Numinus Q2 2023: 581% Revenue Growth, 820% In Gross Profit And Strong Cash Position

Psychedelics mental healthcare company Numinus Wellness Inc. NUMIF announced its financial results for the three and six months ended Feb. 28, 2023.

Q2 numbers show:

Total cash of $14.7 (CA$19.7) million as of Feb. 28, 2023.
Revenue of $4.03 million, a 581.1% year-over-year growth yet a 5.5% decline compared to the immediately prior quarter.
Gross profit of $1.6 million, an 820% increase compared to Q2 2022’s $170.974, while gross margin grew from 29.1% to 39.3% year-over-year yet declined from prior quarter’s 41.9%.

H1 financials:

Revenue of $8.2 million, a 600% year-over-year growth compared to the first six months of 2022.
Gross profit of $3.3 million for the first six months of 2023, a 1500% increase compared to the same period in 2022, while gross margin grew from 17.8% to 40.7% year-over-year.

Current And Future Operations

During the second quarter of 2023, the Numinus clinics network completed more than 19,350 client appointments delivered by a total of 133 practitioners.

The company is transforming its practitioner model in Canada with the idea of attracting a greater number of full-time practitioners to drive greater engagement and clinic utilization rates, which could result in fewer practitioners as each can accept more client appointments.

Meanwhile, Numinus’ third-party clinical trials manager Cedar Clinical Research (CCR) ran 16 studies -with corresponding 152 patient appointments- in its two sites, and will soon be hosting others in its third and new site in Phoenix, Arizona.

As for new endeavors, March 27 saw the launch of the Numinus Certification Pathway and April 11, the release of the new Numinus Network wellness clinic licensing platform.

Numinus is investing in its digital platform to provide effective technology-enabled practitioner training, client booking and patient support tools toward continued clinic and service expansion.

Founder and CEO Payton Nyquvest says they believe that while access to psychedelic-assisted therapies is pending regulatory reform, the development of clinical protocols, practitioner training and insurance payor expertise “is becoming increasingly important,” and that the company is ready to provide the necessary infrastructure for the delivery of these treatments.

On industry dynamics, Nyquvest added: "Our measured, capital-light approach to growth and diversified service offering continues to elevate Numinus as an industry leader within the changing sector landscape,” mentioning the clinics offering assorted services for mental health, the CRO research business “that continues to build trusted relationships with drug developers,” and the training program to help build the practitioner workforce.