

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準的護理。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 4 萬名患者，進行了超過 130 萬次治療。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。

We look forward to keeping you updated on the progress of the company. Thank you for your time today. And with that, Blair, we will now take questions.

我們期待向您通報公司的最新進展。感謝您今天抽出時間。布萊爾，我們現在開始提問。

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

（操作員指示）Frank Takkinen，湖街資本市場。

Great. Thanks for taking my questions. Bill, I was hoping you could start with just talking a little bit more about the NeuroStar pilot program. What should we expect to see out of that? What are some early learnings? And how should we expect that to impact the business going forward?

偉大的。感謝您回答我的問題。比爾，我希望你能先多談談 NeuroStar 試點計畫。我們應該從中看到什麼？早期的學習有哪些？我們該如何預期這會對未來的業務產生影響？

Yes. Thanks, Frank. Good to hear from you. We're really excited about the pilot that we've kicked off with Neuronetics. There was a lot of thought put into it.

是的。謝謝，弗蘭克。很高興聽到你的消息。我們對 Neuronetics 啟動的試點感到非常興奮。我們花了很多心思。

The reality is it focuses on a select group of practices that really adheres to kind of rigorous criteria to achieve the highest level of clinical excellence in patient care. Key areas like attending NeuroStar University, getting that patient up to treatments of 36 where we see that remission come into play, and kind of really addressing kind of that customer service for the patient. And through this, we're going to see significant path to patient awareness brought on by the advertising through both Neuronetics and through Greenbrook.

事實上，它專注於一組精選的實踐，這些實踐真正遵守嚴格的標準，以在患者護理方面實現最高水平的臨床卓越。關鍵領域包括參加 NeuroStar 大學，讓患者接受 36 次治療，我們看到病情緩解，以及為患者提供真正的客戶服務。透過這一點，我們將看到透過 Neuronetics 和 Greenbrook 的廣告帶來的提高患者意識的重要途徑。

While extremely early, the pilot has shown an increase on historical averages in our leads and booked consults -- where, like I said, we're only about 5 weeks into it. We're starting to see some of those consults translating into patients. And so for me, having the access for our center personnel to have the awareness to attract more patients and our ability to close and convert patients at the local levels really gives us an opportunity to expand care for those patients and get them into the Greenbrook centers.

雖然還很早，但試點計畫已經顯示出我們的銷售線索和預約諮詢的歷史平均值有所增加——正如我所說，我們只進行了大約 5 週。我們開始看到其中一些諮詢轉化為患者。因此，對我來說，讓我們的中心人員有能力吸引更多患者，以及我們在當地關閉和轉化患者的能力，確實讓我們有機會擴大對這些患者的護理，讓他們進入格林布魯克中心。

So I'm excited and appreciative of the work with Neuronetics, and we look forward to kind of watching this full as we continue to help them enhance the pilot from our learnings.

因此，我對與 Neuronetics 的合作感到興奮和感激，我們期待著完整地觀看這一過程，因為我們將繼續幫助他們從我們的學習中增強試點。

Got it. That's helpful color and then maybe just one more for me. Congrats on reaching your cost savings initiative that you put in place. I was hoping you could just update us on how we should be thinking about EBITDA breakeven level. How much more growth do we need now that we have the new infrastructure in place to reach that EBITDA breakeven level?

知道了。這是一種很有幫助的顏色，也許對我來說還有一種顏色。恭喜您實現了您實施的成本節約計畫。我希望您能向我們介紹我們應該如何考慮 EBITDA 損益平衡水準的最新情況。既然我們已經有了新的基礎設施，我們還需要多少成長才能達到 EBITDA 損益兩平水準？

Yes. I think great question. And also, Frank, nice to hear from you. From our perspective, as we previously guided from, it's $21.5 million is the EBITDA breakeven, and we look to be closer to that $100 million mark next year in revenue towards cash flow breakeven.

是的。我認為這是一個很好的問題。另外，弗蘭克，很高興收到你的來信。從我們的角度來看，正如我們之前所指導的那樣，2,150 萬美元是 EBITDA 損益平衡點，我們希望明年的收入能夠接近 1 億美元大關，實現現金流盈虧平衡。

Great. I'll stop there and thanks for taking my questions.

偉大的。我就到此為止，感謝您提出我的問題。

David Martin, Bloom Burton.

大衛馬丁，布魯姆伯頓。

Hi, good morning, thanks for taking my question -- or good afternoon. You mentioned that the $23 million in annual cost reduction wasn't fully in the third quarter. I'm wondering, looking into fourth quarter, how much reduction we can see in the various expense lines, the direct center and patient care costs, regional costs, and corporate G&A?

你好，早安，謝謝你提出我的問題——或者下午好。您提到年度成本削減 2,300 萬美元並沒有完全體現在第三季。我想知道，展望第四季度，我們可以看到各種費用項目、直接中心和患者護理成本、區域成本以及公司一般管理費用減少了多少？

Absolutely. Thanks, David. To your point, I think what we expect Q4 to end up is towards the higher end of that range, towards the $25 million mark or exceed it. I think where you'll see a lot of the cost savings come in that have not been baked in yet will be in corp G&A with a little bit in the regional costs as well.

