Investing.com
Published Apr 13, 2024 08:02
Q2 Fiscal 2024 Highlights
Subsequent to Quarter End
All financial results are reported in Canadian dollars unless otherwise stated. |
"Over the past two quarters, Numinus has steadfastly focused on fortifying our operations to ensure we are well-positioned for sustainable growth and profitability in the quarters to come," said
"We are also pleased with the success of our Numinus training program. As well as a doubling of the learners enrolled in the program, our Introduction to Psychedelics course is proving to be a pathway to our paid courses, and we recently introduced training for practitioners working with drug developers to facilitate clinical trial research." added
Revenue
Revenues declined 15.4% from the prior quarter to
Gross Margin
Sequentially, gross margin declined 310 basis points in Q2 2024 to 33.0% from 36.1% in Q1 2024, reflecting the decrease in revenue compared to the previous quarter.
Operating expenditures
Operating expenditures were
Operational Highlights
Numinus Wellness Clinic Network
Wellness clinics generated revenue of
Numinus Clinical Research
Revenues from CCR during Q2 2024 were
Numinus Clinical Training
The Company has built a fulsome certification program to train practitioners in ketamine, 3,4-Methyl enedioxy methamphetamine ("MDMA"), and psilocybin-assisted therapy ("Numinus Training Program") that leverages its expertise in clinic-based treatment and clinical research. The program is accredited by major regulatory bodies in
Corporate Updates
On
On
On
On
The Company's annual general meeting will be held on
Balance Sheet and Liquidity
Numinus ended the quarter with a total cash balance of
Numinus' unaudited condensed consolidated interim financial statements for the three months ended
Outlook
As an integrated mental healthcare provider, Numinus is building the critical infrastructure of clinical research support, practitioner training, and patient therapy to serve the expected demand for psychedelic-assisted therapy ("PAT"). To take advantage of what it sees as a significant growth opportunity, the Company has focused on optimizing its operations and controlling costs since the third quarter of fiscal 2023.
The Company expects significant growth from the sector as acceptance of PAT as an effective treatment for serious mental health conditions increases and psychedelic drug candidates advance through the drug approval process. According to the newsletter Psychedelic Alpha1, there are currently over 90 potential psychedelic drugs in the preclinical to phase 3 clinical trial stages of drug development. This includes the FDA's acceptance of MDMA as a new drug application with a Prescription Drug User Fee Act ("PDUFA") target action date of
It is the Company's view that these trends indicate the beginning of a period when psychedelic treatments for serious mental health conditions may become increasingly available to the public and provide opportunities for continued growth across the three areas of its sector focus.
To prepare the Company for the growth expected from the psychedelic sector, Numinus launched two critical initiatives: cost containment and strategic realignment.
With the initiatives in place and positive trends in the psychedelic sector, the Company believes it is well-positioned for growth in the quarters to come.
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1 Psychedelic Alpha. Psychedelics Drug Development Tracker, https://psychedelicalpha.com/data/psychedelic-drug-development-tracker. Accessed |
Strategic Review
To best position the Company for continued growth, Numinus' Board of Directors (the "Board") initiated a review process to explore, review and evaluate a broad range of strategic alternatives that may be available to the Company to unlock shareholder value. The Board retained Stifel Canada as its financial and strategic advisor.
Conference Call and Webcast Details
Interested parties are invited to participate in the Company's Q2 2024 results conference call and webcast occurring on
To listen to the live webcast, please register at:
https://events.q4inc.com/attendee/472052579
The webcast will also be archived on the Events and Presentations page of Numinus' Investor Relations website: www.investors.numinus.com/events-and-presentations.
To participate in the live conference call, please use the following dial-in information:
To avoid any delays in joining the call, please dial in at least five minutes prior to the call start time. If prompted, please provide the conference passcode 3547386.
About Numinus
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) 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 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 Twitter , and Instagram.
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, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; the effect of cost containment measures on Numinus business and financial position; changes to cash burn rate, expenses, corporate programs or priorities, or unanticipated costs affecting cash runway or the pathway to positive cashflow or profitability, the effect of any transaction or other activity undertaken by the company in connection with the strategic review; interest in, uptake of and the ability to commercialize the Numinus Training; receipt of and/or continued approval of the clinical trial application by Health Canada for experiential opportunities for practitioners training to offer MDMA-assisted therapy; availability of subjects and trainers for experiential opportunities in practitioners training, if approved; 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 the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, 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 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 need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; the effect, if any, that the Consolidation may have on the liquidity and price of the Company's common shares and its ability to maintain its listing on the TSX and OTCQB; and other risk factors set forth in our annual information form dated
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