Numinus Wellness Inc. Announces Fourth Quarter and Full Year Fiscal 2023 Results

LOS ANGELES- Numinus Wellness Inc. has announced its financial results for the fourth quarter and the full year of fiscal 2023, highlighting significant revenue growth and strategic advancements in its operations.

Fourth Quarter Fiscal 2023 Performance

The fourth quarter of fiscal 2023 saw Numinus achieve a 46.8% increase in revenue year-over-year, reaching $6.1 million. This growth also marked a 1.7% rise from the previous quarter. The company reported a gross profit of $1.8 million, a notable increase of 37.4% compared to the same period last year. As of August 31, 2023, Numinus maintained a robust cash position of $8.6 million and successfully reduced its cash burn rate to under $1 million per month by October 2023.

Strategic Partnerships and Training Programs

A key development in the quarter was Numinus’ partnership with the Multidisciplinary Association for Psychedelic Studies (MAPS), granting the company permission to use MAPS’ protocols for MDMA-assisted therapy experiential opportunities. This move coincides with the expansion of Numinus’ Practitioner Training program, which doubled its cohort in the Fundamentals of Psychedelic Assisted Therapy (PAT) course.

Full-Year Fiscal 2023 Highlights

Numinus experienced a remarkable year with a 256.9% increase in revenue, amounting to $23.2 million for fiscal 2023. This surge was coupled with a gross profit of $8.4 million, representing a 371.2% jump from the previous year. The company facilitated 82,373 client appointments across its wellness clinics and launched the Numinus Certification Pathway, attracting over 400 learners. Additionally, Numinus played a significant role in 36 clinical research trials with leading psychedelic drug developers.

Operational Efficiency and Clinic Network Performance

In its quest to improve operational efficiency, Numinus decided to wind down operations at its Phoenix location due to underperformance, despite significant investments. The company’s wellness clinics generated $5.0 million in revenue during Q4 2023, reflecting a 34.6% year-over-year increase. The clinic network also maintained a high level of client appointments, with a notable percentage of new clients and a diverse range of services, including psychedelic-assisted therapy.

Financial Position and Future Outlook

With a focus on increasing revenue and gross margin while reducing corporate overhead, Numinus has positioned itself for sustained growth. The company’s balance sheet remains strong, with a total cash balance of $8.6 million and a significant reduction in operating expenses. The leadership’s commitment to profitability and sustainable operations is evident in their strategic decisions and financial discipline.

As Numinus navigates the evolving landscape of mental health care and psychedelic-assisted therapies, its fiscal 2023 results underscore the company’s successful adaptation to market demands and its pivotal role in advancing innovative treatments in the sector.