Q3 Fiscal 2024 Highlights Revenue of $4.3 million, a 1.9% decline over Q2 2024 Gross profit of $1.0 million, a 9.8% decline over Q2 2024 Cash position of $3.7 million as of May 31, 2024 Transitioned out of Canadian clinical operations through an agreement with the Canadian Centre for Psychedelic Healing ("Field Trip Health") Enrolment in Numinus training programs increased to over 1,650 learners, compared to over 1,400 in Q2 2024, with learners joining from 18 countries Managed 15 clinical trials at Cedar Clinical Research Provided 15,750 client appointments in U.S. Numinus Wellness Clinics; this represents a 3.2% increase from the prior year Subsequent to Quarter End On June 20, 2024, the Company announced that it had executed a letter of intent ("LOI") to acquire MedBright AI Investments Inc. ("MedBright") by way of a statutory plan of arrangement. Under the terms of the LOI, the Company will issue 1.86 common shares of Numinus for each MedBright share, making up an aggregate of approximately 204,729,372 of the Company's shares. All financial results are reported in Canadian dollars unless otherwise stated. VANCOUVER, BC, July 11, 2024 /CNW/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX:NUMI) (OTCQX:NUMIF), a mental health care company advancing traditional and innovative behavioral health treatments with a focus on safe, evidence-based psychedelic-assisted therapies, today announced its financial results for the three months ended May 31, 2024 ("Q3 2024"). "In the third quarter of 2024, we continued to make progress on our program to transition Numinus to an operationally lean company prepared to benefit from the anticipated growth in psychedelic therapy. Key to the program is achieving profitability with our existing operations and leveraging our significant experience and expertise to opportunities in the broad market," said Payton Nyquvest, Numinus Founder and CEO. "In April, we transitioned out of our Canadian clinical operations through an agreement with the Canadian Centre for Psychedelic Healing while maintaining a connection with our Canadian therapists through our newly launched Numinus Network. This has allowed us to focus on optimizing our U.S. clinics and the significant opportunities with several novel drug therapies in late clinical trial stages. In Q3 2024, we maintained a cash burn rate of less than $1 million per month." "Our proposed acquisition of MedBright AI further amplifies our opportunities by leveraging our experience and expertise in clinical care and insurance reimbursement into a licensed offering available to mental health clinics, therapists and practitioners across the U.S.," added Mr. Nyquvest. Revenue from continuing operations The Company's consolidated revenues decreased by 1.9% quarter over quarter compared to Q2 2024 as a result of a decrease in outpatient services revenue of approximately $100,000 due to the wind-down of the Arizona clinics. Revenues in the Company's US Clinic Network during Q3 2024 decreased by 7% from $3.6 million during Q2 2024 to $3.4 million because of a decrease in outpatient service revenue.  Revenues from Clinical Research operations during Q3 2024 increased by 10.7% from $0.7 million during Q2 2024 to $0.8 million. The increase in revenue resulted from psychedelic clinical trials with additional patient appointments.   Revenues from Practitioner Training during Q3 2024 increased by 114% from $78,837 during Q2 2024 to $168,830. The increase in revenue resulted from revenue-generating efforts related to new training programs. Gross Margin Sequentially, gross margin declined 200 basis points in Q3 2024 to 22.0% from 24.0% in Q2 2024.   Operating expenditures Operating expenditures and other items were $6.1 million in Q3 2024, compared to $7.3 million in the previous quarter. The decrease is a result of the Company's cost-cutting initiatives, including reduced legal, consulting and marketing expenses and reflects the Company's shift in operational focus to a more asset-light model. Operational Highlights Numinus Wellness Clinic Network Numinus Wellness clinics generated revenue of $3.36 million during Q3 2024, a 7% decrease compared to $3.6 million during Q2 2024, and a decrease of 18% compared to $4.1 million during Q3 2023. The decrease in clinic network revenues during Q3 2024 is due to a decrease in outpatient service revenues. 15,750 clinical appointments in Q3 2024, compared to 14,841 in Q2 2024 48,945 clinical appointments year to date in 2024, compared to 47,810 in 2023 Average of 250.0 appointments per operating day in Q3 2024, compared to 251.54 in Q2 2024 6.7% of appointments during Q3 2024 were made by new clients 23.0% of appointments during Q3 2024 were KAT or Ketamine/Spravato medicine-related 6.3% of appointments during Q3 2024 were for TMS services On May 7, 2024, the Company announced as part of its strategic plan, Numinus has entered into an agreement with the Canadian Centre for Psychedelic Healing ("Field Trip Health"), which provides psychedelic-assisted therapy in five Canadian clinics under the Field Trip Health brand. Therapists in Canada who are contracted with Numinus will have the option to transition to Field Trip Health. Through the arrangement, the Company will earn a portion of the revenue generated from the referral of patients of its existing Canadian business to Field Trip Health. Once ...