“With our strengthened network of 12 wellness clinics and research operations firmly in place following our acquisition of Novamind, we leveraged our robust integrated mental health infrastructure to enhance our service offerings, driving a strong start to 2023.”
“We believe expanded access will not only serve to elevate Numinus' leadership position within the psychedelic industry but strongly supports the overall advancement of psychedelic medicine for the treatment of mental health,” he said. “We are proud of the growth and margin improvements we're seeing across our organization, and will continue to identify ways to reach profitability as soon as possible,” Nyquvest added.ĭuring the first quarter, Nyquvest noted that Numinus successfully implemented several initiatives to increase access to psychedelic and ketamine-assisted therapy.
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“Overall, client appointments grew 13.7%, G&A (general and administrative) expenses declined 8.5%, and gross profit increased 80% from last quarter to $2.4 million in the first quarter – representing a 41.9% gross margin.” READ: Numinus submits clinical trial application to Health Canada for experiential Psilocybin-Assisted Therapy training research "We continued to focus on driving margin expansion during 1Q 2023, through ongoing cost containment initiatives and a focus on reaching a growing number of clients,” Numinus founder and CEO Payton Nyquvest said in the results statement. It ended the quarter with cash of $26.4 million. The company grew year-over-year revenues by 618% to $5.7 million for the three months to November 30, 2022, as revenue from its Numinus Wellness Clinic Network surged by 670% to $5 million and it earned $700,000 in revenue from its Cedar Clinical Research unit. (TSX:NUMI, OTC:LKYSF) has reported a big rise in first-quarter revenue as the expansion of its mental health infrastructure to 12 wellness clinics and research operations following the June 2022 acquisition of Novamind drove a strong start to its 2023 financial year.
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