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Numinus Wellness Inc. Announces First Quarter Fiscal 2024 Results

Q1 Fiscal 2024 Highlights All financial results are reported in Canadian dollars unless otherwise stated. VANCOUVER, BC, Jan. 15, 2024 /CNW/ – Numinus…



Q1 Fiscal 2024 Highlights

  • Gross profit of $2.1 million, an 18.8% increase over Q4 2023
  • Revenue of $5.9 million, a 3.0% decline over Q4 2023
  • Reduced operating expenditures of 19.9% over Q4 2023
  • Cash position of $4.7 million as at November 30, 2023
  • Achieved reduced cash burn rate of under $1.0 million per month beginning in October 2023 
  • Over 700 learners enrolled in Numinus training programs
  • Managed 22 clinical trials at Cedar Clinical Research
  • Provided 19,961 client appointments in Numinus Wellness Clinics

All financial results are reported in Canadian dollars unless otherwise stated.

VANCOUVER, BC, Jan. 15, 2024 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company“) (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing traditional and innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months ended November 30, 2023 (“Q1 2024“).

“In the past quarter, we advanced our practitioner training program and built on our clinical expertise to ensure the infrastructure was in place to address the anticipated demand for novel treatments. This infrastructure is built on Numinus’ synergistic combination of a clinic network that delivers high-quality patient care, clinical research support that works with leading psychedelic drug developers, and training programs that ensure effective and safe support is available for patients into the future.”

-Payton Nyquvest, Numinus Founder and CEO

“Also, our focus remained on cost containment efforts, and we continue to have a monthly cash burn rate of less than $1 million as previously achieved in October 2023,” added Mr. Nyquvest. “Compared to Q4 2023, we reduced our operating expenses by 19.9% and 30.6% compared to the first quarter of last year. Expense optimization across the Company, combined with prioritizing higher margin service lines at our wellness clinics, resulted in an increased gross margin of 36.1% compared to the previous quarter of 29.5%. In fiscal 2024, we will continue looking for opportunities to enhance our customer experience, increase profitable revenue, and optimize our operations to achieve profitability on a consolidated basis.”


Revenues declined 3.0% from the prior quarter to $5.9 million in Q1 2024 due to a contraction of the number of appointments scheduled at wellness clinics arising from a greater focus on profitable operations. Compared to the same quarter last year, revenues grew 4.9%.

Gross Margin

Sequentially, gross margin increased 660 basis points in Q1 2024 to 36.1% from 29.5% in Q4 2023 as a result of ongoing margin optimization strategies and a trend to higher margin service lines at the Company’s wellness clinics. Gross margin declined 580 basis points compared to 41.9% reported in Q1 2023.

Operating expenditures

Operating expenditures were $6.3 million in Q1 2024, compared to $7.9 million (excluding one-time charges of $2.9 million) in the previous quarter, a 19.9% decrease. Operating expenses have decreased 30.6% during Q1 2024 compared to $9.1 million during Q1 2023. In the quarter, the Company continued its cost containment initiatives to refocus support on revenue-producing activities and profitability.

Operational Highlights

Numinus Wellness Clinic Network

Wellness clinics generated revenue of $4.9 million during Q1 2024, a 1.2% decrease compared to $5.0 million during Q1 2023 and a reduction of 0.7% compared to $5.0 million during Q4 2023. The decline in clinic network revenues during Q1 2024 is due to a contraction in scheduled appointments with a focus on higher margin services

  • 19,961 clinical appointments in Q1 2024, compared to 21,068 in Q4 2023
  • Average of 316.8 appointments per operating day in Q1 2024, compared to 345.4 in Q4 2023
  • 7.0% of appointments during Q1 2024 were made by new clients
  • 22.1% of appointments during Q4 2023 were KAT or Ketamine/Spravato medicine-related
  • 4.7% of appointments during Q4 2023 were for TMS services

On November 29, 2023, the Company announced that as part of its strategy to focus resources on sustainable and cash flow positive operations, its clinic and research services in its Phoenix locations will be wound down.

