A Quarter of Strong Growth; Focus on Cash Burn Reduction
Strong sequential revenue growth. Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the Novamind acquisition. Of greater significance, the company delivered double-digit sequential growth of 12.6%, highlighting the growth track in demand for its clinic and clinical research offerings. On this basis, revenues generated across Numinus’ wellness clinics in the US and Canada grew by 5.5% Q/Q, while its clinical research operations (CCR) recorded a sequential revenue surge of 66.7%, as a result of which the division’s share of total revenues climbed to 17% from the prior quarter’s 12%.The company’s overall gross margin dipped from 39.3% in the prior quarter to 34.5%, but management sees this drag on margin as transitory. A record quarter for client appointments. The sequential growth in clinic revenues was largely driven by the strongest quarter of client appointments for Numinus yet, attracted by the diversity of mental health services offered...Rojo Resources is an exploration stage company. Co. is engaged in the mineral exploration activities in Canada, the United States and Mongolia.
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