Private company

Greenbrook TMS Inc.

Greenbrook TMS Inc. is a leading provider of TMS therapy in the United States for the treatment of Major Depressive Disorder.1 It is headquartered in Toronto, Canada.1

Last updated Oct 20, 2026.

Overview

$73.8MRevenue, fiscal 20232
-$48.9MNet income, fiscal 20232
  • IndustryServices-Misc Health & Allied Services, NEC1
  • HeadquartersToronto, Canada1
  • Incorporated inOntario, Canada3
  • Business address890 Yonge Street, 7Th Floor, Toronto, A6 M4W 3P43
  • Filer category, Emerging growth company3
  • Legal formCorporation

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Through our Treatment Centers, we are a leading provider of TMS therapy in the United States for the treatment of Major Depressive Disorder (“ MDD ”) and other mental health disorders. Our predecessor, TMS US (as defined herein), was established in 2011 to take advantage of the opportunity created through the paradigm-shifting technology of TMS, a non-invasive therapy for the treatment of MDD cleared by the U.S. Food and Drug Administration (“ FDA ”). In 2018, our Treatment Centers began offering treatment for obsessive-compulsive disorder (“ OCD ”). Our business model takes advantage of the opportunity for a new, differentiated service channel for the delivery of innovative treatments – a patient-focused, centers-based service model to make treatment easily accessible to all patients while maintaining a high standard of care. We have identified the following key opportunity drivers for …5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-3.7%Gross margin2
-66.3%Net margin2
10.4%Revenue growth, 20232
-$35.9MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue64¢$76.5M
  • Research and development0¢$525.8K
  • Selling, general and admin25¢$29.6M
  • Interest10¢$12.0M

Out of $73.8M in revenue.2 The company lost money this year.

Financial statements

Revenue2$73.8M in 2023+10% since 2022
0$20.0M$40.0M$60.0M$80.0M2022: $66.8M$66.8M20222023: $73.8M$73.8M2023+10%
Gross profit672-$2.7M in 2023
-$10.0M-$5.0M0$5.0M2019: $4.5M$4.5M20192020: -$568.0K-$568.0K20202021: -$278.0K-$278.0K2021−51%2022: -$6.3M-$6.3M2022+2160%2023: -$2.7M-$2.7M2023−56%
Net income672-$48.9M in 2023+209% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$15.9M-$15.9M20192020: -$30.4M-$30.4M2020+92%2021: -$24.9M-$24.9M2021−18%2022: -$87.7M-$87.7M2022+253%2023: -$48.9M-$48.9M2023−44%
Fiscal year201820192020202120222023
Revenue$66.8M2$73.8M2
Cost of revenue$52.5M7$73.1M2$76.5M2
Gross profit$4.5M6-$568.0K7-$278.0K7-$6.3M2-$2.7M2
Research and development$862.4K7$660.4K2$525.8K2
Selling, general and admin$20.7M7$25.5M2$29.6M2
Interest$4.8M7$6.0M2$12.0M2
Income before tax-$24.9M7-$88.3M2-$49.3M2
Income tax$02$02
Net income-$15.9M6-$30.4M7-$24.9M7-$87.7M2-$48.9M2
Earnings per share-$1.486-$2.327-$1.607-$3.772-$1.252
Earnings per share (diluted)-$1.486-$2.327-$1.607-$3.772-$1.252
Shares (weighted, basic)15.4M shares723.2M shares239.1M shares2
Shares (weighted, diluted)23.2M shares239.1M shares2

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Corporate structure

Greenbrook TMS Inc. sits at the top of its group. 37 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Greenbrook TMS Inc.