Numinus Clinical Research

Revenues from CCR during Q1 2024 were $1.0 million, a decrease of 12.9% from $1.2 million during Q4 2023 and a 49.5% increase compared to Q1 2023.

On October 3, 2023, the Company introduced a comprehensive psychedelic program for individuals suffering from mental distress associated with serious and chronic illness delivered through its Numinus Utah and Cedar Clinical Research facilities.

On December 15, 2023, the Company announced that it had been selected as a clinical research site for Beckley Psytech’s Phase 2b clinical trial for synthetic 5-Methoxy-N, N-Dimethyltryptamine (5-MeO-DMT) – known as BPL-003 – as a potential therapy for Treatment-Resistant Depression.

Numinus Clinical Training

The Company has built a fulsome certification program to train practitioners in ketamine, 3,4-Methyl enedioxy methamphetamine (“MDMA”), and psilocybin-assisted therapy (“Numinus Training Program”) that leverages its expertise in clinic-based treatment and clinical research. The program is provided in a blended learning format to optimize adult learning and is accredited by major regulatory bodies in Canada and the U.S.

  • As of January 2024, over 700 learners have enrolled in Numinus Training Programs
  • The Company has launched an Introduction to Psychedelics training program, a free program to help encourage new learners to explore a career in psychedelic-assisted therapy and consider a certification pathway with Numinus
  • The training team successfully implemented its new and improved Learning Management System in January and is testing the new platform with its Fundamentals of PAT cohorts

Balance Sheet and Liquidity

Numinus ended the quarter with a total cash balance of $4.7 million and working capital of $4.6 million.

As a result of cost containment initiatives that began in Q3 2023, the Company reduced annualized cash expenses significantly, resulting in a reduced cash burn of under $1 million per month starting October 2023. Numinus intends to continue its focus on profitability and ensuring the Company is sustainable with its current operations.

Q1 2024 and Annual Key Performance Metrics

Numinus’ unaudited condensed consolidated interim financial statements for the three months ended November 30, 2023, and related management’s discussion and analysis are available on Numinus’ Investor Relations website at and under the Company’s profile on SEDAR+ at These documents were prepared in accordance with IFRS.

Strategic Review

To best position the Company for continued growth, Numinus’ Board of Directors (the “Board”) has initiated a review process to explore, review and evaluate a broad range of strategic alternatives that may be available to the Company to unlock shareholder value. The Board retained Stifel Nicolaus Canada Inc. as its financial and strategic advisor. The Board has not set a timetable to complete the strategic review process, nor have any decisions been made relating to strategic alternatives at this time. There can be no assurance that the review process will result in any binding offer or transaction. Numinus does not intend to provide any updates or make any announcements unless or until it determines that further disclosure is appropriate or necessary.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company’s Q1 2024 results conference call and webcast occurring on the same day at 5:30 p.m. Eastern time / 2:30 p.m. Pacific time. During the call, Numinus executives will review the Company’s performance and recent initiatives and answer questions from analysts and previously provided investor questions.

To listen to the live webcast, please register at: 

The webcast will also be archived on the Events and Presentations page of Numinus’ Investor Relations website:

To participate in the live conference call, please use the following dial-in information:

  • 1 (888) 330-3632 (Toll-free North America)
  • 1 (646) 960-0837 (International)
  • Please ask to participate in Numinus’ Q1 2024 Results Call.

To avoid any delays in joining the call, please dial in at least five minutes prior to the call start time. If prompted, please provide conference passcode 3547386.

A conference call replay can also be accessed after 8:30 p.m. Eastern time / 5:30 p.m. Pacific time on January 15, 2024, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until January 29, 2024.

About Numinus

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – including psychedelic research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at and follow us on LinkedInFacebookTwitter, and Instagram.

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