Total Revenue Growth
Total revenue of $34.5 million in Q1 2026, an increase of 8% year-over-year from $32.0 million in Q1 2025.
Clinic Revenue Strength (Greenbrook)
U.S. clinic revenue of $21.5 million, up 15% year-over-year, driven by continued SPRAVATO growth and expansion of buy-and-bill.
NeuroStar System Sales Momentum
U.S. NeuroStar system revenue of $3.2 million, up 13% year-over-year; shipped 34 systems in the quarter, a ~10% increase versus prior year.
Improved Profitability Trends
Net loss narrowed to $10.8 million ($0.16 per share) from $12.7 million ($0.21) year-over-year; adjusted EBITDA improved to negative $6.6 million from negative $8.6 million, a $2.0 million improvement.
Operating Expense Reductions
Operating expenses were $25.1 million, a decrease of $1.6 million (≈6%) versus Q1 2025, driven primarily by SG&A efficiencies.
Better Operating Cash Performance
Operating cash use improved to $9.4 million in Q1 2026 from $17.0 million in Q1 2025, an improvement of $7.6 million year-over-year.
Planned Annualized Cost Savings
Actions taken in the quarter are expected to deliver annualized savings of approximately $2.5 million to $3.0 million, with net savings beginning in Q3 2026.
Strategic and Commercial Initiatives Underway
Pilots to expand NeuroStar go-to-market models (early positive feedback), investments in virtual/on-demand customer support, and clinic workflow/revenue-cycle efforts to drive utilization and collections.
Regulatory and Payer Tailwinds
Potential upside from COMPASS psilocybin therapy if approved (company positioned to deliver); UHC/Optum change allowing nurse practitioners to deliver TMS expands addressable coverage (~35 million covered lives).