When Numinus Wellness Inc (TSX:NUMI/OTC:NUMIF) acquired Novamind Inc on June 10, 2022, it immediately established the company as “a leading integrated mental healthcare company providing psychedelic-assisted therapies.”
With Novamind now fully integrated into the company‘s operations, Numinus’s just-released Q4 2022 results provide investors with the first true look at this combined entity. The quarterly numbers reflect the strength of the acquisition.
- Q4 2022 revenues are up 643% year-over-year, to CAD$4.2 million
- Q4 2022 gross margin increased to 31.5%
- The Company generated a gross profit of CAD$1.3 million
Annualizing fourth quarter performance, which was the first quarter of the combined company, would indicate a strong year ahead:
- $16.7 million in revenue
- $5.2 million of gross profit
These numbers firmly position Numinus as one of the leading companies in the psychedelics sector.
Numinus CEO and Founder Payton Nyquvest framed the results for investors.
“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.”
The CEO also shared these additional insights.
“Our fiscal fourth quarter was the first to demonstrate the real power of our larger, cross-border platform following the acquisition of Novamind. Through CCR [Cedar Clinical Research], Numinus is forging trusted working relationships with many leading third-party drug developers, who may someday need clinical facilities to provide their patient protocols.”
Numinus is not just an industry leader in psychedelic-assisted therapies across Canada and the U.S. The company is also a leader in the psychedelics space in partnering with drug developers to host their clinical trials.
Numinus now has 12 wellness clinics offering a wide range of mental health services1:
- Vancouver (1)
- Toronto (1)
- Montreal (3)
- Utah (5)
- Arizona (2)
1Numinus was able to consolidate two clinic locations in the Salt Lake City area, reducing overhead while retaining all medical staff, practitioners and clients.
Numinus Wellness also has four dedicated research clinics for psychedelic studies (including formal clinical trials): two in Canada and two in the U.S. Research partners to date include Merck, MAPS and the Usona Institute.
However, the company’s growth is primarily visible through its mental health services. Q4 2022 clinic revenue of CAD$3.7 million represents a 404% quarter-over-quarter increase from CAD$0.7 million in Q3.
During Q4 2022, Numinus recorded over 17,000 client appointments, comprised of one-on-one and group therapy sessions, neurology-related appointments, paid group programs, Ketamine-assisted psychotherapy, Transcranial Magnetic Stimulation (TMS) and Ketamine/Spravato appointments. This is a 202% increase from the 5,600+ clinical appointments in Q3.
The company noted that 12.5% of appointments in Q4 came from new clients. TMS therapy shows particularly strong growth, with 1,568 appointments during the quarter – and continued growth subsequent to the reporting period.
Numinus Wellness now has more than 130 practitioners providing client treatments. This represents an 18% increase from the start of the fiscal fourth quarter.
Numinus also completed several executive appointments during the Q4. Michael Tan is now President and Chief Operating Officer. Reid Robinson is the new Chief Clinical Officer. And Paul Thielking is Numinus’ Chief Science Officer.
Reflecting the global rebranding of Numinus Wellness Inc., the company now has a new logo. The remaining rebranding activities will be accomplished by the end of 2022.
Numinus also remains active in its clinical research.
Revenues from CCR during Q4 2022 totalled CAD$0.5 million. These revenue streams are generated through the management of third-party clinical trials (via the Company’s research partners).
On June 22, 2022, Numinus Bioscience filed a patent application with the World Intellectual Property Organization (WIPO) with respect to a rapid-production process for Psilocybe and other fungi species containing psilocybin. A provisional patent application for this process has already been filed with the USPTO.
On October 5, 2022, the company announced the development of a psilocybin-containing tea bag through Numinus Bioscience.
For investors wanting exposure to the psychedelics space and interested in one of the leading integrated healthcare companies providing psychedelic-assisted therapies, Numinus Wellness offers a strong value proposition.
DISCLOSURE: This is a paid article by The Market Herald.