  • Greybrook Health Inc. Filed SC 13D/A on Greenbrook TMS Inc., latest Jun 27, 2024 (6 filings since Feb 14, 2022)
  • Madryn Asset Management, LP Filed SC 13D/A on Greenbrook TMS Inc., latest Jun 27, 2024 (15 filings since Jul 25, 2022)
  • MSS GB SPV LP Filed SC 13D/A on Greenbrook TMS Inc., latest Feb 28, 2024 (3 filings since Dec 2, 2021)
  • Vamvakas Family Trust Filed SC 13D/A on Greenbrook TMS Inc., latest Aug 30, 2023 (6 filings since Feb 17, 2022)
  • Benjamin Klein Filed SC 13D on Greenbrook TMS Inc., latest Jul 27, 2022
  • Greenbrook TMS Inc. Toronto, Canada
    • Check Five Staffing, LLC Subsidiary · Florida, United States
    • Greenbrook TMS Austin Central LLC Subsidiary · Texas, United States
    • Greenbrook TMS Cary LLC Subsidiary · Texas, United States
    • Greenbrook TMS Chapel Hill LLC Subsidiary · North Carolina, United States
    • Greenbrook TMS Christiansburg LLC Subsidiary · Virginia, United States
    • Greenbrook TMS Cleveland LLC Subsidiary · Ohio, United States
    • Greenbrook TMS Easton LLC Subsidiary · Maryland, United States
    • Greenbrook TMS Fairfax LLC Subsidiary · Virginia, United States
    • Greenbrook TMS Greensboro LLC Subsidiary · North Carolina, United States
    • Greenbrook TMS Houston LLC Subsidiary · Texas, United States
    • Greenbrook TMS Lynchburg LLC Subsidiary · Virginia, United States
    • Greenbrook TMS Michigan LLC Subsidiary · Michigan, United States
    • Greenbrook TMS Midlothian LLC Subsidiary · Texas, United States
    • Greenbrook TMS Mooresville LLC Subsidiary · North Carolina, United States
    • Greenbrook TMS Newport News, LLC Subsidiary · Virginia, United States
    • Greenbrook TMS North Detroit LLC Subsidiary · Michigan, United States
    • Greenbrook TMS North Raleigh LLC Subsidiary · North Carolina, United States
    • Greenbrook TMS Roanoke LLC Subsidiary · Virginia, United States
    • Greenbrook TMS South Carolina LLC Subsidiary · South Carolina, United States
    • Greenbrook TMS St Louis LLC Subsidiary · Missouri, United States
    • Greenbrook TMS St. Petersburg LLC Subsidiary · Florida, United States
    • Greenbrook TMS Tampa LLC Subsidiary · Florida, United States
    • Greenbrook TMS West Hartford LLC Subsidiary · Connecticut, United States
    • Greenbrook TMS Wilmington LLC Subsidiary · North Carolina, United States
    • Greenbrook TMS Winston-Salem LLC Subsidiary · North Carolina, United States
    • and 11 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Greenbrook TMS Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$6.8M2 Dec 31, 2023$5.1M2 Dec 31, 2022+32.7%
Accumulated depreciation$2.0M2 Dec 31, 2023$1.4M2 Dec 31, 2022+42.7%
Property and equipment, net$4.8M2 Dec 31, 2023$3.7M2 Dec 31, 2022+28.9%
Finance-lease assets$2.1M2 Dec 31, 2023$19.3M2 Dec 31, 2022−88.9%
Operating-lease assets (leased space)$28.9M2 Dec 31, 2023$34.9M2 Dec 31, 2022−17.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.3M2 Dec 31, 2023$1.6M2 Dec 31, 2022+104.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$02 Dec 31, 2023
Intangible assets, net (excluding goodwill)$622.1K2 Dec 31, 2023$688.2K2 Dec 31, 2022−9.6%
Finite-lived intangibles, gross$3.2M2 Dec 31, 2023$3.2M2 Dec 31, 20220%
Accumulated amortization$2.6M2 Dec 31, 2023$2.5M2 Dec 31, 2022+2.6%
Finite-lived intangibles, net$622.1K2 Dec 31, 2023$688.2K2 Dec 31, 2022−9.6%

Leadership

Who has led Greenbrook TMS Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William P. Leonard2024

Chair

  1. Sasha Cucuz2024

President

  1. William P. Leonard2024

Chief financial officer

  1. Peter Casimir Willett2024

Chief operating officer

  1. Andrew Crish2024
2025
Board members and other officers (7)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorBenjamin Klein named Jul 28, 202221
  • Executive OfficerDiana Shi named Jul 28, 202221
  • Executive OfficerErns Loubser named Jul 28, 202221
  • Executive OfficerEuphia Smith named Jul 28, 202221
  • DirectorAdele Oliva named Jul 28, 202221
  • DirectorAdrienne Graves named Jul 28, 202221
  • DirectorBrian Burke named Jul 28, 202221
  • DirectorRobert Higgins named Jul 28, 202221

