Numinus Wellness Inc. Reports Q3 2023 Results

July 17, 2023
  • Q3 2023 revenues grew 713.3% year-over-year to $6.0 million
  • Q3 2023 revenues grew 12.6% from previous quarter
  • Gross profit of $2.1 million, increased 1051.6% year-over-year
  • Staff reductions and operational realignment resulted in $0.6 million of one-time expenses during the quarter
  • Cash position of $13.0 million as at May 31, 2023
  • Activities taken during Q3 2023 position the company well for the expected future approval of MDMA-assisted therapy

All financial results are reported in Canadian dollars unless otherwise stated.

VANCOUVER, BC, July 17, 2023 /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 months ended May 31, 2023 ("Q3 2023").

"We're on the verge of a pivotal turning point for the psychedelics sector – with MDMA-assisted therapy on a path to FDA approval, long-form psychedelic-assisted therapy receiving an insurance pay code, and cultural awareness and support for these treatments building," said Payton Nyquvest, Founder and CEO. "Within this, Numinus is focusing on building scale and sector partnerships to deliver best-in-class clinical infrastructure and practitioner training programs to support greater patient access to these important therapies. Our recently announced experiential training partnership with MAPS is a great example of how Numinus is uniquely positioned within the sector."

Mr. Nyquvest continued: "We took meaningful steps during our fiscal third quarter to best align our business with future opportunities related to the expected approval of MDMA-assisted therapy. These activities included launching the Numinus Network™ licensing program, focusing capital and people resources towards revenue producing business lines, and preparing for expanded insurance payor coverage of psychedelic-assisted therapies. Collectively, we believe these actions will improve the productivity of our clinics and training offerings, drive higher long-term margins, and extend our cash runway. We expect the true impact of these changes will begin to be demonstrated in the next few months."

Revenues grew 12.6% from the prior quarter to $6.0 million in Q3 2023, due mostly to growth in client appointments and strong performance by Cedar Clinical Research ("CCR"). Compared to the same quarter last year, revenues grew 713.3%.

Gross Margin
Sequentially, gross margin declined 480 basis points in Q3 2023 to 34.5% from 39.3% in Q2 2023, due to an increased number of full-time practitioners (rather than part-time contractors) and the performance of certain clinic locations, which the Company is actively looking to optimize. Gross margin grew 1010 basis points in Q3 2023 compared to 24.4% in Q3 2022. The improvement in gross margin compared to Q3 last year is due mostly to increased client appointments and higher clinic utilization rates. Gross profit was $2.1 million in Q3 2023, in line with the previous quarter, but a significant increase compared to gross profit of $0.2 million in Q3 2022.

Operating expenditures
During the third quarter, Numinus undertook several initiatives to lower its cash expenses and refocus operations on revenue producing activities, including the renegotiation of vendor contracts, reducing headcount in non-revenue generating departments, and deferring non-urgent projects. In addition, the Company re-allocated capital and people resources towards expansion initiatives expected to drive long-term revenue growth. Operating expenses totaled $9.2 million during Q3 2023, including $0.6 million of expenses related to staff reductions.

Operational Highlights During and Subsequent to Q3 2023

Numinus Wellness Clinic Network

Wellness clinics generated $5.0 million of revenue during Q3 2023, a 5.5% sequential increase from $4.7 million in Q2 2023, due mostly to increased client appointments, and a 584.2% increase compared to $0.7 million during the same period last year. Numinus completed more than 21,520 client appointments during the quarter – including one-on-one and group therapy sessions, neurology-related appointments, paid group programs, Ketamine-assisted psychotherapy (KAT), Transcranial Magnetic Stimulation (TMS) and Ketamine/Spravato medicine appointments, representing a 11.2% increase in clinic appointments compared to more than 19,350 appointments in Q2 2023.

  • The average number of appointments per operating day increased by 2.7% (Q3 2023: 331.1 average appointments per day; Q2 2023: 322.5 average appointments per day).
  • 8.8% of appointments during Q3 2023 were made by new clients.
  • 16.3% of appointments during Q3 2023 were KAT or Ketamine/Spravato medicine related.
  • 6.3% of appointments during Q3 2023 were for TMS services.
  • At the end of Q3 2023, Numinus had 130 practitioners (Q2 2023: 133) providing client treatments through its wellness clinics and virtual services.

During the fiscal third quarter, Numinus undertook several initiatives to best prepare the company for the future expected approval of MDMA-assisted therapy. First, to facilitate rapid clinic expansion, on April 11, 2023, the Company launched its new Numinus Network™ wellness clinic licensing platform – a model that provides independent practitioners with the opportunity to own and operate a Numinus branded full-service clinic. This model is considered integral to achieving efficient scaling of the business, as it leverages resources and infrastructure already functioning within Numinus to expand with minimal capital outlays by the Company. Numinus Network™ clinic owners will receive training on all Numinus therapy protocols and administrative and marketing support, among other service offerings. On April 11, 2023, Numinus also announced a new partnership with Healing Commercial Real Estate Inc. ("Healing CREI") – a health care focused real estate investment company with deep market knowledge of the psychedelic sector. Through this agreement, Numinus Network™ licensees will benefit from the option to lease a turnkey, fully functioning Numinus Wellness clinic location – complete with leasehold improvements and clinic infrastructure, directly from Healing CREI. The Numinus Network platform is already gaining a significant amount of interest. To better evaluate markets of high demand, and to further showcase Numinus' clinic offering, on June 22, 2023, Numinus announced that it has signed an agreement with HealingMaps. This partnership will drive further clinic awareness and provide Numinus with market data to assist with determining best regions for expansion.   

