Psychedelics Company Numinus Wellness Q4 Revenue Grows 81% YoY Thanks To Mindscape Acquisition

Psychedelics-focused mental health care company Numinus Wellness Inc. NUMI NUMIF announced its fiscal fourth quarter and full-year results Thursday for the periods ended August 31, 2021, with quarterly revenue of CA$500,000 ($394,153) up by 81% from the same period year ago. The Vancouver, British Columbia-based company noted that revenue was primarily impacted by the acquisition of Mindspace. 

Q4 Financial Summary 

• Gross profit of CA$31,818 in Q4 2021, compared to a gross loss of CA$158,222 in Q4 2020;
• Loss was CA$7.8 million for Q4 2021, which included a CA$1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace.
• Cash balance of CA$59.2 million as of August 31, 2021.

"During the fourth quarter we were focused on building the team, infrastructure, technologies and protocols that will allow us to scale our business over the next several years," Payton Nyquvest, founder and CEO stated. "We welcomed several new key executives, began our laboratory expansion, and filed a patent for a proprietary rapid production process for psilocybe."

Recent Milestones 

• In June 2021, the company filed a provisional patent application with the United States Patent and Trademark Office for a proprietary rapid production process for psilocybe and other psychoactive fungi species.
• In July 2021, Numinus received Health Canada approval for the MAPS-sponsored, single-arm, open-label safety and feasibility study evaluating MDMA-assisted therapy for PTSD.
• On September 23, 2021, Numinus completed the acquisition of the Neurology Centre of Toronto for CA$1.0 million, allowing for the planned expansion of NCT into a comprehensive neurologic care center specialized in psychedelic neurology.
• On November 22, 2021, the company changed its OTC ticker symbol to "NUMIF" (from "LKYSF") to better align with its Canadian ticker symbol.
• On November 25, 2021, Numinus received conditional approval to graduate to the TSX (from the TSXV), with the first day of trading scheduled for approximately December 16, 2021.

Price Action 

Numinus shares closed Thursday market session 1.35% higher at 41 cents per share.

Photo: Courtesy of David Clode on Unsplash