Q3 2024 Numinus Wellness Inc Earnings Call Transcript
Key Points
- Numinus Wellness Inc (NUMIF) successfully reduced its burn rate to under $1 million per month, achieving a significant milestone in cost management.
- The company has optimized its operations by transitioning out of Canadian clinic operations, leading to an asset-light model and potential future development opportunities.
- Numinus Wellness Inc (NUMIF) has built strategic relationships with leading psychedelic drug developers and has been at the forefront of important clinical trials.
- The proposed acquisition of MedBright AI is expected to enhance clinic efficiency and provide a scalable AI solution for psychedelic-assisted therapy.
- Revenue from Cedar Clinical Research increased by 10.7% due to the launch of a clinical trial with additional patient appointments, indicating growth in this segment.
- Revenue for the quarter was $4.3 million, a decline from $4.4 million in Q2 2024 and $5.2 million in the same quarter last year, reflecting a downward trend.
- Gross margins decreased to 22% from 24% in Q2 and 34.5% in Q3 2023, indicating a decline in profitability.
- The company experienced a 6% decrease in appointments in its US clinics over Q2, despite an increase in new client appointments.
- Operating expenditures, although reduced, were still significant at $4.9 million for the quarter.
- The net loss from continuing operations was $5.1 million, indicating ongoing financial challenges despite cost-cutting measures.
Good afternoon, and welcome to Numinus Wellness Incorporated third-quarter fiscal 2024 results conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to turn the conference call over to your host, Craig MacPhail. Please go ahead.
Thank you, Christa. Good afternoon, everyone, and thank you for joining us for our conference call today. Discussing Numinus' performance are Payton Nyquvest, Founder and CEO; and Melony Valleau, Interim Chief Financial Officer.
The following discussion may include forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties. The risks and uncertainties that could cause our actual financial operating results to differ significantly from our forward-looking statements are detailed in our MD&A for the quarter ended May 31, 2024, and in our other Canadian security filings available on SEDAR.
Numinus does not undertake to update or revise any
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