Numinus Wellness Reveals 244.5% YoY Improvement In Q1 Revenue & Wider Loss

Numinus Wellness Inc NUMI NUMIF reported its fiscal first-quarter results Thursday for the three months ended Nov. 30, 2021.

Based in Vancouver, the company said that it ended the quarter strong with a cash position of CA$53.9 million ($43.15 million)

"We have made significant advancements in all areas of our business over the last several months, with many exciting opportunities on the horizon," Payton Nyquvest, the company's founder and CEO said. "Of note, the partnership across our lab and clinical teams has been instrumental in passing key milestones on two major clinical trials: one for a proprietary Psilocybe formulation and the other a MAPS-sponsored MDMA study."

Q1 2022 Financial Highlights

• Revenues grew 244.5% year-over-year to CA$0.8 million, due primarily to the acquisition of Mindspace. Sequentially, revenues increased 60.9% compared to the fourth quarter of 2021.
• Gross profit of CA$50,965, compared to a gross loss of CA$38,135 in the corresponding period of last fiscal year.
• The gross margin was 6.5%, compared to -16.6% in the corresponding quarter of last year.
• The loss was CA$5.4 million for the period, compared to a loss of CA$1.9 million in the same quarter of 2021.

Operational Highlights During & Subsequent To Fiscal Q1 2022

• Over the quarter, Numinus Bioscience-laboratory operations generated revenue of CA$141,702, representing a 56.4% sequential increase from the fourth quarter of 2021 but a 27.7% decrease from CA$196,090 in the first quarter of 2021.
• On Nov. 29, 2021, the company announced that Numinus Bioscience developed proprietary psychedelic drug tests with new toxicity and potency scans.
• Numinus also finalized a study design and protocol for a Phase 1 clinical trial on a naturally derived psilocybin extract (NBIO-01).
• On Jan. 14, 2022, the company submitted its clinical trial application to Health Canada for a Phase 1 trial of NBIO-01.
• The company also recently noted that it has secured several additional strains of psychedelic mushroom species and has already begun genomic analysis of these spore prints for research purposes.

More recent news from Numinus:

[Watch] How Psychedelics Will Change Society, MAPS Partnership With Numinus Wellness CEO

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

NUMIF Price Action

Numinus Wellness' shares traded 3.09% lower at $0.5362 per share at the market close on Thursday.

Photo: Courtesy of Nataliya Vaitkevich from Pexels