SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

22. SEGMENT INFORMATION

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company currently operates in one business segment focused on the sale and delivery of transcranial magnetic stimulation products that improve the quality of life for people suffering from neurohealth disorders. The Company’s CODM is the chief executive officer.

The accounting policies of its segment are the same as those described in the summary of significant accounting policies. The key measure of segment profit of loss that the CODM uses to allocate resources and assess performance is the Company’s net loss from operations, as reported on the accompanying statements of operations. The measure of segment assets is reported on the balance sheets as total consolidated assets with particular emphasis on the Company’s available liquidity, including its cash and cash equivalents and

restricted cash. Following the recent acquisition of Greenbrook, intra-entity sales or transfers were insignificant to the segment analysis.

The following tables illustrate information about reported segment revenue, measures of a segment’s profit or loss, significant segment expenses, and measure of a segment's assets for the current reporting period.

	Year ended December 31,
	2024		2023		2022
Revenue	$	74,890	$	71,348	$	65,206
Cost of revenues		20,729		19,643		15,483
Segment Gross profit	$	54,161	$	51,705	$	49,723
Personnel	$	44,938	$	50,530	$	55,143
Marketing		8,373		9,217		8,952
Research and development		2,720		3,849		3,834
Professional fees		10,929		6,231		5,921
Other segment expenses (a)		21,764		12,432		10,984
Segment Loss	$	(34,563)	$	(30,554)	$	(35,111)
Unallocated
Interest expense	$	7,286	$	5,424	$	4,251
Loss on extinguishment of debt	$	4,427	$	-	$	-
Other income, net	$	(2,549)	$	(5,789)	$	(2,203)
Net Loss	$	(43,727)	$	(30,189)	$	(37,159)

(a) Other segment expenses include travel and entertainment, bad debt, depreciation and amortization, insurance, rent, and other costs.

On December 9, 2024, the Company completed the acquisition of Greenbrook (see Note 5). Due to the recency of the Greenbrook acquisition and lack of underlying financial information provided to the CODM, only one reportable segment was reported during 2024. The Company will continue to assess the identification of segments as the integration of Greenbrook progresses.