Numinus Wellness Outpatient Therapy Growth Metrics Are Trending In The Right Direction
Numinus Wellness Inc. (TSE:NUMI) (OTCMKTS: NUMIF) appears to be moving towards a sustained growth trajectory, as its most recent fiscal financial results for the three and nine months ended May 31, 2022 show. Following the results, we interviewed Numinus CEO Payton Nyquvest to parse the company’s operating details and where it’s clinic outpatient psychotherapy model is headed.
With there’s still an extensive path to overcome in the company’s quest to obtain operating cash flow, core metrics are headed in the right direction. In fiscal Q3 2022, the company grew revenue 32% year-over-year to $0.74 million while its clinic network revenues grew 59.5% from the same quarter last year. On a sequential basis, clinic appointments in Numinus-run clinics rose 5.9% compared to Q2 2022. The growth reflects reflects a steady increase for psychedelic-therapy services.
Meanwhile, the closure of Numinus’ acquisition of Novamind on June 10, 2022 means that Numinus’ next quarterly financials will include almost all of Novamind’s operational results, minus the first ten days of June. Last reporting quarter, Novamind produced record high quarterly revenue of $3,227,352—a 32% increase sequentially over the previous quarter—driven by its Arizona clinic acquisition and expanding clinic network to eight total locations.
During the interview, CEO Payton Nyquvest communicated that its outpatient clinic model should experience an extensive runway of go-forward growth, as the pervasive trend towards easier access of psychedelic medicine and decriminalization continues:
If you look at what’s happening in terms of drug approval within the psychedelic space at the moment, Oregon’s legalizing psilocybin—it feels like every week there’s a new state that is decriminalizing or looking towards much more broad-spread access. So, you know, this is not going to be a traditional pharmaceutical drug approval play. It’s landing somewhere in the middle.
“Landing somewhere in the middle” is certainly the position Numinus finds itself following the acquisition of Novamind, which diversifies them into revenue streams derived from psychedelic research. The company will inherit a phase II clinical trial investigating psilocybin for major depressive disorder sponsored by the Usona Institute, as well as Novamind’s participation in Mind Medicine’s (NASDAQ: MNMD) phase IIb randomized clinical trial investigating LSD for generalized anxiety disorder.
Click on the embedded link to view our interview with Numinus Wellness CEO Payton Nyquvest, in his own words.