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Numinus Wellness Inc. Reports Q1 2023 Results

  • Q1 2023 revenues grew 618% year-over-year to $5.7 million
  • Q1 2023 gross margin grew to 41.9% from 31.5% in prior quarter
  • Gross profit of $2.4 million, an increase of $1.1 million from prior quarter
  • Ended quarter with cash position of $26.4 million

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

VANCOUVER, BC, Jan. 16, 2023 /PRNewswire/ – 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 ended November 30, 2022 (“Q1 2023”). 

“During the first quarter of fiscal 2023, we successfully implemented several initiatives to increase access to psychedelic and ketamine-assisted therapy. We believe expanded access will not only serve to elevate Numinus’ leadership position within the psychedelic industry, but strongly supports the overall advancement of psychedelic medicine for the treatment of mental health. With our strengthened network of 12 wellness clinics and research operations firmly in place following our acquisition of Novamind, we leveraged our robust integrated mental health infrastructure to enhance our service offerings, driving a strong start to 2023,” said Payton Nyquvest, Founder and CEO.

“During the quarter, we developed a whole mushroom psylocibin-containing tea bag, EnfiniTea, which has demonstrated a more consistent dosing and longer shelf stability than other natural psilocybin-mushroom products. Our new clinical trial application for experiential psilocybin-assisted therapy training research will use our EnfiniTea for trial dosing, making this one of the first clinical trials globally to be conducted with whole Psilocybe mushrooms to assess their safety. This will also be one of the first training programs with the option to participate in an experiential trial for practitioners looking to expand their psychedelic-assisted therapy education. In addition, we launched Ketamine-assisted Therapy (KAT) at our Toronto location, introduced a wider assortment of ketamine-assisted therapy options at our Montreal clinics and launched KAT for Chronic and Serious Illness at our Utah clinics. Research continues to support the efficacy of these therapies and we are committed to continuously enhancing our service offerings to make psychedelics available to those in need.”

Commenting on the quarter’s performance, Mr. Nyquvest continued: “We continued to focus on driving margin expansion during Q1 2023, through ongoing cost containment initiatives and a focus on reaching a growing number of clients. Overall, client appointments grew 13.7%, G&A expenses declined 8.5%, and gross profit increased 80% from last quarter to $2.4 million in the first quarter – representing a 41.9% gross margin.  We are proud of the growth and margin improvements we’re seeing across our organization, and will continue to identify ways to reach profitability as soon as possible.” 

First Quarter Financial Highlights
  • Revenues grew 618% year-over-year to $5.7 million in Q1 2023. Sequentially, revenues grew 35.7% from the prior quarter.
  • Gross margin grew to 41.9% during Q1 2023 compared to 6.5% in Q1 2022. The improvement in gross margin is due mostly to the completion of the Novamind acquisition between periods and the offering of higher-margin services. Sequentially, gross margin grew 1,040 basis points from 31.5% in Q4 2022.
  • Gross profit was $2.4 million in Q1 2023, a significant increase compared to gross profit of $50,965 in Q1 2022, and an 80% increase compared to $1.3 million in the prior quarter.
  • G&A expenses declined 8.6% from the prior quarter as a result of ongoing cost containment initiatives.
  • Cash balance of $26.4 million as of November 30, 2022.
Operational Highlights During and Subsequent to Q1 2023