絕對地。謝謝，大衛。就您的觀點而言，我認為我們預計第四季度的最終業績將接近該範圍的高端，接近或超過 2500 萬美元大關。我認為您會看到大量尚未體現的成本節省將體現在公司的一般管理費用上，還有一點區域成本。

Okay. And then beyond Q4, how much more do you think you'll take out of the cost structure?

好的。然後，在第四季之後，您認為您還會從成本結構中剔除多少？

I think as we mentioned on the call, I think we are always evaluating our business and continue to rationalize our cost structure. And at this point, it's too early to tell, but we remain confident in our ability to evaluate our business and make the right calls appropriately relating to costs.

我認為正如我們在電話中提到的，我認為我們一直在評估我們的業務並繼續合理化我們的成本結構。目前下結論還為時過早，但我們仍然相信自己有能力評估我們的業務並就成本做出適當的正確決定。

Okay. Related to Frank's question -- my line broke up a bit when you said -- what kind of revenue you need for breakeven? That's $100 million a year?

好的。與弗蘭克的問題相關——當你說——你需要什麼樣的收入才能實現收支平衡時，我的線路有點中斷了？那就是一年1億美元？

Yes, as previously mentioned on our call a couple of quarters ago, that's -- we're still towards that target is our breakeven for cash.

是的，正如我們在幾個季度前的電話會議上提到的那樣，我們仍在實現現金收支平衡的目標。

Okay. The buy and bill strategy, is the profit higher per patient? Or is the drug cost just a flow-through?

好的。購買和計費策略，每位患者的利潤是否更高？或者藥品費用只是一種流動？

It's higher on contribution as well as revenue and cost. So, to your point, David, you have a higher -- currently our reimbursement is around $300. While it's early to tell, based on the launch of our pilot, we expect to be closer to $1,000 with a sizable increase in costs. But from a contribution standpoint, we expect, again, a significant increase from our current contribution. So, it's not just a flow-through. It essentially is a win for us from a contribution side.

它的貢獻以及收入和成本都較高。所以，就你的觀點而言，大衛，你有一個更高的——目前我們的報銷約為 300 美元。雖然現在下結論還為時過早，但根據我們試點的啟動情況，我們預計成本將大幅增加，接近 1,000 美元。但從貢獻的角度來看，我們預計，我們目前的貢獻將再次大幅增加。所以，這不僅僅是一個流通。從貢獻方面來說，這本質上就是我們的勝利。

Okay.

好的。

And David, I just want to add to that because I think it's important. The move to buy and bill in specific marketplace is also tied to the fact, it creates more access to care because some payer contracts do not allow you to participate in patient care with Spravato, unless you're a part of buy and bill.

大衛，我只想補充一點，因為我認為這很重要。在特定市場進行購買和計費的舉措也與以下事實相關：它創造了更多獲得護理的機會，因為某些付款人合約不允許您參與Spravo 的患者護理，除非您是購買和計費的一部分。

Okay. Great. There's $5.9 million that you need to pay down for device contract terminations. Is that early this year? Later this year? What's the timing on that?

好的。偉大的。您需要為設備合約終止支付 590 萬美元。今年這麼早嗎？今年晚些時候？那個時間是什麼時候？

That will be completed by end of Q2 in 2024.

該工作將於 2024 年第二季末完成。

Okay. And last thing, usually you give corporate personnel head counts, and it wasn't -- I didn't see it in the press release this time. What is the corporate personnel head count?

好的。最後一件事，通常你會提供公司人員人數，但事實並非如此——這次我沒有在新聞稿中看到它。企業人員總數是多少？

It would be fairly consistent with last quarter.

這與上季相當一致。

Okay.

好的。

Yes. I think from a year-over-year basis, David, we're down north of 150 kind of staff members over that time.

是的。 David，我認為從年比來看，我們的員工數量在這段時間減少了 150 名。

Over the entire business, not just corporate?

整個企業，而不僅僅是公司？

Right.

正確的。

Okay, got it. Okay, thanks. That's it for me.

好，知道了。好的謝謝。對我來說就是這樣。

(Operator Instructions) Ben Haynor, Alliance Global.

（操作員說明）Ben Haynor，Alliance Global。

Good day, gentlemen. Thanks for taking the questions, and nice to hear the progress on the restructuring. First off for me, on the pilot program for medication management, is there any worry that that could upset in any way your existing referral base? Or is that sort of a pain point for them as well?

美好的一天，先生們。感謝您提出問題，很高興聽到重組的進展。首先，關於藥物管理試點計劃，是否有人擔心這可能會以任何方式擾亂您現有的轉介基礎？或者這對他們來說也是一個痛點？

Yes, I think that's a great question, and we actually spent a lot of time looking at this. And I think from our perspective, there is a boatload of patients out there that are not being treated because they can't gain access to care through psychiatric offices due to the wait list. So, from our perspective, this allows more access to care. I think a lot of those doctors really like to kind of have the cash pay business and what our company is involved in, we're on all the payer contracts. So, by having insurance kind of panel, we really haven't upset the apple cart at this point.

