Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Novamind Reports Fiscal Q1 Financial Results and Operating Highlights By: Novamind Inc. via AccessWire November 29, 2021 at 08:00 AM EST Multistate expansion underway, signed LOI to acquire Arizona-based mental health practiceTotal revenue of $1,857,750, +113% when compared to same period last yearTotal working capital of $6,834,011 to fund operationsTORONTO, ON / ACCESSWIRE / November 29, 2021 / Novamind Inc. (CSE:NM)(OTCQB:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, reported its fiscal first quarter results for the three months ended September 30, 2021 ("Fiscal Q1 2022"). All results are reported under International Financial Reporting Standards and in Canadian dollars, unless otherwise specified."Q1 was a strong start to fiscal year 2022, driven by the addition of another clinic to our network and increased patient demand for our comprehensive range of innovative mental health treatments," said Yaron Conforti, Novamind's CEO and Director. "We continue to make progress on our national clinic expansion, most recently with a letter of intent to acquire two locations in Arizona. Our clinical research business has been actively building an exciting pipeline of contracts with leading drug developers."Fiscal Q1 2022 Operating Results and Subsequent EventsSigned letter of intent ("LOI") to acquire Arizona-based mental health practice, Foundations for Change, the first announcement from a pipeline of accretive transactionsLeased new clinic to meet patient demand in Utah, the Wheeler Park Clinic, scheduled to open in early 2022Opened a new clinic and third research site in Murray, Utah, featuring a new specialized care and research program, Psychedelic Palliative Care by NovamindSecured insurance coverage for direct billing of intravenous ketamine for treatment-resistant depression from four major health insurance providers: Blue Cross Blue Shield, the University of Utah, PEHP Health & Benefits and MBA Benefit AdministratorsUnveiled new Company logo and announced rebrand of all subsidiary clinics and research sitesFiscal Q1 2022 Financial HighlightsTotal revenue of $1,857,750, +113% when compared to same period last yearDebt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securitiesTotal working capital of $6,834,011 to fund operationsThe following table presents selected financial information from Novamind's reviewed condensed interim financial statements for the three months ended September 30, 2021. The following information should be read in conjunction with the financial statements and management's discussion and analysis, which are available under Novamind's SEDAR profile at www.sedar.com. Three Months Ended September 30, 2021 ($) Three Months Ended September 30, 2020 ($) Revenue 1,857,750 873,281 Cost of services 975,063 479,654 Gross margin 882,687 393,627 Operating expenses 3,728,375 1,013,571 Other income (Expense) Foreign exchange (114,545) 34,462 Unrealized (loss) gain of marketable securities and convertible debentures (944,409) 43,527 Realized gain on settlement of convertible debenture 479,321 - Realized gain on disposition of marketable securities 317,449 - Interest income - 32,069 Loss before income taxes (3,107,872) (509,886)Income tax recovery (5,000) (16,272)Foreign currency translation adjustment 94,075 (10,451)Net loss and comprehensive loss for the period (3,008,797) (504,065)Basic and diluted net loss per share (0.07) (0.02) As at September 30, 2021 As at September 30, 2020 Cash 5,969,673 5,426,286 Total current assets 8,654,314 11,003,449 Total non-current assets 8,001,211 6,147,819 Total assets 16,655,525 17,151,268 Total current liabilities 1,820,303 1,322,018 Total non-current liabilities 5,040,789 3,568,668 Total liabilities 6,861,092 4,890,686 About Novamind Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of integrative mental health clinics and operates a full-service contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.Contact Information Novamind Yaron Conforti, CEO and Director Telephone: +1 (647) 953 9512Samantha DeLenardo, VP, CommunicationsEmail: media@novamind.caBill Mitoulas, Investor Relations Email: bill@novamind.caForward-Looking StatementsThis news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.SOURCE: Novamind Inc.View source version on accesswire.com: https://www.accesswire.com/674787/Novamind-Reports-Fiscal-Q1-Financial-Results-and-Operating-Highlights Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Novamind