Summary by Moomoo AI
Novo Integrated Sciences reported a 24% increase in quarterly revenue to $3.17 million for the period ending February 29, 2024, compared to $2.56 million in the same period last year, driven by a rise in product sales. The healthcare services segment saw a 3.4% revenue increase, while product sales significantly contributed to the overall growth. The cost of revenues increased by 16% to $1.85 million, with the product sales segment showing a notable change in product costs. Operating expenses rose by 4% to $2.86 million, primarily due to higher stock option valuations. Interest expenses increased by 12% to $138,684 due to a higher average principal balance of convertible notes. The company's net loss decreased by 41% to $2.75 million, attributed to higher gross profit and lower other expenses. For the six-month period...Show More