NUMIF - Numinus Reports Q4 & Full Year Fiscal 2023 Results Including Greatly Reduced Cash Burn Rate | Benzinga
Psychedelic therapy clinic provider Numinus Wellness (TSX:NUMI) (OTC: NUMIF) announced fourth quarter and full year fiscal 2023 results Wednesday after market. The numbers show demonstrable growth on a year-over-year basis, plus reduced cash burn rate for the month of October down to previously elucidated targets.
Zooming out to the broader fiscal year 2023, Numinus reported achievements that underscored its overall growth and influence in the psychedelic therapy space. The company’s revenue for the entirety of fiscal 2023 amounted to $23.2 million—an year-over-year increase of 256.9%. A good portion of this increase is attributable to the company’s Novamind acquisition in June 2022, boosted by organic growth in key clinic segments.
For the fiscal year, Numinus Wellness Clinics pulled in the vast amount of revenue-generating activities by providing an 82,373 client appointments overall. 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.
Over the course of fiscal year 2023, the annual gross margin stood at 36.1%, marking a 27.4% increase recorded in fiscal year 2022. This upward shift in the annual gross margin is attributable to an ...