是的，我認為這是一個很好的問題，我們實際上花了很多時間來研究這個問題。我認為從我們的角度來看，有大量患者沒有得到治療，因為他們由於等待名單而無法透過精神病辦公室獲得護理。因此，從我們的角度來看，這可以讓更多人獲得照護。我認為很多醫生真的很喜歡現金支付業務，而我們公司所參與的業務，我們都簽署了所有付款人合約。因此，透過擁有保險類型的面板，我們目前還沒有打亂蘋果車。

And it is early in our kind of pilot, but we are seeing some initial results that we're really excited about. Number one, the ability to kind of hopefully shorten that pathway to both TMS and Spravato. We've seen that already in the first five weeks where we've been able to get patients into Spravato and TMS who have failed multiple med trials. And in addition, patients who needed additional med trials to kind of qualify and meet the criteria for TMS and Spravato, we've been able to cross refer that out to our med management center.

我們的試點還處於早期階段，但我們已經看到了一些令我們非常興奮的初步結果。第一，有希望縮短通往 TMS 和 Spravo 的途徑的能力。我們已經看到，在前五週內，我們能夠讓多次醫學試驗失敗的患者接受 Spravo 和 TMS 治療。此外，對於需要額外醫學試驗來獲得資格並滿足 TMS 和 Spravato 標準的患者，我們已經能夠將其交叉轉介給我們的醫學管理中心。

Okay. So, it may even be that it's a tailwind for you and that they may be more likely to refer to you and just do not have to deal with those patients that are maybe more difficult and less desirable for themselves.

好的。因此，這甚至可能對您來說是一種順風，他們可能更有可能轉介您，而不必與那些可能更困難且對自己來說不太理想的患者打交道。

Yes. This is a significant upside for us. I mean you have to think about it a couple of different ways, like even if we didn't talk about this yet, the fact that it enhances our direct-to-consumer marketing spend, it makes that spend kind of more viable because it allows us to take a patient who may have not even been interested in TMS but have to get into the program.

是的。這對我們來說是一個顯著的優勢。我的意思是，你必須從幾個不同的角度來考慮這個問題，即使我們還沒有討論過這個問題，事實上它增強了我們直接面向消費者的營銷支出，它使這種支出更加可行，因為它允許我們收治可能對 TMS 不感興趣但必須加入該計劃的患者。

The other particular interesting point is, for us, it's going to shorten a pathway to that treatment. I think the average in the industry now is a patient will pursue possibly TMS or Spravato probably after six or seven failed cycles of meds, we think we can shorten that pathway to generating great care through TMS or Spravato much earlier in the treatment paradigm.

另一個特別有趣的點是，對我們來說，它將縮短治療的途徑。我認為，現在行業的平均水平是，患者可能會在六到七個失敗的藥物週期後尋求 TMS 或 Spravato，我們認為我們可以在治療範式中更早地縮短通過 TMS 或 Spravato 提供優質護理的途徑。

Okay. Then that kind of gets into my next question. On these patients that you do attract with the medication management, are they're a handful of failed cycles of meds into it? Or are they at 0? Is it -- where do they sit? And what's the typical -- to the extent that there is considered a typical cycle for these failed cycles? If that makes sense?

好的。然後這就是我的下一個問題。對於您透過藥物管理吸引的這些患者，他們是否是少數失敗的藥物週期？還是它們是0？他們坐在哪裡？什麼是典型的──在某種程度上，這些失敗的周期被認為是一個典型的週期？如果這有道理嗎？

It's a really good question, and I look forward to answer that in more detail on the next call. What I will tell you just off the cup because we're only a few weeks into this. You're going to get patients calling there for their first time suffering from depression, who obviously are going to have their first introduction to a mental health crisis and some that have kind of been through the gamut of multiple drugs that have not helped them so -- it's all over the board right now.

這是一個非常好的問題，我期待在下次電話會議上更詳細地回答這個問題。我會直接告訴你什麼，因為我們才開始幾週。你會接到第一次患有憂鬱症的病人打電話到那裡，他們顯然將第一次經歷心理健康危機，還有一些人已經經歷了多種藥物的治療，但對他們沒有幫助，所以— —現在一切都已經結束了。

Okay. Fair enough. That's all I had gentlemen. Thanks for taking the questions.

好的。很公平。這就是我的先生們。感謝您提出問題。

Thank you.

謝謝。

There are no further questions at this time. I'd now like to turn the call back over to Mr. Leonard for final closing comments.

目前沒有其他問題。我現在想將電話轉回給倫納德先生，以徵求最後的總結意見。

Thank you, Blair. I appreciate everyone joining our call this quarter. We look forward to the continued progress on our company. We feel really good about our future opportunity. I want to wish everyone a happy Thanksgiving and a healthy and happy holiday season.

謝謝你，布萊爾。我感謝本季加入我們電話會議的每個人。我們期待我們公司不斷取得進步。我們對未來的機會感到非常滿意。我想祝大家感恩節快樂，假期健康快樂。

Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.

謝謝你，先生。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。祝你愉快。