Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) Inc said that its revenue in the fourth quarter ended July 31, 2022, rose 2.5% year-over-year, adding that it expects significant revenue in the coming quarters.
Wellbeing CEO Najla Guthrie said the three key pillars of the company: its clinical network, contract research organization, and digital therapeutics platform, have demonstrated the scalability and versatility of the Wellbeing ecosystem.
“We have projected to complete several research and consulting contracts with significant revenues expected within the next 12 to 18 months,” Guthrie said.
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Wellbeing reiterated its dedication to becoming a leader in clinical offerings of ketamine-enhanced treatments across North America.
With 15 clinics acquired, and letters of intent signed for an additional clinic, the company said it was building the critical infrastructure needed to provide breakthrough and life-changing mental wellness treatments through existing clinics, experienced professionals, and advanced technology.
The company also highlighted the upcoming transition of its wholly-owned subsidiary KGK Sciences Inc to its new London, Ontario state-of-the-art research centre, where the company will be using first-of-its-kind wearable technologies to track key vitals before, during, and after psychedelic-assisted therapies.
For the quarter ended July 31, 2022, the company posted revenue of C$1,160,547, compared to revenue of $1,131,171 for the year-ago quarter.
The company significantly narrowed its net loss for the quarter to C$4,056,632 from C$27,008,896 for the same period in 2021, which Wellbeing said was largely due to a $12,324,999 provision for consideration paid in excess of net liabilities acquired from acquisitions and impairment of goodwill of C$8,905,830.
Wellbeing is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research.
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