Dec 7, 2023

Numinus Wellness Inc. Announces Fourth Quarter and Full Year Fiscal 2023 Results

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VANCOUVER, BC, Nov. 29, 2023 /CNW/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months and fiscal year ended August 31, 2023 ("Q4 2023").


Q4 Fiscal 2023 Highlights

  • Q4 2023 revenues grew 46.8% year-over-year to $6.1 million
  • Q4 2023 revenues grew 1.7% from the previous quarter
  • Gross profit of $1.8 million, increased 37.4% year-over-year
  • Cash position of $8.6 million as at August 31, 2023
  • Achieved reduced cash burn rate of under $1.0 million per month in October 2023
  • Announced a partnership with the Multidisciplinary Association for Psychedelic Studies ("MAPS") that grants Numinus permission to use its protocol to offer MDMA-assisted therapy Experiential Opportunities for practitioners
  • Numinus Practitioner Training doubled the cohort in its Fundamentals of Psychedelic Assisted Therapy ("PAT") course

Fiscal 2023 Highlights

  • F2023 revenue of $23.2 million, a 256.9% increase over F2022
  • Gross profit of $8.4 million, a 371.2% increase over the previous year
  • Provided 82,373 client appointments in Numinus Wellness Clinics
  • Launched the Numinus Certification Pathway to train and certify psychedelic therapy practitioners, with over 400 unique learners participating since inception
  • Facilitated 36 clinical research trials inclusive of many leading psychedelic drug development companies

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

"In fiscal 2023, we built on the foundational work carried out in the previous year and continued to optimize synergies between our clinical, training and contract research management operations to provide the most comprehensive platform in the mental wellness space with a particular expertise in psychedelics. We continue to focus on being a leading integrated mental healthcare company, offering top-tier psychedelic practitioner training programs and clinical research management services. Since Numinus was founded, there have been significant advancements in psychedelic therapy, and we take pride in our substantial contributions to this sector that positively impact people's lives. The results of our efforts can be seen in the increasing number of client visits, our research collaborations with leading drug developers and the growth of our training platform for practitioners. The anticipated approval of MDMA-assisted therapy by the FDA, if approved, will provide us with increased opportunities to deploy our unique service model using another treatment modality."
~ Payton Nyquvest, Founder and CEO
"Our expanded training program in PAT is proving to be an important strategic growth initiative as evidenced by the growing source of high-margin revenue. As of August 1, we doubled the seats in our Fundamentals of PAT course. We are migrating our courses to a new Learning Management System, enhancing our training program by significantly improving learner engagement, satisfaction, ease of navigation and overall community experience.  Additionally, our new free Introduction to Psychedelics course will be launched in the next two weeks to help broaden the awareness of the benefits of PAT while also providing greater brand awareness and lead generation for the full program. With the anticipation of MDMA-AT approval next year, this training is crucial to ensure positive client outcomes and rapid adoption of this treatment option."
~ Payton Nyquvest, Founder and CEO
"A key focus in fiscal 2023 that will continue into 2024 is increasing revenue and gross margin while reducing corporate overhead. Our efforts to date have successfully reduced cash burn to under $1 million per month beginning with October 2023. We are now focused on generating positive EBITDA on a consolidated basis."
~ Payton Nyquvest, Founder and CEO


Revenues grew 1.7% from the prior quarter to $6.1 million in Q4 2023, driven by the ramp-up of services in the United States and Canada, in addition to an increased number of higher revenue-generating third-party clinical trials. Compared to the same quarter last year, revenues grew 46.8%.

For the fiscal year ending August 31, 2023, revenue increased by 256.9% over the previous fiscal year. This revenue increase resulted from the consolidated revenues from the acquisitions of the Montreal, Toronto and U.S. Clinics.

Gross Margin

Sequentially, gross margin declined 500 basis points in Q4 2023 to 29.5% from 34.5% in Q3 2023 due to an increased number of full-time practitioners (rather than part-time contractors) and the performance of certain clinic locations. Gross margin also declined 200 basis points compared to 31.5% reported in Q4 2022.

On an annual basis, the gross margin was 36.1% in fiscal year 2023, compared to 27.4% in fiscal year 2022. The increase in annual gross margin reflects an increase in client appointments and improved clinic utilization.

