Psychedelics Company Numinus Wellness Reports Q1 2023 Earnings, Initiatives For Wider Access

Mental healthcare psychedelics company Numinus Wellness NUMIF shared its financial results for the three months ended November 30, 2022.

"During the first quarter of fiscal 2023, we successfully implemented several initiatives to increase access to psychedelic and ketamine-assisted therapy. We believe expanded access will not only serve to elevate Numinus' leadership position within the psychedelic industry but strongly supports the overall advancement of psychedelic medicine for the treatment of mental health,” stated founder and CEO Payton Nyquvest.

See also: Numinus CEO Payton Nyquvest Believes MDMA "Most Likely" To Be Approved At The End Of 2023

Financials for 2023’s first quarter showed revenue growth of 618% YoY, to $4.2 (CA$5.7) million, while revenue growth was 35.7% compared to the prior quarter.

While reducing G&A expenses by 8.6% from the prior quarter, cash balance was $19.7 million as of November 30, 2022.

Also, gross margin grew 41.9% compared to 6.5% in the same period in 2022, an improvement the company attributes to Novamind's acquisition plus offering higher-margin services. 

Gross profit was almost $1.8 million in Q1 2023 compared to $38.070 in the same period of 2022 and constituted an 80% increase compared to the $971.100 in the prior quarter.

Business Update

Numinus also shared that, by the end of Q1 2023, it had increased its practitioner base to 138 professionals providing client treatments in the company’s network of wellness clinics and virtual services.

Other initiatives pursued by the company during the period included a new financing option for patients in Canada, the expansion of its ketamine-assisted therapy offer for neurological conditions in an owned Toronto location and the launch of a new program of ketamine for chronic and serious medical illness. 

CEO Nyquvest added that Numinus developed a whole mushroom psilocybin-containing tea bag called EnfiniTea, “which has demonstrated a more consistent dosing and longer shelf stability than other natural psilocybin-mushroom products.” 

The company’s new clinical trial application for experiential psilocybin-assisted therapy training research will use this EnfiniTea for trial safety and dosing, constituting “one the first training programs with the option to participate in an experiential trial for practitioners looking to expand their psychedelic-assisted therapy education.”

Photo: Benzinga edit with photo by PopTika and luchschenF on Shutterstock.