Numinus Wellness Inc. (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 six months ended February 28, 2023 (“Q2 2023” and “first six months”).

“We are excited about our recently announced training and licensing growth initiatives, which position Numinus as a clear leader in delivering and supporting psychedelic-assisted therapies – and contribute to much needed clinical infrastructure for a sector that is on the verge of significant expansion. As we believe that access to these therapies is pending with regulatory reform, the development of clinical protocols, practitioner training, and insurance payor expertise is becoming increasingly important. Given our expansive and growing capabilities, we are one of the best positioned companies to lead the next stage of psychedelic-assisted therapies by providing the necessary infrastructure to deliver these innovative treatments. With new opportunities in sight, we are investing in our digital and licensing platforms to allow us to further scale our business, while reducing the capital investments traditionally needed with clinic expansion.”

Payton Nyquvest, Founder and CEO

Commenting on industry dynamics, Mr. Nyquvest added: “Our measured, capital-light approach to growth and diversified service offering continues to elevate Numinus as an industry leader within the changing sector landscape. With clinics that offer an assortment of mental health services, a growing CRO research business that continues to build trusted relationships with drug developers, and an expanded training program to help build the practitioner workforce for the future – Numinus is in a unique position to benefit from reduced competition.”

Second Quarter Financial Highlights

  • Revenues grew 581.1% year-over-year to $5.4 million in Q2 2023. Sequentially, revenues declined 5.5% from the prior quarter due mostly to seasonal impacts, including fewer operating days as a result of December holidays and February being a short month. (There were 6.25% fewer operating days during Q2 2023 compared to Q1 2023.)
  • Gross margin grew to 39.3% during Q2 2023 compared to 29.1% in Q2 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. Sequentially, gross margin declined 260 basis points from 41.9% in Q1 2023, due to there being fewer revenue producing days during the quarter.
  • Gross profit was $2.1 million in Q2 2023, a significant increase compared to gross profit of $0.2 million in Q2 2022.
  • Cash balance of $19.7 million as of February 28, 2023.

First Six Months Financial Highlights

  • Revenues grew 600.0% year-over-year to $11.0 million in the first six months of fiscal 2023 compared to the same period last year, due mostly to the acquisition of Novamind.
  • Gross margin grew to 40.7% during the first six months of 2023 compared to 17.8% in the same period last year. 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 $4.5 million in the first six months of 2023, a significant increase compared to gross profit of $0.3 million in the same period last year.

Operational Highlights During and Subsequent to Q2 2023

Numinus Wellness Clinic Network

  • Wellness clinics generated $4.7 million of revenue during Q2 2023, a 596.9% increase compared to $0.7 million during the same period last year and a 9.9% sequential decline from $5.0 million in Q1 2023, mostly due to there being fewer operating days during the quarter.
  • During Q2 2023, Numinus completed more than 19,350 client appointments – 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 2.1% decrease in clinic appointments compared to more than 19,774 appointments in Q1 2023, due to there being fewer operating days during the quarter.
    • Adjusted for seasonal impact, the average number of appointments per operating day increased by 4.4% (Q2 2023: 322.5 average appointments per day; Q1 2023: 309.0 average appointments per day)
    • 8.7% of appointments during Q2 2023 were made by new clients.
    • 16.0% of appointments during Q2 2023 were KAT or Ketamine/Spravato medicine related.
    • 6.3% of appointments during Q2 2023 were for TMS services.
  • Numinus is in the process of transforming its Practitioner model in Canada, with the aim of attracting a greater number of dedicated full-time practitioners. The Company believes this approach will drive greater engagement and clinic utilization rates but may result in fewer practitioners as each can accept more client appointments.
    • At the end of Q2 2023, Numinus had 133 practitioners (Q1 2023: 138) providing client treatments through its wellness clinics and virtual services, a 3.6% decrease from the end of the previous quarter.

