Novo Integrated Sciences reported financial results for the quarter ended November 30, 2023. Revenue increased by 14% year-over-year to $3.89 million, primarily due to a rise in product sales. Operating expenses rose by 32% to $5.26 million, largely due to common stock issuance for services and cashless warrant exercise. The company experienced a net loss of $4.66 million, a 19% increase from the previous year. The loss from operations was $3.32 million, compared to $2.24 million in the same period last year. Interest expense decreased by 14% to $143,374, while amortization of debt discount decreased by 28% to $1.08 million. The company's healthcare services segment saw a slight revenue increase of 1.2%, while product manufacturing and development revenue significantly contributed to the overall revenue growth. Novo Integrated Sciences continues to focus on...Show More

Novo Integrated Sciences reported financial results for the quarter ended November 30, 2023. Revenue increased by 14% year-over-year to $3.89 million, primarily due to a rise in product sales. Operating expenses rose by 32% to $5.26 million, largely due to common stock issuance for services and cashless warrant exercise. The company experienced a net loss of $4.66 million, a 19% increase from the previous year. The loss from operations was $3.32 million, compared to $2.24 million in the same period last year. Interest expense decreased by 14% to $143,374, while amortization of debt discount decreased by 28% to $1.08 million. The company's healthcare services segment saw a slight revenue increase of 1.2%, while product manufacturing and development revenue significantly contributed to the overall revenue growth. Novo Integrated Sciences continues to focus on its three primary business pillars: service networks, technology, and health and wellness products. The company's liquidity and capital resources section highlighted a net loss and an increase in cash used in operating activities to $2.15 million. Financing activities provided $3.30 million in cash, mainly from the issuance of convertible notes and exercise of warrants. The company also discussed recent developments, including entering into agreements for asset transfers and regaining compliance with Nasdaq's minimum bid price requirement.