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Check Five Staffing, LLC Florida, USA4
  • Greenbrook TMS Austin Central LLC Texas, USA4
  • Greenbrook TMS Cary LLC Texas, USA4
  • Greenbrook TMS Chapel Hill LLC North Carolina, USA4
  • Greenbrook TMS Christiansburg LLC Virginia, USA4
  • Greenbrook TMS Cleveland LLC Ohio, USA4
  • Greenbrook TMS Easton LLC Maryland, USA4
  • Greenbrook TMS Fairfax LLC Virginia, USA4
  • Greenbrook TMS Greensboro LLC North Carolina, USA4
  • Greenbrook TMS Houston LLC Texas, USA4
  • Greenbrook TMS Lynchburg LLC Virginia, USA4
  • Greenbrook TMS Michigan LLC Michigan USA4
  • Greenbrook TMS Midlothian LLC Texas, USA4
  • Greenbrook TMS Mooresville LLC North Carolina, USA4
  • Greenbrook TMS Newport News, LLC Virginia, USA4
  • Greenbrook TMS North Detroit LLC Michigan USA,4
  • Greenbrook TMS North Raleigh LLC North Carolina, USA4
  • Greenbrook TMS Roanoke LLC Virginia, USA4
  • Greenbrook TMS South Carolina LLC South Carolina, USA4
  • Greenbrook TMS St Louis LLC Missouri, USA4
  • Greenbrook TMS St. Petersburg LLC Florida, USA4
  • Greenbrook TMS Tampa LLC Florida, USA4
  • Greenbrook TMS West Hartford LLC Connecticut, USA4
  • Greenbrook TMS Wilmington LLC North Carolina, USA4
All 36 listed subsidiaries
  • Greenbrook TMS Winston-Salem LLC North Carolina, USA4
  • TMS NeuroHealth Centers Ashburn, LLC Virginia, USA4
  • TMS NeuroHealth Centers Charlottesville, LLC Virginia, USA4
  • TMS NeuroHealth Centers Frederick, LLC Virginia, USA4
  • TMS NeuroHealth Centers Glen Burnie, LLC Maryland, USA4
  • TMS NeuroHealth Centers Greenbelt, LLC Maryland, USA4
  • TMS NeuroHealth Centers Inc. Delaware, USA4
  • TMS NeuroHealth Centers Reston, LLC Virginia, USA4
  • TMS NeuroHealth Centers Richmond, LLC Virginia, USA4
  • TMS NeuroHealth Centers Services LLC Delaware, USA4
  • TMS NeuroHealth Centers Virginia Beach, LLC Virginia, USA4
  • TMS NeuroHealth Centers Woodbridge, LLC Virginia, USA4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Dec 10, 20248-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation22
  2. Nov 29, 20248-K Regulation FD disclosure; Other events23
  3. Nov 21, 20248-K Exit or restructuring costs; Regulation FD disclosure; Other events24
  4. Nov 12, 20248-K Entered a material agreement; New debt or obligation; Shareholder vote25
  5. Oct 16, 20248-K Entered a material agreement; New debt or obligation26
  6. Oct 4, 20248-K Entered a material agreement; New debt or obligation; Regulation FD disclosure27
  7. Sep 20, 20248-K Entered a material agreement; New debt or obligation28
  8. Sep 17, 20248-K Regulation FD disclosure29
  9. Sep 6, 20248-K Entered a material agreement; New debt or obligation30
  10. Aug 21, 20248-K Entered a material agreement; New debt or obligation31
  11. Aug 14, 20248-K Regulation FD disclosure32
  12. Aug 12, 20248-K Regulation FD disclosure33
  13. Jan 2, 2024New chief executive William P. Leonard becomes CEO11

Calendar

When it reported results

  1. May 15, 2024Reported quarterly or annual results34
  2. Apr 26, 2024Reported quarterly or annual results35

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

182 filings to the SEC since October 2021: 3 annual reports, 2 quarterly reports, 39 major events, 15 insider forms, 31 large holders, 1 private raises, 91 other. The latest 20:

  1. Dec 10, 202415-12G EDGAR
  2. Dec 10, 2024S-8 POS EDGAR
  3. Dec 10, 2024S-8 POS EDGAR
  4. Dec 10, 20248-K EDGAR
  5. Nov 29, 20248-K EDGAR
  6. Nov 21, 20248-K EDGAR
  7. Nov 15, 2024NT 10-Q EDGAR
  8. Nov 12, 20248-K EDGAR
  9. Oct 16, 20248-K EDGAR
  10. Oct 4, 20248-K EDGAR
  11. Sep 20, 20248-K EDGAR
  12. Sep 17, 20248-K EDGAR
  13. Sep 6, 20248-K EDGAR
  14. Aug 21, 20248-K EDGAR
  15. Aug 14, 202410-Q EDGAR
  16. Aug 14, 20248-K EDGAR
  17. Aug 12, 20248-K EDGAR
  18. Aug 12, 20248-K EDGAR
  19. Aug 2, 20248-K EDGAR
  20. Jul 19, 20248-K EDGAR

The 182 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 14, 2022Raised $15.7 million in a private offering of equity Form D: 3 investors so far Form D

SEC filer profile

How Greenbrook TMS Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGreenbrook TMS Inc.1
  • CIK0001735948
  • Filer status<br>emerging growth company1
  • Incorporated inOntario, Canada1
  • Fiscal year endsDecember 311
  • Industry code (SIC)8090 Services-Misc Health & Allied Services, NEC1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address890 Yonge Street, 7Th Floor, Toronto, A6 M4W 3P41
  • Phone416-322-97001
  • Shares outstanding45,602,260 as of Aug 9, 20248
  • Public float$11.6M as of Jun 30, 20232
  • On EDGAR sinceApr 3, 20181
  • Filings232 in all: 6-K (95), 8-K (39), SC 13D/A (25), 3 (13), D (5), SC 13D (5), FWP (4), F-X (3)1
    All 38 form types

    SC 13G (3), SUPPL (3), 10-Q (2), 20-F (2), 4 (2), 424B5 (2), EFFECT (2), F-10 (2), F-10/A (2), S-8 (2), S-8 POS (2), 10-K (1), 15-12G (1), 25 (1), 40-F (1), 40-F/A (1), 40FR12B (1), 424B7 (1), CERT (1), CORRESP (1), D/A (1), DEF 14A (1), DEFA14A (1), F-3 (1), F-3/A (1), NT 10-K (1), NT 10-Q (1), RW (1), SEC STAFF ACTION (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Apr 26, 2024
    Quarterly report (10-Q) Aug 14, 2024
    Proxy statement (DEF 14A) May 10, 2024
    Latest 8-K (8-K) Dec 10, 2024

Sources

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