The following is a summary of the Numinus Wellness Inc. (NUMIF) Q2 2024 Earnings Call Transcript:
Financial Performance:
Numinus reported Q2 2024 revenue of $5 million, down from $5.9 million in the previous quarter.
The revenue generated from wellness clinics fell by 9.5% year-over-year to $4.3 million.
There was a dip in the gross margin which decreased from the previous quarter's 36.1% to 33%.
U.S. operations generated the majority of the total revenue, accounting for 87%.
Business Progress:
The company is channeling its focus on growth in the U.S. while providing support to Canadian organizations through a more resource-efficient model.
Numinus played a key role in providing the highest enrolling sites for MM120 clinical trials, and is now getting ready to become a research partner in Phase 3 trials.
A new membership program is being launched by Numinus for Canadian therapists and healthcare professionals to keep them updated with the latest therapeutic protocols.
There has been a significant reduction in the company's headcount, with a 60% reduction since Q2 2023, as the company focuses on cost-cutting measures and revenue-generating roles.
Numinus has decided to close its unprofitable clinic in Phoenix, Arizona and the Numinus Bioscience business, opting instead to focus on profitable operations in the U.S.
More details: NUMINUS WELLNESS INC IR
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