Numinus Wellness Clinic Network

  • Q1 2023 revenue of $5.0 million, a 35.3% sequential increase from $3.7 million in Q4 2022, and a 669.5% increase compared to $647,915 million during the same period last year. The increase in clinic network revenues is primarily due to acquisitions completed during the past year, growth in client appointments and the expansion of clinic services.
  • During Q1 2023, Numinus completed more than 19,774 client appointments – including one-on-one and group therapy sessions, neurology-related appointments, paid group programs, Ketamine-assisted psychotherapy (KAT), Transcranial Magnetic Stimulation (TMS) and Ketamine/Spravato medicine appointments, representing a 13.7% increase in clinic appointments compared to more than 17,000 appointments in Q4 2022.
    • 9.7% of appointments during Q1 2023 were made by new clients.
    • 3.7% of appointments during Q1 2023 were KAT or Ketamine/Spravato medicine related.
    • 1,863 TMS appointments were made during Q1 2023.
  • At the end of Q1 2023, Numinus had 138 practitioners providing client treatments through its wellness clinics and virtual services, a 13.1% increase from the beginning of the quarter.
  • On September 13, 2022, Numinus launched a new financing option for clinic patients in Canada. This new payment option will increase the accessibility of its traditional therapy and Ketamine-assisted therapy to a wider client population. Offered through iFinance, a third-party financing partner, Numinus’ new financing option will allow Canadian clients to apply for financing with interest rates based on the applicant’s credit history. Once approved, Numinus will provide the requested therapy services and collect full payment from iFinance following the completion of the treatment plan.
  • On September 19, 2022, Numinus expanded its Ketamine-assisted Therapy offering to its Toronto location (The Neurology Centre of Toronto), to provide KAT services to patients with neurologic conditions.
  • On October 28, 2022, Numinus announced the launch of its Ketamine for Chronic and Serious Medical Illness Program. This new program will be introduced first in Numinus’ clinics in Utah, British Columbia and Quebec. The Company intends to expand the program to other clinics in later months.

Numinus Clinical Research

  • Revenues from Cedar Clinical Research (“CCR”) during Q1 2023 were $0.7 million, a 38.8% increase compared to prior quarter. CCR revenue streams are generated through the management of third-party clinical trials that use CCR’s two clinical research sites.
    • Q1 2023 gross margin at CCR was 70.9%, an increase of 590 basis points compared to prior quarter.
  • On October 5, 2022, the Company announced that Numinus Bioscience has developed a psilocybin-containing tea bag for use in clinical research and, if appropriate regulatory approvals are granted, eventual treatment of clients in psychedelic-assisted therapy.
Q1 2023 Key Performance Metrics

For the quarter ended November 30:



% change 

     Numinus Clinic Network revenues



669.5 %

     Numinus Clinical Research revenues



381.7 %

Total Revenue



617.8 %

Cost of revenue



345.7 %

Gross Profit (Loss)




   Gross profit margin

41.9 %

6.5 %


General and administrative expenses



95.3 %

Share-based compensation



-45.9 %

Sales and marketing expenses



-4.7 %

Depreciation & Amortization



699.9 %

Research and development expenses



28.5 %

Transaction costs



-69.9 %

Loss before other items



27.3 %

Other items



.  n.m.

Revaluation of contingent liability




Net Loss



17.6 %

Other comprehensive income



Comprehensive Loss



13.9 %

Loss per share, basic and diluted



-24.3 %

Average number of shares outstanding,
basic and diluted



55.4 %

Numinus’ condensed consolidated financial statements for the three months ended November 30, 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.

Conference Call and Webcast Details
Interested parties are invited to participate in the Company’s Q1 2023 results conference call and webcast occurring today, 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’ Q1 2023 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 replay of the conference call can also be accessed after 8:30 p.m. Eastern time / 5:30 p.m. Pacific time on January 16, 2023, at 1-800-770-2030 or 1-647-362-9199 (using passcode 3547386). The replay will be available until January 30, 2023.

About Numinus
Numinus Wellness (TSX: NUMI) 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 production, 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.

Neither Numinus Wellness Inc., nor any of its subsidiaries is a professional corporation licensed to practice health services. In jurisdictions where health services may only be provided by a corporation if that corporation holds a valid permit to do so, Numinus and its subsidiaries operate in a management services function to affiliated professional corporations, who provide health services to patients. Numinus and its subsidiaries do provide health services directly to patients in those jurisdictions where authorized to do so.

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, 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 and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal and provincial legalization, 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 limited operating and profitability track record; dependence on management; 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 impact of the RussiaUkraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. 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.

SOURCE Numinus Wellness Inc.

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