Numinus Wellness Inc. (TSX:NUMI, OTC:LKYSF) said it believes operating profitability remains an achievable target by mid-to late 2024 and is also planning a listing on a major US board (probably NASDAQ) for the first half of 2024, according to a report from Water Tower Research.
Analysts were commenting after hosting the CEO and founder of Numinus, Payton Nyquvest, in a discussion which focused on the key takes from the group’s fourth quarter earnings, expectations going forward and upcoming catalysts for the company.
The overarching story of the fourth quarter was the first-time contribution from the cross-border Novamind acquisition which Nyquvest described as “transformational.”
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“I think it gives our audience and investors the first real look at what this combined entity looks like and the full opportunity or scope of what we look to continue to expand upon,” Nyquvest commented.
Water Tower also pointed out Numinus has further capacity to grow revenues and enhance margins within the scaled infrastructure of the 12 wellness clinics it currently owns.
Low- to mid-single-digit organic growth each quarter should be considered an appropriate benchmark for future growth, with additional upside coming from the approval of new psychedelic compounds down the road.
Acqusition-led growth
Analysts said Numinus’ role as a sector consolidator remains at the forefront of its future growth strategy and including these plans the company believes that operating profitability remains an achievable target by mid-to late 2024.
“I do anticipate that much future growth will come from acquisitions, whether that be individual clinics or larger opportunities,” Nyquvest said.
Looking ahead and key catalysts for Numinus include the continuing evolution of regulatory reform, which will allow greater accessibility to the company’s services while the group is also planning a listing on a major US board (probably NASDAQ) for the first half of 2024, subject to market conditions.
“I would say another big thing for us coming into the next quarter and next year is we’re still driving hard toward the NASDAQ listing,” Nyquvest commented.
Contact Jeremy at jeremy@proactiveinvestors.com