GBNH - Greenbrook to cut up to 25% of workforce under restructuring plan

2023-03-06 12:39:31 ET

• Greenbrook TMS ( NASDAQ: GBNH ) is trading around -5% on Monday after it announced a restructuring plan, as part of which it will cut approximately 20-25% of its current workforce.
• The company is refocusing on its most profitable treatment centers across the U.S., reducing facility and logistical overhead and streamlining care delivery.
• As part of the restructuring, Greenbrook will close 50 treatment centers over the next 45 days, allowing management to focus on the remaining 133 treatment centers that accounted for nearly 90% of total revenue in Q4 2022.
• Greenbrbook is looking to save between $22M-$25M in costs on an annualized run-rate basis when the restructuring plan is fully implemented.
• The firm will record $1M-$2M in restructuring and related charges by the end of 2023.

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