Subsequent to the quarter, on June 15, 2023, Numinus entered into a partnership with the Association for Psychedelic Studies, to provide psychedelic experiential opportunities for practitioners training to offer MDMA-assisted therapy, as part of a clinical study. If the clinical trial application submitted to Health Canada is approved, the MDMA-assisted therapy experiential opportunity would be available only through Numinus.

Numinus Clinical Research

Revenues from CCR during Q3 2023 were $1.0 million, a 66.7% increase compared to prior quarter. CCR revenue streams are generated through the management of third-party clinical trials that use CCR's three clinical research sites. During the third quarter, CCR managed 18 clinical trials, which included 318 clinical trial patient appointments. Included in these were clinical trials for COMPASS Pathways' phase 3 clinical study of psilocybin therapy, and MindMed's Phase 2b study evaluating MM-120 (lysergide D-tartrate) for General Anxiety Disorder. 

Corporate Highlights During and Subsequent to Q3 2023
Numinus foresees having enough fully trained psychedelic-assisted therapy ("PAT") practitioners will be an important factor in scaling the Company and the sector. To support growing the number of qualified practitioners, Numinus' training department launched the Numinus Certification Pathway during the quarter – a collection of PAT training courses uniquely selected to provide practitioners with complete PAT training, including an experiential component and practicum.

On June 14, 2023, Numinus announced the appointment of Nikhil Handa as Chief Financial Officer, effective June 15, 2023, following a thorough executive search.

Balance Sheet and Liquidity
Numinus ended the quarter with a total cash balance of $13.0 million and working capital of $12.9 million.

On May 25, 2023, Numinus announced it had completed a staffing reduction in non-revenue producing departments, re-allocated capital and people resources towards growth initiatives, and reviewed its agency and supplier contracts.  As a result of these initiatives, the Company believes it has reduced annualized cash expenses by approximately $4.2 million – extending the Company's cash runway past anticipated MDMA-assisted therapy approval.

Q3 2023 Key Performance Metrics

For the quarter ended:

May 31, 2023
(Q3 2023)

Feb. 28, 2023

(Q2 2023)

% change 

     Numinus Clinic Network revenues



5.5 %

     Numinus Clinical Research revenues



66.7 %

Total Revenue



12.6 %

Cost of revenue



21.5 %

Gross Profit (Loss)



-1.2 %

   Gross profit margin

34.5 %

39.3 %

-480 bps

Operating expenses



-0.3 %

Net Loss



0.6 %

Comprehensive Loss



0.0 %

Numinus' condensed consolidated financial statements for the three and nine months ended May 31, 2023 and related management's discussion and analysis are available on Numinus' Investor Relations website at and under the Company's profile on SEDAR at These documents were prepared in accordance with IFRS.

Conference Call and Webcast Details
Interested parties are invited to participate in the Company's Q3 2023 results conference call and webcast occurring on the same day, at 5:30 p.m. Eastern time / 2:30 p.m. Pacific time. During the call, Numinus executives will review the Company's performance and recent initiatives, and answer questions from analysts.

To listen to the live webcast, please register at: 

The webcast will also be archived on the Events and Presentations page of Numinus' Investor Relations website: 

To participate in the live conference call, please use the following dial-in information:

  • 1 (888) 330-3632 (Toll-free North America)
  • 1 (646) 960-0837 (International)
  • Please ask to participate in Numinus' Q3 2023 Results Call.

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 conference passcode 3547386.

A replay of the conference call can also be accessed after 8:30 p.m. Eastern time / 5:30 p.m. Pacific time on July 17, 2023, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until July 31, 2023.

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 and follow us on LinkedInFacebookTwitter, and Instagram.

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, 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; interest in, uptake of and the ability to commercialize the Numinus Network program, interest in and uptake of the Healing CREI  offering from Numinus Network members, availability of suitable locations or licensees for the Numinus Network offering, interest in, uptake of and the ability to commercialize the practitioner training service offering, our ability to recruit dedicated practitioners in Canada, our ability to develop, launch, commercialize and/or maintain the digital tools and service offering, 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, 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; initial and ongoing Health Canada approval of the clinical trial for experiential MDMA-assisted therapy, availability of subjects for such clinical trial, and continued legal availability of experiential component of training or availability of licensed practitioners or professional corporations to deliver the same; 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; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers and other risk factors set forth in our annual information form dated December 12, 2022 and available on SEDAR at 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.

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SOURCE Numinus Wellness Inc.