The Company continues to identify opportunities to improve operational results. To best position for future growth, the Company has decided to wind down the clinical and research services at the Phoenix location. Unlike the rest of the U.S. clinic network, efforts to turn around the Phoenix clinic have been unsuccessful despite investing significant financial and management resources. Numinus will continue to optimize its clinic base and ensure its resources are focused on the areas of the highest potential return while ensuring exceptional service to its clients.

Operating expenditures

Operating expenditures were $7.9 million in Q4 2023, compared to $9.2 million in the previous quarter. In the quarter, the Company continued its cost containment initiative to refocus operations on revenue producing activities and extend its cash runway. In Q4 2022, operating expenses were $13.4 million, excluding a $13.3 million impairment charge taken in that quarter.

Numinus took two one-time charges during the year ended August 31, 2023: $0.6 million for staffing reductions in non-revenue producing roles and $0.6 million in aged accounts receivable. On an annual basis, total operating expenses including impairment of goodwill and intangible assets and other items in fiscal 2023 were $37.9 million, compared to $46.5 million in fiscal 2022.

Operational Highlights

Numinus Wellness Clinic Network

Wellness clinics generated revenue of $5.0 million during Q4 2023, a 34.6% year-over-year increase from $3.7 million during Q4 2022, and consistent with revenues of $5.0 million during Q3 2023, despite typical Q4 seasonality effects during the summer months. The increase in clinic network revenues year over year is primarily due to the expansion of clinic services.

  • 21,068 clinical appointments in Q4 2023, compared to 21,520 in Q3 2023
  • Average of 345.4 appointments per operating day in Q4 2023, compared to 331.1 in Q3 2023
  • 8.9% of appointments during Q4 2023 were made by new clients
  • 18.9% of appointments during Q4 2023 were KAT or Ketamine/Spravato medicine-related
  • 6.2% of appointments during Q4 2023 were for TMS services
  • In F2023, the Company administered psychedelic-assisted therapy using our PAT protocol and model of care with psilocybin or MDMA to nine clients in total, with six more scheduled or awaiting approval

In the quarter, Numinus entered into a partnership with MAPS to use their protocols to provide psychedelic experiential opportunities for practitioners as part of a clinical study. If the clinical trial application submitted to Health Canada is approved, the MDMA-assisted therapy experiential opportunity would be available only through Numinus.  The clinical trial would enable practitioners interested in MDMA-assisted therapy to experience and observe MDMA sessions to further their understanding of PAT using this modality.

Numinus Clinical Research

Revenues from CCR during Q4 2023 were $1.2 million, a sequential increase of 14.2% from $1.0 million during Q3 2023 and a 138.1% increase compared to Q4 2022.

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.

Numinus Bioscience Inc.

On September 18, 2023, the Company announced that, in line with efforts to reduce cash expenses, it would cease operations at Numinus Bioscience Inc. ("Numinus Bioscience"), its non-revenue-producing research lab and not renew the leases on its research clinic locations in Montreal and Vancouver. Numinus Bioscience will remain a legal entity under Numinus Wellness Inc., ensuring the Company will retain all intellectual property, patents, and regulatory licenses.

Balance Sheet and Liquidity

Numinus ended the quarter with a total cash balance of $8.6 million and working capital of $7.4 million.

As a result of cost containment initiatives that began in Q3 2023, post fiscal 2023, the Company has reduced annualized cash expenses significantly, resulting in a reduced cash burn to 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.

Q4 2023 and Annual Key Performance Metrics

Numinus' condensed consolidated financial statements for the years ended August 31, 2023, and August 31, 2022, 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.

Capital Structure

As at August 31, 2023, the Company had 263,632,130 issued and outstanding common shares, 14,553,682 stock options, and 11,340,000 warrants outstanding.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company's Q4 and full year 2023 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.

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' Q4 2023 and Annual 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 November 29, 2023, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until December 13, 2023.

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 LinkedIn, Facebook, Twitter, and Instagram.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; interest in, uptake of and the ability to commercialize the Numinus Practitioner Training; receipt of and/or continued approval of the clinical trial application by Health Canada for experiential opportunities for practitioners training to offer MDMA-assisted therapy;  availability of subjects and trainers for experiential opportunities in practitioners training, if approved; dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; the effect, if any, that the Consolidation may have on the liquidity and price of the Company's common shares and its ability to maintain its listing on the TSX and OTCQB; and other risk factors set forth in our annual information form dated November 29, 2023 and available on SEDAR+ at These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

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SOURCE Numinus Wellness Inc.


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