Reports Fiscal Q1 Financial Results and Operating Highlights By: Novamind Inc. via AccessWire November 29, 2021 at 08:00 AM EST Multistate expansion underway, signed LOI to acquire Arizona-based mental health practiceTotal revenue of $1,857,750, +113% when compared to same period last yearTotal working capital of $6,834,011 to fund operationsTORONTO, ON / ACCESSWIRE / November 29, 2021 / Novamind Inc. (CSE:NM)(OTCQB:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, reported its fiscal first quarter results for the three months ended September 30, 2021 ("Fiscal Q1 2022"). All results are reported under International Financial Reporting Standards and in Canadian dollars, unless otherwise specified."Q1 was a strong start to fiscal year 2022, driven by the addition of another clinic to our network and increased patient demand for our comprehensive range of innovative mental health treatments," said Yaron Conforti, Novamind's CEO and Director. "We continue to make progress on our national clinic expansion, most recently with a letter of intent to acquire two locations in Arizona. Our clinical research business has been actively building an exciting pipeline of contracts with leading drug developers."Fiscal Q1 2022 Operating Results and Subsequent EventsSigned letter of intent ("LOI") to acquire Arizona-based mental health practice, Foundations for Change, the first announcement from a pipeline of accretive transactionsLeased new clinic to meet patient demand in Utah, the Wheeler Park Clinic, scheduled to open in early 2022Opened a new clinic and third research site in Murray, Utah, featuring a new specialized care and research program, Psychedelic Palliative Care by NovamindSecured insurance coverage for direct billing of intravenous ketamine for treatment-resistant depression from four major health insurance providers: Blue Cross Blue Shield, the University of Utah, PEHP Health & Benefits and MBA Benefit AdministratorsUnveiled new Company logo and announced rebrand of all subsidiary clinics and research sitesFiscal Q1 2022 Financial HighlightsTotal revenue of $1,857,750, +113% when compared to same period last yearDebt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securitiesTotal working capital of $6,834,011 to fund operationsThe following table presents selected financial information from Novamind's reviewed condensed interim financial statements for the three months ended September 30, 2021. The following information should be read in conjunction with the financial statements and management's discussion and analysis, which are available under Novamind's SEDAR profile at www.sedar.com. Three Months Ended September 30, 2021 ($) Three Months Ended September 30, 2020 ($) Revenue 1,857,750 873,281 Cost of services 975,063 479,654 Gross margin 882,687 393,627 Operating expenses 3,728,375 1,013,571 Other income (Expense) Foreign exchange (114,545) 34,462 Unrealized (loss) gain of marketable securities and convertible debentures (944,409) 43,527 Realized gain on settlement of convertible debenture 479,321 - Realized gain on disposition of marketable securities 317,449 - Interest income - 32,069 Loss before income taxes (3,107,872) (509,886)Income tax recovery (5,000) (16,272)Foreign currency translation adjustment 94,075 (10,451)Net loss and comprehensive loss for the period (3,008,797) (504,065)Basic and diluted net loss per share (0.07) (0.02) As at September 30, 2021 As at September 30, 2020 Cash 5,969,673 5,426,286 Total current assets 8,654,314 11,003,449 Total non-current assets 8,001,211 6,147,819 Total assets 16,655,525 17,151,268 Total current liabilities 1,820,303 1,322,018 Total non-current liabilities 5,040,789 3,568,668 Total liabilities 6,861,092 4,890,686 About Novamind Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of integrative mental health clinics and operates a full-service contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.Contact Information Novamind Yaron Conforti, CEO and Director Telephone: +1 (647) 953 9512Samantha DeLenardo, VP, CommunicationsEmail: media@novamind.caBill Mitoulas, Investor Relations Email: bill@novamind.caForward-Looking StatementsThis news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.SOURCE: Novamind Inc.View source version on accesswire.com: https://www.accesswire.com/674787/Novamind-Reports-Fiscal-Q1-Financial-Results-and-Operating-Highlights