All financial results are reported in Canadian dollars unless otherwise stated.
VANCOUVER, BC, Nov. 29, 2022 /CNW/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three and twelve months ended August 31, 2022 ("Q4 2022" and "Fiscal 2022").
"Fiscal 2022 was a pivotal year for Numinus, as we entered the US market with the transformational acquisition of Novamind, expanded our Ketamine-assisted Therapy offering across Canada, launched a formal practitioner training program, and unveiled a global rebranding of our company. Combined, these efforts have provided a solid platform for our continued, measured growth ? with scalable infrastructure and systems, and a growing pipeline of practitioners choosing Numinus for their psychedelics-assisted therapy training," said Payton Nyquvest, Founder and CEO. "We also see exceptional opportunity from our new Cedar Clinical Research (CCR) division ? which was acquired with Novamind. Through CCR, Numinus is forging trusted working relationships with many leading third-party drug developers, who may someday need clinical facilities to provide their patient protocols. With our strong wellness clinic network and a growing clinical research division, Numinus is one of the best positioned companies in the sector ? supported by diversified revenue streams, growing brand awareness, and a recognized pathway to profitability."
Commenting on the quarter, Mr. Nyquvest continued: "Our fiscal fourth quarter was the first to demonstrate the real power of our larger, cross-border platform following the acquisition of Novamind on June 10, 2022 ? and the impacts are evident in our performance. Compared to the previous quarter, fourth quarter revenues grew 464% to $4.2 million, gross margin improved by 710 basis points from 6.5% to 31.5%, and gross profit grew 628% to $1.3 million. We're excited about the momentum building across our business and the regulatory reform underway across the US and Canada, and will continue to evaluate complementary growth opportunities that will enhance our client experience and further support margin expansion."
Fourth Quarter Financial Highlights
Fiscal 2022 Financial Highlights
Operational Highlights During and Subsequent to Q4 2022
Corporate Updates
Numinus Wellness Clinic Network
Numinus Clinical Research
Other Items:
Q4 2022 Key Performance Metrics
For the quarter ended August 31: | ||||
2022 | 2021 | % change | ||
Numinus Clinic Network revenues | 3,685,476 | 400,306 | 820.7 % | |
Numinus Clinical Research revenues | 491,813 | 87,593 | 461.5 % | |
Total Revenue | $4,177,289 | $487,899 | 756.2 % | |
Cost of revenue | (2,861,088) | (577,573) | 395.4 % | |
Gross Profit (Loss) | $1,316,201 | $(89,674) | n.m. | |
Gross profit margin | 31.5 % | -18.4 % | n.m. | |
General and administrative expenses | 7,980,020 | 3,761,454 | 112.2 % | |
Share-based compensation | 1,212,088 | 536,883 | 125.8 % | |
Sales and marketing expenses | 560,438 | 185,565 | 202.0 % | |
Depreciation & Amortization | 628,473 | 208,600 | 201.3 % | |
Research and development expenses | 573,232 | 359,714 | 59.4 % | |
Write-off of assets | 494,535 | 897,303 | -44.9 % | |
Impairment of goodwill | 13,275,005 | 1,581,210 | 739.5 % | |
Transaction costs | 1,994,266 | 112,877 | 1666.8 % | |
Loss before other items | $(25,401,856) | $(7,733,280) | 228.5 % | |
Other items | 463,370 | (121,124) | n.m. | |
Revaluation of contingent liability | 222,403 | (50,000) | n.m. | |
Loss from operations before taxes | $(24,716,083) | $(7,904,404) | 212.7 % | |
Deferred income tax recovery | 34,000 | -- | n.m. | |
Net Loss | $(24,682,083) | $(7,904,404) | 212.3 % | |
Other comprehensive income | 64,248 | -- | n.m. | |
Comprehensive Loss | $(24,617,835) | $(7,904,404) | 211.4 % | |
Loss per share, basic and diluted | $(0.10) | $(0.05) | 105.5 % | |
Average number of shares outstanding, basic and diluted | 216,587,034 | 164,940,392 | 55.4 % | |
Loss excluding non-cash impairment and transaction costs | $(9,348,564) | $(6,210,317) | 58.5 % | |
Loss per share, basic and diluted, excluding non-cash impairment and transaction costs costs | $(0.04) | $(0.04) | 0.0 % |
Fiscal 2022 Key Performance Metrics
For the year ended August 31: | ||||
2022 | 2021 | % change | ||
Numinus Clinic Network revenues | 5,744,593 | 1,034,168 | 455.5 % | |
Numinus Clinical Research revenues | 749,481 | 479,502 | 56.3 % | |
Total Revenue | $6,494,074 | $1,513,670 | 329.0 % | |
Cost of revenue | 4,717,304 | 1,595,208 | 195.7 % | |
Gross Profit (Loss) | $1,776,770 | $(81,538) | n.m. | |
Gross profit margin | 27.4 % | -5.4 % | n.m. | |
General and administrative expenses | 21,712,729 | 9,868,079 | 120.0 % | |
Share-based compensation | 3,454,867 | 1,821,508 | 86.0 % | |
Sales and marketing expenses | 2,192,325 | 2,223,676 | -0.4 % | |
Depreciation & Amortization | 982,341 | 445,186 | 69.4 % | |
Research and development expenses | 1,885,037 | 1,401,194 | 34.5 % | |
Write-off of assets | 494,535 | 897,303 | -44.9 % | |
Impairment of goodwill | 13,275,005 | 1,581,210 | 764.2 % | |
Transaction costs | 2,515,935 | 265,618 | 847.2 % | |
Loss before other items | $(46,512,774) | $(18,585,312) | 151.3 % | |
Other items | 100,766 | (24,459) | n.m. | |
Revaluation of contingent liability | (280,648) | (50,000) | 837.7 % | |
Loss from operations before taxes | $(44,915,886) | $(18,773,945) | 149.8 % | |
Deferred income tax recovery | 34,000 | -- | n.m. | |
Net loss | $(44,881,886) | -- | n.m. | |
Other comprehensive income | 64,248 | -- | n.m. | |
Comprehensive Loss | $(44,817,638) | $(18,773,945) | 141.6 % | |
Loss per share, basic and diluted | $(0.21) | $(0.11) | 9.1 % | |
Weighted average number of shares outstanding, basic and diluted | 216,587,034 | 164,940,392 | 55.4 % |
Numinus' condensed consolidated financial statements for the twelve months ended August 31, 2022 and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinus.com and under the Company's profile on SEDAR at www.sedar.com. These documents were prepared in accordance with IFRS.
Conference Call and Webcast Details
Interested parties are invited to participate in the Company's fourth quarter and annual 2022 results conference call and webcast. On the call Numinus executives will review the Company's performance and recent initiatives, and answer questions from analysts.
To participate in the live conference call, please use the following dial-in information:
A replay of the conference call can also be accessed after 8:30 p.m. Eastern time / 5:30 p.m. Pacific time on November 29, 2022, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until December 13, 2022.
About Numinus
Numinus Wellness (TSX: NUMI) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model - including psychedelic production, research and clinic care - is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.
Learn more at www.numinus.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.
Disclaimer
Neither Numinus Wellness Inc., nor any of its subsidiaries is a professional corporation licensed to practice health services. In jurisdictions where health services may only be provided by a corporation if that corporation holds a valid permit to do so, Numinus and its subsidiaries operate in a management services function to affiliated professional corporations, who provide health services to patients. Numinus and its subsidiaries do provide health services directly to patients in those jurisdictions where authorized to do so.
Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's limited operating and profitability track record; dependence on management; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.
SOURCE Numinus Wellness Inc.
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