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Revitalist Lifestyle and Wellness Ltd. (CSE: CALM, OTCQB: RVLWF) reported a remarkable 626% year-over-year revenue growth for Q1 2022, totaling $1,081,541. This surge is attributed to an increase in patient visits, exceeding 400% with a total of 3,120 visits. With the opening of two new clinics, the total has grown to nine. However, net cash used in operations reached $2.06$1.3$3.87
Positive
Revenues increased by 626% year-over-year, totaling $1,081,541.
Total patient visits grew over 400% from the previous year, reaching 3,120.
Opened two new clinics, increasing total clinic count to nine.
Negative
Net cash used in operations was $2.06 million, indicating significant operational costs.
Cash reserves of $1.3 million may raise concerns about liquidity as the company expands.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), one of the largest publicly listed US based ketamine clinic operations, reported its results for the quarter ended March 31, 2022, and provided a business update. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.
Highlights
Reported fourteen consecutive months of visit growth
Reported year over year sales growth of 626%
Opened two new ketamine assisted psychotherapy clinics
Completed one clinic asset acquisition
Introduced Transcranial Magnetic Stimulation (“TMS”) as a pain treatment
Launched initiatives for veterans, psychiatric nurses and first responders
Released a proprietary diagnostic scale
Clinic Growth
During the quarter ended March 31, 2022, Revitalist opened two new ketamine assisted psychotherapy clinics located in Washington, DC and Jacksonville Florida bringing the total clinic count to 9 and propelling Revitalist to one of the largest publicly listed ketamine focused companies in the US based on clinic size.
Current Revitalist Clinic Locations:
Knoxville, Tennessee (2 locations)
Chattanooga, Tennessee Louisville, Kentucky Johnson City, Tennessee Detroit, Michigan Washington, DC Jacksonville, Florida Raleigh, North Carolina
Financial Highlights
Revenues were derived from providing ketamine infusion treatments at nine ketamine assisted psychotherapy clinics. The Company recorded a 626% increase in revenue year over year with total revenue of $1,081,541 for the three months ended March 31, 2022 (2021 - $148,985). The increase was attributable to the addition of eight clinics since March 31, 2021. Patient visits grew extensively year over year, totaling 3,120, up over 400% from 2021 visits. The Company proudly announced 14 months of consecutive visit growth.
Net cash used in operations totaled $2.06 MM reflecting the cost of operating the public company and 8 new clinics. Net cash outflows were expected and consistent with forecasted outflows required to execute the business plan.
Balance Sheet
As of March 31, 2022, Revitalist had cash of $1.3MM and total assets of $9.6MM. On April 19, 2022, the Company closed is first tranche of a convertible debenture financing totaling $3,869,000. CEO, Kathryn Walker, invested $2,332,000 into the financing and waived interest payments on debentures totaling $1.9MM.
Revitalist CEO Speaks as Panelist on Globally Recognized Forum
Revitalist CEO, Kathryn Walker, has been invited to speak at a globally recognized event advancing the business of psychedelics focusing on insurance and risk management advances. Purves Redmond Limited continues to bring cutting edge vision with their third annual Biotech and Psychedelic Risk and Insurance Virtual Forum focusing on Canada, the United Kingdom, Europe, and the United States spotlighting recent developments that are shaping trends in the biotech, psychedelic, and neuro-pharmaceutical industry. The panel is by Invitation only, and is sponsored by Purves Redmond Limited, Connor Strong, and Price Forbes. The event takes place June 8. If you would like to learn more about the event, please email corporate@revitalist.com.
Revitalist CEO, Kathryn Walker, states: “We are so proud of the growth achieved to date and are excited to see the year over year growth as our clinic operations mature. We have recruited an exceptional team with expertise in mental health, capital markets, research and development, as well as business operations and we are working diligently to ensure Revitalist’s continued success.”
ABOUT REVITALIST LIFESTYLE AND WELLNESS LTD.
Revitalist Lifestyle and Wellness Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO) is one of the largest publicly listed, ketamine focused clinic operations operating in the United States. Revitalist offers hope to patients suffering from treatment resistant pain and mood conditions through ketamine assisted psychotherapy (‘KAP”). Each clinic enables access to psychedelic medicine, vitamin infusions and other lifestyle optimization services provided by medical professionals, mental health experts, and chronic pain specialists. Since opening their first clinic in 2018, Revitalist has provided thousands of ketamine infusions through its network of 9 clinics operating in 6 states. Its founder and CEO, Kathryn Walker, has witnessed firsthand the transformative impact of KAP and intends on offering other psychedelic treatments as they become available. For additional information and to be added to the Company’s mailing list, please click here.
On Behalf of the Board
Kathryn Walker Chief Executive Officer
Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Revitalist to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.
Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
