Numinus Wellness Reports Q4 2022 and Annual Results

The article Numinus Wellness Reports Q4 2022 and Annual Results was originally published on Microdose.

Numinus Wellness Reports Q4 2022 and Annual Results


  • Q4 2022 revenues grew 643% year-over-year to $4.2 million
  • Q4 2022 gross margin grew to 31.5%, generated $1.3 million of gross profit
  • Completed acquisition of Novamind, positioning Numinus as a leading, integrated mental healthcare company providing psychedelic-assisted therapies
  • Ended quarter with cash position of $33.0 million


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

VANCOUVER, BC, Nov. 29, 2022 /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 and twelve months ended August 31, 2022 (“Q4 2022” and “Fiscal 2022”).

“Fiscal 2022 was a pivotal year for Numinus, as we entered the US market with the transformational acquisition of Novamind, expanded our Ketamine-assisted Therapy offering across Canada, launched a formal practitioner training program, and unveiled a global rebranding of our company. Combined, these efforts have provided a solid platform for our continued, measured growth – with scalable infrastructure and systems, and a growing pipeline of practitioners choosing Numinus for their psychedelics-assisted therapy training,” said Payton Nyquvest, Founder and CEO. “We also see exceptional opportunity from our new Cedar Clinical Research (CCR) division – which was acquired with Novamind. Through CCR, Numinus is forging trusted working relationships with many leading third-party drug developers, who may someday need clinical facilities to provide their patient protocols. With our strong wellness clinic network and a growing clinical research division, Numinus is one of the best positioned companies in the sector – supported by diversified revenue streams, growing brand awareness, and a recognized pathway to profitability.”

Commenting on the quarter, Mr. Nyquvest continued: “Our fiscal fourth quarter was the first to demonstrate the real power of our larger, cross-border platform following the acquisition of Novamind on June 10, 2022 – and the impacts are evident in our performance. Compared to the previous quarter, fourth quarter revenues grew 464% to $4.2 million, gross margin improved by 710 basis points from 6.5% to 31.5%, and gross profit grew 628% to $1.3 million. We’re excited about the momentum building across our business and the regulatory reform underway across the US and Canada, and will continue to evaluate complementary growth opportunities that will enhance our client experience and further support margin expansion.”

Fourth Quarter Financial Highlights

  • Revenues grew 643% year-over-year to $4.2 million in Q4 2022, due primarily to the acquisition of Novamind. Sequentially, revenues grew 464% from the prior quarter.
  • Gross margin grew to 31.5% during Q4 2022 compared to 6.5% in Q4 2021. Sequentially, gross margin grew 710 basis points from 24.4% in Q3 2022. The improvement in gross margin is due mostly to the completion of the Novamind acquisition between periods and the offering of higher-margin services.
  • Gross profit was $1.3 million in Q4 2022, a significant increase in compared to gross profit of $32,000 in Q4 2021, and a 628% increase compared to $0.2 million in the prior quarter.
  • Cash balance of $33.0 million as of August 31, 2022. Cash outflows were larger than usual during the fourth quarter due to severance, contract terminations and banking costs related to the completion of the Novamind acquisition during the quarter.

Fiscal 2022 Financial Highlights

  • Revenues during fiscal 2022 were $6.5 million, a 329% increase from $1.5 million in fiscal 2021, due primarily to acquisitions completed during the year.
  • Gross margin during fiscal 2022 was 27.4%, compared to -5.4% in fiscal 2021.
  • Gross profit during fiscal 2022 was $1.8 million, a significant improvement compared to a gross loss of $82,000 in fiscal 2021.

Operational Highlights During and Subsequent to Q4 2022

Corporate Updates

  • On June 10, 2022, following exemplary shareholder approval, Numinus completed the acquisition of Novamind Inc. – providing a strong US wellness clinic platform and a clinical research management division.
  • On June 10, 2022, Numinus announced several executive appointments. Michael Tan was promoted to President and Chief Operating Officer, Reid Robison was appointed Chief Clinical Officer, and Paul Thielking has been appointed Chief Science Officer.
  • On June 27, 2022, Numinus introduced its new logo and brand identity to unify Numinus’ presence across North America. The rebranding activities will be accomplished in phases and completed by the end of 2022.
  • As indicated on June 10, 2022, following 2.5 years with Numinus, Dr. Evan Wood will no longer continue in his role as Chief Medical Officer of the Company, to enable him to continue with his tenured teaching and leadership university career. Dr. Wood remains an active supporter of Numinus and will continue working with the Company as a highly engaged advisor.