Numinus Clinical Research

  • Revenues from Cedar Clinical Research (“CCR”) during Q2 2023 were $0.6 million, a 9.9% decline compared to prior quarter. CCR revenue streams are generated through the management of third-party clinical trials that use CCR’s two clinical research sites.
    • CCR managed 16 clinical trials during Q2 2023, which included 152 clinical trial patient appointments.
  • On February 1, 2023, Numinus announced that it has received approval from Health Canada for its experiential training study that will test the safety and clinical efficacy of whole Psilocybe cubensis tea for therapeutic use, and enable practitioners to further their understanding of psychedelic-assisted therapy through experiential training.
  • On February 17, 2023, Numinus announced that CCR expanded into Phoenix, Arizona, with its third clinical research site. The new site is already accepting clinical trial participants for a third-party study that began mid-March, and was recently awarded a second research study.

Corporate Highlights During and Subsequent to Q2 2023

  • On February 15, 2023, Numinus announced that all resolutions passed at its Annual General and Special Meeting of Shareholders.
  • On March 27, 2023, Numinus launched the Numinus Certification Pathway – a collection of psychedelic-assisted therapy (“PAT”) training courses uniquely selected to provide practitioners with complete PAT training, including an experiential component and practicum.
  • On April 11, 2023, Numinus announced the launch of its new Numinus Network wellness clinic licensing platform – providing independent practitioners with the opportunity to own and operate a Numinus branded full-service clinic. 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 have the option of leasing a turnkey, fully functioning Numinus Wellness clinic location – complete with leasehold improvements and clinic infrastructure, directly from Healing CREI.
  • Numinus is in process of investing in its digital platform, to provide effective technology-enabled practitioner training, client booking, and patient support tools, as a foundation for continued clinic and service expansion. The Company believes that its digital platform may become a key driver of growth as it pursues industry partnerships and expands its psychedelic-assisted therapy practitioner training programs.

Q2 2023 Key Performance Metrics

For the quarter ended February 28:
20232022% change 
     Numinus Clinic Network revenues4,739,609680,138596.9 %
     Numinus Clinical Research revenues614,932105,966480.3 %
Total Revenue$5,354,541$786,104581.1 %
Cost of revenue(3,247,983)(557,345)482.8 %
Gross Profit (Loss)$2,106,558$228,759820.9 %
   Gross profit margin39.3 %29.1 %1020 bps
General and administrative expenses7,521,7074,725,87859.2 %
Share-based compensation513,0341,629,890-68.5 %
Sales and marketing expenses463,640429,6457.9 %
Depreciation & Amortization425,551128,820230.3 %
Research and development expenses275,839474,514-41.9 %
Transaction costs19,830-100.0 %
Loss before other items$(7,093,213)$(7,179,818)-1.2 %
Other items(199,731)(172,280)  n.m.
Revaluation of contingent liability(485,504)n.m.
Income tax (expense) recovery(38,542)n.m.
Net Loss$(7,331,486)$(7,837,602)-6.9 %
Other comprehensive income36,834n.m.
Comprehensive Loss$(7,294,652)$(7,837,602)-6.9 %
Loss per share, basic and diluted$(0.03)$(0.04)-26.6 %
Average number of shares outstanding,basic and diluted260,213,874205,209,97626.8 %


Numinus’ condensed consolidated financial statements for the three and six months ended February 28, 2023 and related management’s discussion and analysis are available on Numinus’ Investor Relations website at www.investors.numinus.com and under the Company’s profile on SEDAR at www.sedar.com. These documents were prepared in accordance with IFRS.

Conference Call and Webcast Details
Interested parties are invited to participate in the Company’s Q2 2023 results conference call and webcast occurring today, 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: https://events.q4inc.com/attendee/711589893

The webcast will also be archived on the Events and Presentations page of Numinus’ Investor Relations website: https://www.investors.numinus.com/events-and-presentations

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’ Q2 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 April 13, 2023, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until April 27, 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.