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Numinus Releases 2023 Financial Year Results— Finishing Strong

It is that time again when financial reports from the previous quarter start coming out. These documents let us know which companies are moving in a positive…

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This article was originally published by https://psychedelicinvest.com/numinus-releases-2023-financial-year-results/

It is that time again when financial reports from the previous quarter start coming out. These documents let us know which companies are moving in a positive direction and which are not. They also show whether the promises made by these companies are being carried out. 

Numinus Wellness Inc. is one of the top publicly traded psychedelic companies we have been watching. The company’s 2023 financial year ended on August 31, and it released the results from its fourth and final quarter last week. The verdict is— we’re bullish.

Numinus Financial Results

Fourth quarter

  • In Q4, Numinus’ revenue grew 46.8% year-over-year to $6.1 million and 1.7% from the previous quarter. 
  • Gross profit increased 37.4% year-over-year to $1.8 million. 
  • Cash position on August 31, 2023, was $8.6 million.
  • Numinus reduced its cash burn rate to under $1 million per month in October 2023.

End of Year

  • Revenue from the 2023 financial year was $23.2 million— a 256.9% increase from 2022.
  • Gross profit saw a 371.2% increase year-over-year at $8.4 million. This significant increase in revenue, compared to last year, came from the acquisition of several new clinics. 
  • Numinus Wellness Clinics provided 82,373 client appointments.
  • The company launched the Numinus Certification Pathway to train and certify psychedelic therapy practitioners. The program has hosted over 400 students.
  • Numinus has facilitated 36 clinical research trials.

Financial Report Analysis

Numinus is looking strong. The company has proven willing and able to pivot and follow through to increase revenue and decrease its cash burn. 

At the release of the company’s Q3 results, CEO Payton Nyvquest explained a spike in cash burn as the result of the company’s layoffs to trim expenses and extend the cash runway. He assured investors that spending would be down in the following quarter and that promise was fulfilled. 

Operating expenditures were down $ 1.3 million in Q4, compared to Q3. And, “the Company continued its cost containment initiative to refocus operations on revenue producing activities and extend its cash runway.”

Numinus is a psychedelic company operating in a still very limited psychedelic landscape. Ketamine clinics are a tough business to generate profit with. However, Numinus has done a good job identifying which opportunities are worth continuing efforts in, and which are not— pivoting its focus and resources to increase revenue and decrease cash burn. 

Even more impressive than Numinus’s efforts to increase revenue and extend its cash runway is its ability to strategically position itself for the future while doing so. This year, the company announced a partnership with MAPS that grants Numinus permission to use its protocol to offer MDMA-assisted therapy experiential opportunities. Meaning that Numinus is uniquely positioned to capitalize on the upcoming FDA approval of MDMA-assisted therapy— something that dozens of companies desire.

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