Numinus Wellness Inc. Announces Fourth Quarter Fiscal 2024 Results

Core Insights - Numinus Wellness Inc. reported a 16.4% increase in consolidated revenues for Q4 2024 compared to Q3 2024, driven by growth in its Cedar Clinical Research and Practitioner Training segments [3][4][15] - The company successfully transitioned to a lean operation, aligning cash flows with overhead costs, and is focused on leveraging growth opportunities in its clinical research and training businesses [3][4] Financial Performance - Total revenue for Q4 2024 was $1,155,936, up from $992,912 in Q3 2024, marking a 16.4% increase [15] - Revenue from Cedar Clinical Research increased by 17.2% to $965,799, while Practitioner Training revenue rose by 12.6% to $190,137 [4][11] - Gross margin improved to 25.3% in Q4 2024, compared to a gross margin loss of 4.6% in Q3 2024 [5][15] - Operating expenditures decreased significantly to $931,198 from $2.9 million in the previous quarter, reflecting ongoing cost containment initiatives [6][15] Operational Highlights - Cedar Clinical Research managed 18 clinical trials with 306 patient appointments in Q4 2024, an increase from 15 trials and 233 appointments in Q3 2024 [9] - The company’s Psychedelic-Assisted Therapy Training Program received approval from the state of Colorado, enhancing its position in the market [16] Corporate Updates - The company completed the sale of its wellness clinic network for US$3.53 million, leading to the classification of this segment as discontinued operations [8][19] - Leadership changes included the appointment of Michael Tan as CEO and Kelvin Yang as CFO [8] Balance Sheet and Liquidity - Numinus ended Q4 2024 with cash and cash equivalents of $2.0 million and working capital of $1.2 million [14]