Breaking Down Numinus Wellness Quarterly Results
Numinus Wellness has released its latest quarterly results for the three-month period ending on November 30 of ‘21. The financials within the report are in Canadian dollars as the company is based in Canada and trades on the TSX under the symbol of NUMI. Numinus Wellness is also available to psychedelics investors in the United States through the over-the-counter (OTC) market under the symbol of NUMIF.
Inside the Numbers
Numinus Wellness ended the latest financial quarter with just under $54 million in cash. The company’s revenues spiked 245% on a year over year basis, hitting $0.8 million for the period. Numinus earned a gross profit of just under $50,100 during the financial quarter, equating to a 6.5% gross margin. These financial figures indicate Numinus has strategically positioned itself to provide psychedelic-assisted psychotherapy to those in need throughout Canada via the country’s recently expanded Special Access Program.
Numinus revenue soared an incredible 244.5% on a year over year basis, hitting $0.8 million in the initial quarter of ’21, largely as a result of the acquisition of fellow psychedelics specialist Mindspace. The company’s sequential revenue jumped nearly 61% in this period of time compared to the fourth quarter of ’21. It is also interesting to note Numinus’ growth profit was $38,135 in the first quarter of ’21 and $50,965 in the initial quarter of ’22.
The company’s growth margin was 6.5% for the initial quarter as compared to -16.6% in the initial quarter of ’21. The company lost $1.9 million in the first quarter of ’21 and $5.4 million in the initial quarter of ’22.
Numinus Q1 ’22 revenue of $141,702 represents a 27.7% decrease from Q1 of ’21 and a 56.4% increase from Q4 of ’21. These mixed results are primarily the result of the company putting a halt to its cannabis-related business operations in ’21, choosing to redirect efforts toward bolstering its psychedelic treatment modalities. Indeed, Numinus succeeded in creating proprietary psychedelic drug tests with new potency scans and toxicity scans in the winter of ’21. Such analytical tests will hasten the company’s research and development, setting the stage for the generation of that many more revenue streams via product testing.
Phase 1 of Numinus’ Clinical Trial Will Soon Commence
Numinus submitted a clinical trial application to Health Canada to start the initial study of its proprietary psilocybe extract. The MDMA therapy trial sponsored by MAPS is likely to help patients struggling with post-traumatic stress disorder, also known as PTSD. The company recently received approval from the Institutional Review Board and Health Canada for the study.
Payton Nyquvest, the Chief Executive Officer and founder of Numinus has stated the company has made significant progress in every aspect of its business in the prior financial quarter. He pointed to exciting opportunities for expansion that loom on the horizon. Nyquvest also highlighted the company’s partnership with its clinical and lab teams serving as a catalyst that propelled Numinus past its milestones pertaining to two important clinical trials. One of those trials pertains to the MDMA therapy study sponsored by MAPS. The other trial is centered on the use of a proprietary psilocybe treatment modality.
The announcement of the quarterly results also provided Nyquvest with the opportunity to expound on discoveries made within Numinus’ Bioscience lab. The company recently commenced genetic testing on multiple recently acquired psychedelic mushrooms. These mushrooms are distinct from the others used by the Numinus as they are new species.
Nyquvest also took the opportunity to state Health Canada’s amendments to the Special Access Programme reinforce the growth prospects and importance of the company’s wellness clinic network. The hope is the network will continue to expand to provide individuals in need with psychedelic treatment modalities. The company’s acquisition of the Health Canada distribution license empowers it to produce, possess, import and distribute a litany of psychedelic compounds.