Novo Integrated Sciences Announces Preliminary Revenue Range for Fiscal 2022 Third Quarter

Rhea-AI Summary

Novo Integrated Sciences (NASDAQ: NVOS) anticipates a revenue increase of approximately 367% to 384% for the third quarter of fiscal 2022, projecting revenues between $13.4 million and $13.9 million. This growth reflects a significant rise compared to Q2 and Q3 of the previous year, driven by an uptick in both proprietary and outsourced product sales. CEO Robert Mattacchione expressed optimism about continued market penetration and further revenue growth in upcoming quarters, emphasizing the company's holistic healthcare model.

Positive

• Projected revenue for Q3 2022 between $13.4 million and $13.9 million, indicating a 367% to 384% increase sequentially.
• Growth driven by increased product sales, demonstrating successful product development strategies.

Negative

• Preliminary financial figures are unaudited and may differ materially from actual results.

Management expects over 365% Revenue Growth Sequentially for the Fiscal 2022 Third Quarter

BELLEVUE, Wash.--(BUSINESS WIRE)-- Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”), pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of multiple patient and consumer touchpoints for services and product innovation, today announced that its preliminary unaudited revenue for the third quarter of fiscal 2022 is expected to be in the range of $13.4 million to $13.9 million, an increase of approximately 367% to 384%, as compared to the second quarter of fiscal year 2022, and an increase of approximately 463% to 484%, as compared to the third quarter of fiscal 2021. The Company’s strong revenue performance in the third quarter was driven primarily by an increase in both proprietary and outsourced product sales.

Robert Mattacchione, Novo’s CEO and Board Chairman, stated, “We are extremely pleased with the revenue increase for the quarter. The addition of product development and sales to our corporate bandwidth is proving to be a successful strategy toward accelerating the Company’s growth. We believe that subsequent quarters will illustrate continued market penetration for our expanding line of product solutions. The conversion of patients to consumers and consumers to patients, combined with continuing commercialization of our proprietary technology and product solutions, is expected to have an ongoing positive impact on the growth of the Company’s holistic healthcare solutions globally.”

The preliminary financial information in this press release has been prepared internally by management and has not been reviewed by our independent registered public accounting firm. There can be no assurance that actual results will not differ from the preliminary financial information presented herein and such changes could be material. This preliminary financial data should not be viewed as a substitute for the unaudited condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company expects to issue unaudited condensed consolidated financial statements for the third quarter of fiscal year 2022 in July 2022.

About Novo Integrated Sciences, Inc.

Novo Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of multiple patient and consumer touchpoints for services and product innovation. Novo offers an essential and differentiated solution to deliver, or intend to deliver, these services and products through the integration of medical technology, diagnostic and therapeutic solutions, and rehabilitative science.

We believe that “decentralizing” healthcare, through the integration of medical technology and interconnectivity, is an essential solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to non-critical care, ongoing advancements in both medical technology and inter-connectivity are allowing for a shift of the patient/practitioner relationship to the patient’s home and away from on-site visits to primary medical centers with mass-services. This acceleration of “ease-of-access” in the patient/practitioner interaction for non-critical care diagnosis and subsequent treatment minimizes the degradation of non-critical health conditions to critical conditions as well as allowing for more cost-effective healthcare distribution.

The Company’s decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic healthcare delivery to patients and consumers:

• First Pillar: Service Networks. Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities, (ii) small and micro footprint sized clinic facilities primarily located within the footprint of box-store commercial enterprises, (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities.
• Second Pillar: Technology. Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare practitioner thus expanding the reach and availability of the Company’s services, beyond the traditional clinic location, to geographic areas not readily providing advanced, peripheral based healthcare services, including the patient’s home.
• Third Pillar: Products. Develop and distribute effective, personalized health and wellness product solutions allowing for the customization of patient preventative care remedies and ultimately a healthier population. The Company’s science-first approach to product innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions.

Innovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting-edge advancement in patient first platforms.

For more information concerning Novo Integrated Sciences, please visit www.novointegrated.com. For more information on Novo Healthnet Limited, Novo’s wholly owned subsidiary, please visit www.novohealthnet.com.

Twitter, LinkedIn, Facebook, Instagram, YouTube

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," “intend,” "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in Novo’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond Novo’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Novo’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Novo assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220711005756/en/

Chris David, COO & President

Novo Integrated Sciences, Inc.

chris.david@novointegrated.com

(888) 512-1195

Source: Novo Integrated Sciences, Inc.

FAQ

What is Novo Integrated Sciences' projected revenue for Q3 2022?

Novo Integrated Sciences expects revenue between $13.4 million and $13.9 million for Q3 2022, a growth of approximately 367% to 384% compared to Q2 2022.

How does Novo Integrated Sciences' revenue growth compare to Q3 2021?

The projected revenue for Q3 2022 represents an increase of about 463% to 484% compared to Q3 2021.

What factors contributed to Novo Integrated Sciences' revenue increase?

The revenue increase is primarily attributed to growth in proprietary and outsourced product sales.

What are the risks associated with Novo Integrated Sciences' financial projections?

The preliminary financial data is unaudited and could differ materially from actual results.