Numinus Wellness Announces Q3 Results

Mental healthcare company advancing psychedelic-assisted therapies Numinus Wellness Inc. NUMIF recently announced its fiscal quarter results for the three and nine months ended May 31, 2022. 

The results do not reflect contributions from the acquisition of Novamind, completed after quarter end, on June 10. On the purchase, founder & CEO Payton Nyquvest said: "Now, with 13 wellness clinics across North America, four clinical research sites and a dedicated psychedelics research facility, Numinus is firmly positioned as a leading mental health care company providing psychedelic-assisted therapies. We're very pleased with how our operations are integrating and with the collaborative efforts we are already seeing across our new expanded team." 

Nyquvest also added that their fiscal fourth quarter results “will be the first quarter demonstrating the power of our larger, cross-border platform." In his words: "Today, including the contributions of Novamind, Numinus is one of the highest revenue-producing mental health care companies providing psychedelic and ketamine-assisted therapies, with more than $12 million of combined proforma annual revenues (based on trailing four quarters)."

With strengthened revenue streams, a growing number of client services, and positive regulatory reforms underway, the company’s profitability strategy also includes expanding higher-margin services, increasing business development activities, and proactively managing the operating costs. “Our goal is to achieve operational profitability within two years and corporate positive cashflow within three years,” stated the CEO.

The third quarter financial results showed: 

• Revenues 31.8% up comparing the $741,064 million of Q3 2022, due primarily to the acquisitions of Mindspace and the Neurology Centre of Toronto. 

• Gross margin 24.4%, had been -2.8% in the same time period in 2021.

• Loss of $7.0 million compared to loss of $4.8 million in the same time period in 2021

• Cash balance totaled $41.8 million on May 31, 2022.

As for the first nine months of Fiscal Year 2022, the financial highlights are:

• Revenues grew 126.5% compared to $2.3 million the year before.

• Gross margin was 19.9%, facing -11.1% in the same period of 2021.

• Total period loss was $20.2 million compared to loss of $11.0 million for the same period of 2021.

The operational peaks of Q3 2022, which is to say the numbers reflected by Numinus’ clinic network, showed:

• Total revenue of $731,064, 7.5% higher than Q2 2022 and 59.5% higher compared to the $458,316 during Q3 2021.

• A total of 5,634 appointments were provided (including one-on-one and group therapy sessions), a 5.9% increase compared to Q2 2022.

• In addition to the 13 clinics as of July 14, the company owns four dedicated psychedelics research clinics functioning.

• On June 23, 2022 (after the closing of the quarter), Numinus launched a pilot mental health program for corporate clients in Utah, providing ketamine-assisted psychotherapy as a health benefit for eligible employees.