NUMIF - Numinus Wellness Q2 2024 Revenue Declines Amid Clinic Reshuffling And Expected Industry Trends | Benzinga
Psychedelics healthcare company Numinus Wellness (OTCQX:NUMIF) shared its unaudited, condensed and consolidated interim financial results for the three and six months ended February 29, 2024.
Q2 showed:
- Cash position of $4.8 (CA$6.6) million by February 29, 2024, compared to the $14.33 million held by February 28, 2023.
- Three and six months revenue of $3.66 million and $7.98 million respectively, compared to $3.89 million and $8.0 million during the same comparable periods in 2023.
- After costs, three and six months gross profit was $1.2 million and $2.77 million respectively, while $1.53 million and $3.26 million during the same periods in 2023.
- Three and six months G&A (general and administrative) expenses totaled $4.23 million and $8.16 million, as compared to $5.47 million and $10.78 million during the same comparable periods in 2023.
- Three and six month expenses totaled $4.88 million and $9.47 million respectively, as compared to $6.69 million and $13.3 million in the same periods in 2023.
- Three and six month net loss totaled $4.33 million and $7.53 million, while $5.33 million and $9.9 million during the comparable 2023 periods.
- Deficit of $92.5 million by February 29, 2024.
Breakdown
Revenues declined 15.4% in Q2 2024 vs. Q2 2023, reportedly due to the company’s further optimization of operations to focus on "profitability and seasonality effects."
Gross margin also sequentially declined 310 basis points in Q2 2024, to 33.0% from 36.1% in Q1 2024, reflecting the decrease in revenue compared to the prior quarter.
The company reports that, in the quarter, it continued its "cost-containment initiatives" to refocus support on revenue-producing activities and profitability (see below.)
In terms of operations, the period's highlights include a doubled enrollment in Numinus training programs from Q1 to Q2 (1,400+ learners vs. 700+); 15 clinical trials managed at its Cedar Clinical Research (CCR); and 17,661 client appointments provided in its clinics (average of 299.3 appointments per operating ...