Numinus provides update on acquisition integration and announces new client financing options

Rhea-AI Summary

Numinus Wellness Inc. (TSX: NUMI, OTCQX: NUMIF) has reported significant growth following its acquisition of Novamind, which was completed on June 10, 2022. In August, the company recorded over 6,200 client appointments, a 25% increase compared to July, with 4,900 appointments at its eight US wellness clinics. Numinus is launching new financing options in Canada to enhance accessibility for clients. The company plans to rebrand its physical clinics by the end of 2022. Financial results for its fourth quarter will be disclosed on November 29, 2022.

Positive

• 25% increase in total client appointments in August compared to July.
• 4,900 client appointments in US wellness clinics in August, a 22% increase from July.
• New financing options in Canada expected to increase accessibility to therapies.
• Growth in Ketamine-assisted therapy appointments, up 35% in August.

Negative

• None.

• US clinics acquired from Novamind demonstrating continued growth
• Physical rebranding of clinics is underway
• Announcing new client financing options in Canada

VANCOUVER, BC, Sept. 13, 2022 /PRNewswire/ - Numinus Wellness Inc. ("Numinus", the "Company") (TSX: NUMI) (OTCQX: NUMIF) is pleased to provide an update on the integration of the Novamind acquisition, which completed on June 10, 2022.

The Company's US clinics have continued to perform well during fiscal Q4 (the three months ended August 31, 2022), with strong client appointment growth in recent months.  During August, more than 6,200 client appointments were held across Canada and the US, representing 25% growth compared to July. In total, the Company's eight US wellness clinics – six in Utah and two in Arizona – completed more than 4,900 client appointments in August, representing an increase of 22% from July.

"We continue to be pleased with the performance of our recently acquired US clinics – and their continued success in building strong client relationships," said Payton Nyquvest, Founder and CEO, Numinus. "Impressively, 15% of the client appointments held in August at our US clinics were from new clients."

Numinus is proud to provide a wide range of mental health care services, including traditional therapy, counseling, Transcranial Magnetic Stimulation (TMS), Ketamine-assisted therapy, and – when approved through Canada's Special Access Programme – psychedelic-assisted therapy. 

Numinus is currently focused on growing its Ketamine-assisted therapy ("KAT") offering across Canada.  Ketamine Therapy sessions at Numinus' US clinics (including KAT, Spravato and Ketamine medicine) grew 35% in August, compared to July, to 1,520 appointments. Demand for TMS services also continues to grow. During August, the Company completed 725 TMS appointments – a 23% increase relative to the prior month.

Cedar Clinical Research, the clinical trial management division of Numinus that was acquired through Novamind, also continues to achieve positive operational growth. During Numinus' fiscal fourth quarter, the division recruited 178 clinical trial participants for 16 third-party clinical studies, representing an 19% increase in clinical trial participation compared to the fiscal third quarter.

Numinus will release its fiscal fourth quarter and annual 2022 financial results on November 29, 2022. 

Rebranding update

Numinus' new brand has already been successfully applied to all of the Company's digital assets. By the end of 2022, Numinus intends to launch a new comprehensive client website, providing information and booking tools for all of the Company's wellness clinics.  The rebranding of Numinus' physical wellness clinics is also now underway.  Signage and office designs across all 13 wellness clinics are expected to be updated before the end of 2022 to reflect the new unified Numinus brand.

New financing options available for Canadian patients

Numinus is pleased to announce that it is launching a new financing option for clinic patients in Canada. The Company expects this new option will increase the accessibility of its traditional therapy and Ketamine-assisted therapy to a wider client population.

"We understand that some people in need of therapy face financial hurdles in accessing treatments, so we're proud to provide another option for clients to consider," said Jason Lapensee, SVP, Operations.

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.

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 www.numinus.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.

Disclaimer

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 news release includes certain "forward‐looking information" and "forward‐looking statements" (collectively "forward‐looking statements") within the meaning of applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. All statements in this news release that address events or developments that the Company expects to occur in the future are forward‐looking statements. There is no assurance that Numinus will achieve a US listing. Forward‐looking statements are statements that are not historical facts and are often identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur, and include information regarding expectations around the rebranding, and expectation for other economic, business and/or competitive factors.

Forward‐looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond the Company's control. These forward‐looking statements are qualified in their entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's financial statements, related MD&A and Annual Information Form for the financial year ended August 31, 2021 and its interim financial statements and related MD&A for the three and nine months ended May 31, 2022, all filed with the securities regulatory authorities in all provinces and territories of Canada and available under the Company's profile at www.sedar.com. The risk factors are not exhaustive of the factors that may affect the Company's forward‐looking statements. The Company's forward‐looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management of the Company at such time.  The Company does not assume any obligation to update forward‐looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward‐looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements. Accordingly, undue reliance should not be placed on forward‐looking statements.

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SOURCE Numinus Wellness Inc.

FAQ

What is the significance of Numinus' acquisition of Novamind?

The acquisition has led to significant growth in client appointments and service offerings at Numinus' US clinics.

When did Numinus complete the acquisition of Novamind?

The acquisition was completed on June 10, 2022.

What financial results will Numinus release?

Numinus will release its fiscal fourth quarter and annual 2022 financial results on November 29, 2022.

What new services is Numinus offering in Canada?

Numinus is launching new financing options to make its therapy services more accessible to Canadian clients.

How much did client appointments grow at Numinus clinics?

Client appointments grew by 25% in August compared to July, with significant increases in both traditional and Ketamine-assisted therapies.