Numinus Wellness Clinic Network

  • Q4 2022 clinic network revenue was $3.7 million, representing a 404% sequential increase from $0.7 million in Q3 2022, and an 821% increase from $400,306 during the same period last year. The increase in clinic network revenues is primarily due to acquisitions completed during the year and the expansion of clinic services.
  • During Q4 2022, Numinus completed more than 17,000 client appointments (including one-on-one and group therapy sessions, neurology-related appointments, paid group programs, Ketamine-assisted psychotherapy, Transcranial Magnetic Stimulation (TMS) and Ketamine/Spravato medicine appointments, representing a 202% increase in clinic appointments compared to more than 5,600 appointments in Q3 2022, mostly due to the acquisition of Novamind at the beginning of the quarter.
    • 12.5% of appointments during Q4 2022 were made by new clients.
    • TMS continues to show strong demand, with 1,568 TMS appointments made during Q4 2022 and continued growth subsequent to the quarter end.
    • At the end of Q4 2022, Numinus had 122 practitioners providing client treatments through its wellness clinics and virtual services, a 10% increase from the beginning of the quarter.
  • As of August 31, 2022, Numinus had 13 wellness clinics offering services to clients (one in Vancouver, one in Toronto, three in Montreal, six in Utah and two in Arizona). In addition, the Company had four dedicated research clinics where psychedelic studies are being conducted (two in Salt Lake City, one in Vancouver and one in Montreal).
  • Following a strategy to identify operating efficiencies, Numinus consolidated two clinic locations in the Salt Lake City area, to reduce leasehold expenses while still retaining all medical staff, practitioners, and area clients. As a result of this activity, today Numinus has 12 wellness clinics across North America.
  • On June 23, 2022, Numinus launched a pilot mental health program for corporate clients: Corporate Ketamine-Assisted Psychotherapy (“Corporate KAP”). This Utah-based program is aimed at helping businesses improve employee mental health by offering ketamine-assisted psychotherapy as a health benefit for eligible employees.
  • On September 13, 2022, Numinus launched a new financing option for clinic patients in Canada. This new payment option will increase the accessibility of its traditional therapy and Ketamine-assisted therapy to a wider client population. Offered through iFinance, a third-party financing partner, Numinus’ new financing option will allow Canadian clients to apply for financing with interest rates based on the applicant’s credit history. Once approved, Numinus will provide the requested therapy services and collect full payment from iFinance following the completion of the treatment plan.
  • On September 19, 2022, Numinus expanded its Ketamine-assisted Therapy offering to its Toronto location (The Neurology Centre of Toronto), to provide KAT services to patients with neurologic conditions.
  • On October 28, 2022, Numinus announced the launch of its Ketamine for Chronic and Serious Medical Illness Program. This new program will be introduced first in Numinus’ clinics in Utah, British Columbia and Quebec. The Company intends to expand the program to other clinics in later months.

Numinus Clinical Research

  • Revenues from Cedar Clinical Research (“CCR”) during Q4 2022 were $0.5 million. CCR revenue streams are generated through the management of third-party clinical trials that use CCR’s two clinical research sites. The business division joined Numinus through the acquisition of Novamind in June 2022.
  • On June 22, 2022, Numinus Bioscience filed a patent application to the World Intellectual Property Organization (WIPO), an agency of the United Nations, for a rapid production process for Psilocybe and other fungi species containing psilocybin and other compounds. A provisional patent application for the process was submitted to the United States Patent & Trademark Office (USPTO) on June 24, 2021. With this additional filing, international patent protection would extend to all WIPO member states that have signed the Patent Cooperation Treaty (PCT), including Australia, Germany, Netherlands, and the United Kingdom, where psychedelic research is currently active.
  • On October 5, 2022, the Company announced that Numinus Bioscience has developed a psilocybin-containing tea bag for use in clinical research and, if appropriate regulatory approvals are granted, eventual treatment of clients in psychedelic-assisted therapy.

