Numinus Wellness Inc reported a big jump in its 1Q 2022 revenue just as Health Canada has expanded its Special Access Program to enable easier access to psychedelic-assisted therapy.
The mental healthcare company saw its revenue grow by 245% to $0.8 million during the three-month period ended November 30, 2021.
Numinus attributed much of the growth to its acquisition of Canadian healthcare start-up Mindspace Wellbeing that closed last year.
READ: Numinus Wellness ends fiscal 2021 with $1.5M in revenue after Mindspace Wellbeing acquisition
Sequentially, revenues grew 60.9% compared to 4Q 2021, while gross profit hit nearly $51,000 compared to a $38,000 loss in the same year-ago quarter.
Overall, the company reported a net loss of $5.4 million compared to $1.9 million in 1Q 2021.
Numinus Bioscience, the company’s laboratory operations, reported $142,000 in revenue for the quarter, a 56% sequential increase from 4Q 2021 but a 28% decrease from the same year-ago period. Numinus said the decline was due primarily to the end of cannabis related activities in favour of focusing on psychedelic-centered service offerings like psychedelic analytical testing and contract laboratory services.
The group’s Numinus Health division, which runs a network of wellness clinics, reported $648,000 in revenue, up 62% sequentially and nearly 1,900% from the same quarter last year when it only had one clinic. The firm had nearly 6,200 clinic appointments during the quarter.
"We have made significant advancements in all areas of our business over the last several months, with many exciting opportunities on the horizon," CEO Payton Nyquvest said in a statement accompanying the results.
"Of note, the partnership across our lab and clinical teams has been instrumental in passing key milestones on two major clinical trials: one for a proprietary Psilocybe formulation and the other a MAPS-sponsored MDMA study. In addition, we're continuing to make discoveries in our Bioscience lab and recently begun genetic testing on several newly-acquired psychedelic mushroom species."
Health Canada amends Special Access Program
Numinus’ 1Q results come at a time when Health Canada announced amendments to the Special Access Programme for psychedelic therapies, which allow doctors and practitioners to apply for psychedelic medicines that have shown promise through Phase 2 or Phase 3 trials, on behalf of their patients, when other traditional medicines and therapies have not proven effective.
In addition, companies with a Health Canada dealers license, including Numinus Bioscience, may act as a licensed distributor of certain psychedelic medicines for approved cases.
The recent amendments by Health Canada to the Special Access Programme highlight the importance and growth potential of Numinus' wellness clinic network, Nyquvest told investors.
“With facilities purpose-designed for a wide range of psychedelic-assisted psychotherapies, therapists already trained on providing Psilocybin-assisted and MDMA-assisted therapies, and a Health Canada distribution license that allows us to import, possess, produce, and distribute psychedelic compounds – Numinus is well positioned as a national leader to provide these important treatments to those who qualify,” the CEO said.
“I'm encouraged by the recent changes by Health Canada and proud of everyone at Numinus for the ongoing leadership, drive and commitment to our mission over the past quarter."
The group ended 1Q with $53.9 million in cash.
Contact Angela at angela@proactiveinvestors.com
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