Numinus Wellness Inc has posted a second quarter revenue jump of 581.1% year-over-year from $0.8 million to $5.4 million.
For the quarter ended February 28, 2023, the company also reported an 820.9% increase in gross profit from $0.2 million in the year-ago quarter to $2.1 million.
Its gross margin grew to 39.3% during the second quarter, up from 29.1% in the year-ago quarter, attributed to the completion of the company’s acquisition of Novamind between the two periods and the offering of higher-margin services.
Numinus narrowed its net loss modestly from $7.9 million, or $0.04 per share, to a net loss of $7.3 million, or $0.03 per share.
However, the company’s performance fell short of expectations on both the top and bottom lines, with analysts calling for a loss per share of $0.02 on revenue of $5.85 million.
Commenting on the industry dynamics in the psychedelics space, Numinus CEO Payton Nyquvest said: "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,” he added.
Numinus is a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie