Novamind Reports Fiscal Q3 Financial Results and Operating Highlights

Rhea-AI Summary

Novamind Inc. reported $1,846,132 in revenue for Fiscal Q3 2021, marking a 43% increase quarter-over-quarter. The company plans to double its clinic network by September 2021, anticipating 65,000 clinic visits in 2021, representing a 225% year-over-year growth. Significant financial highlights include a debt-free balance sheet with $7,616,948 in cash and $2,355,988 in marketable securities. The company is focused on expanding its operations and has signed a contract with Merck for a clinical trial on treatment-resistant depression.

Positive

• Revenue of $1,846,132 for Fiscal Q3 2021, +43% quarter-over-quarter.
• Doubling of clinic network by September 2021.
• Forecasted 65,000 clinic visits in 2021, +225% year-over-year.
• Debt-free balance sheet with $7,616,948 in cash.
• Strategic investment in Bionomics Limited appreciated +55% as of Fiscal Q3 2021.

Negative

• None.

• Revenue of $1,846,132 for Fiscal Q3 2021, +43% quarter-over-quarter
• Announced doubling of clinic network by September 2021
• Forecasting 65,000 clinic visits in 2021, +225% year-over-year

TORONTO, ON / ACCESSWIRE / June 1, 2021 / Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, reported its fiscal third-quarter results for the three and nine months ended March 31^st, 2021 ("Fiscal Q3 2021"). The Company's fiscal year-end is June 30^th. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars, unless otherwise specified.

Fiscal Q3 2021 Business Highlights and Subsequent Events

• Began trading on the Canadian Securities Exchange (CSE) under the ticker symbol "NM" on January 5^th, 2021
• Scheduled to open four new clinics between July and September 2021, doubling its network to eight total locations and forecasted to increase patient volume to approximately 65,000 clinic visits in 2021, +225% year-over-year
• Appointed Pierre Bou-Mansour, P.Eng. as Chief Operating Officer ("COO"), formerly the COO of LifeLabs Inc., Canada's largest diagnostic laboratory services company
• Contracted by Merck & Co. as a key research site for a phase IIa clinical trial studying MK-1942, an investigational medication for treatment-resistant depression (TRD)
• Made a strategic investment of AU$965,400 (approximately CAN$942,000) in Bionomics Limited ("Bionomics") (ASX: BNO), which appreciated in value by +55% (unrealized return) as of Fiscal Q3 2021. Novamind will be evaluated as a key research site to conduct Bionomics' phase IIb trial examining BNC210, a potential treatment for post-traumatic stress disorder (PTSD)
• Announced the expansion and optimization of its clinic in Layton, Utah, which now offers improved treatment rooms to accommodate a higher number of ketamine and Spravato™ treatments
• Opened a new client care center to maintain its high degree of service amid overwhelming demand for treatments and the planned doubling of clinics by September
• Included in the underlying index of the Horizons Psychedelic Stock Index ETF

"Since listing on the CSE this January, Novamind has demonstrated its ability to rapidly scale access to innovative mental health treatment and psychedelic medicine," said Yaron Conforti, CEO and Director, Novamind. "The contract with Merck to research a promising new drug, leveraged our expertise in patient recruitment and patient management. Novamind will continue to execute on its aggressive growth initiatives in 2021, further expanding organically and through acquisitions ahead of the FDA's anticipated approvals of MDMA and psilocybin."

Fiscal Q3 2021 Financial Highlights

• Total revenue of $1,846,132, +43% quarter-over-quarter, driven by increased patient volume at the Company's four operating clinics
• Debt-free balance sheet with $7,616,948 in cash and $2,355,988 in marketable securities
• Total working capital of $9,984,071 to fund operations

The following table presents selected financial information from Novamind's reviewed condensed interim financial statements for the three and nine months ended March 31^st, 2021. The following information should be read in conjunction with the financial statements and management's discussion and analysis, which are available under Novamind's SEDAR profile at www.sedar.com.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

Contact Information
Novamind
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Bill Mitoulas, Investor Relations
Email: bill@novamind.ca

Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

SOURCE: Novamind Inc.

View source version on accesswire.com:
https://www.accesswire.com/649841/Novamind-Reports-Fiscal-Q3-Financial-Results-and-Operating-Highlights

FAQ

What were Novamind's revenue figures for Fiscal Q3 2021?

Novamind reported revenue of $1,846,132 for Fiscal Q3 2021, representing a 43% increase quarter-over-quarter.

How is Novamind planning to expand its clinic network?

Novamind plans to double its clinic network by September 2021, increasing from four to eight locations.

What is the projected number of clinic visits for Novamind in 2021?

The company is forecasting approximately 65,000 clinic visits in 2021, which is a 225% increase year-over-year.

What notable financial position does Novamind hold?

Novamind has a debt-free balance sheet with $7,616,948 in cash and $2,355,988 in marketable securities.

What strategic partnership did Novamind announce recently?

Novamind was contracted by Merck & Co. to act as a key research site for a phase IIa clinical trial on MK-1942, a drug for treatment-resistant depression.