Numinus Wellness Inc. Announces First Quarter Fiscal 2024

NEW YORK – Numinus Wellness Inc. a mental health care emphasizing psychedelic-assisted therapies, has released its financial figures for the first quarter of fiscal year 2024, ending November 30, 2023. The results reveal a nuanced financial picture, marked by both gains in gross profit and challenges in revenue generation.

The company reported a gross profit of $2.1 million, indicating an 18.8% increase from the fourth quarter of 2023. However, revenues saw a 3.0% decline in the same period, totaling $5.9 million. Notably, operating expenses were reduced by 19.9% over the previous quarter, reflecting the company’s strategic focus on cost containment. The cash position as of November 30, 2023, stood at $4.7 million, with a reduced monthly cash burn rate of under $1 million starting in October 2023.

Numinus Wellness Inc. continues to grow its educational and clinical research arms, with over 700 learners enrolled in its training programs and managing 22 clinical trials at Cedar Clinical Research. The wellness clinics, a significant segment of the company’s operations, provided 19,961 client appointments during the quarter.

Payton Nyquvest, Numinus Founder and CEO, emphasized the company’s commitment to advancing practitioner training and clinical expertise in anticipation of growing demand for novel treatments. “Our focus remains on cost containment efforts, and we continue to have a monthly cash burn rate of less than $1 million as previously achieved in October 2023,” Nyquvest added.

The company experienced a contraction in the number of appointments scheduled at its wellness clinics, a move aligned with its strategy to focus on profitable operations. This approach resulted in an increased gross margin of 36.1% in Q1 2024 compared to 29.5% in the previous quarter.

Despite the decline in revenue, the company has made significant strides in optimizing its operations. The gross margin saw a substantial increase from the previous quarter, although it was lower compared to the same quarter last year. Operating expenditures decreased significantly both compared to the previous quarter and the same period last year, showcasing the company’s effective cost management strategies.

Numinus Wellness Inc. remains dedicated to its mission of providing innovative mental health treatments, particularly focusing on psychedelic-assisted therapies. With a solid cash position and a commitment to profitability, the company is poised to navigate the challenging landscape of mental health care while continuing to innovate and grow in the sector.