Other Items:

  • A non-cash impairment charge of $13.3 million and transaction costs of $1.9 million related to the acquisition of Novamind Inc. were incurred during the fourth quarter and are not considered to be recurring operating expenses. Excluding these expenses, adjusted net loss for the fourth quarter was $9.3 million, or $0.04 per share.

Q4 2022 Key Performance Metrics

For the quarter ended August 31:
20222021% change
         Numinus Clinic Network revenues3,685,476400,306820.7 %
         Numinus Clinical Research revenues491,81387,593461.5 %
Total Revenue$4,177,289$487,899756.2 %
Cost of revenue(2,861,088)(577,573)395.4 %
Gross Profit (Loss)$1,316,201$(89,674)n.m.
   Gross profit margin31.5 %-18.4 %n.m.
General and administrative expenses7,980,0203,761,454112.2 %
Share-based compensation1,212,088536,883125.8 %
Sales and marketing expenses560,438185,565202.0 %
Depreciation & Amortization628,473208,600201.3 %
Research and development expenses573,232359,71459.4 %
Write-off of assets494,535897,303-44.9 %
Impairment of goodwill13,275,0051,581,210739.5 %
Transaction costs1,994,266112,8771666.8 %
Loss before other items$(25,401,856)$(7,733,280)228.5 %
Other items463,370(121,124)n.m.
Revaluation of contingent liability222,403(50,000)n.m.
Loss from operations before taxes$(24,716,083)$(7,904,404)212.7 %
Deferred income tax recovery34,000n.m.
Net Loss$(24,682,083)$(7,904,404)212.3 %
Other comprehensive income64,248n.m.
Comprehensive Loss$(24,617,835)$(7,904,404)211.4 %
Loss per share, basic and diluted$(0.10)$(0.05)105.5 %
Average number of shares outstanding, basic and diluted216,587,034164,940,39255.4 %
Loss excluding non-cash impairment and transaction costs$(9,348,564)$(6,210,317)58.5 %
Loss per share, basic and diluted, excluding non-cash impairment and transaction costs costs$(0.04)$(0.04)0.0 %

Fiscal 2022 Key Performance Metrics

For the year ended August 31:
20222021% change
         Numinus Clinic Network revenues5,744,5931,034,168455.5 %
         Numinus Clinical Research revenues749,481479,50256.3 %
Total Revenue$6,494,074$1,513,670329.0 %
Cost of revenue4,717,3041,595,208195.7 %
Gross Profit (Loss)$1,776,770$(81,538)n.m.
   Gross profit margin27.4 %-5.4 %n.m.
General and administrative expenses21,712,7299,868,079120.0 %
Share-based compensation3,454,8671,821,50886.0 %
Sales and marketing expenses2,192,3252,223,676-0.4 %
Depreciation & Amortization982,341445,18669.4 %
Research and development expenses1,885,0371,401,19434.5 %
Write-off of assets494,535897,303-44.9 %
Impairment of goodwill13,275,0051,581,210764.2 %
Transaction costs2,515,935265,618847.2 %
Loss before other items$(46,512,774)$(18,585,312)151.3 %
Other items100,766(24,459)n.m.
Revaluation of contingent liability(280,648)(50,000)837.7 %
Loss from operations before taxes$(44,915,886)$(18,773,945)149.8 %
Deferred income tax recovery34,000n.m.
Net loss$(44,881,886)n.m.
Other comprehensive income64,248n.m.
Comprehensive Loss$(44,817,638)$(18,773,945)141.6 %
Loss per share, basic and diluted$(0.21)$(0.11)9.1 %
Weighted average number of shares outstanding, basic and diluted216,587,034164,940,39255.4 %

Numinus’ condensed consolidated financial statements for the twelve months ended August 31, 2022 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.

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