Q2 Fiscal 2024 Highlights Cash position of $6.6 million as of February 29, 2024 Gross profit of $0.5 million, a 22.7% decline over Q1 2024 Revenue of $5.0 million, a 15.4% decline over Q1 2024 Enrolment in Numinus training programs doubled to over 1,400 learners, compared to over 700 in Q1 2024 Managed 15 clinical trials at Cedar Clinical Research Provided 17,661 client appointments in Numinus Wellness Clinics Subsequent to Quarter End On March 20, 2024, the Company announced that it had submitted a Clinical Trial Application to Health Canada to examine the feasibility of a group model in MDMA-assisted psychotherapy, enrolling trainee practitioners as participants All financial results are reported in Canadian dollars unless otherwise stated. VANCOUVER, BC, April 12, 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 February 29, 2024 ("Q2 2024"). "Over the past two quarters, Numinus has steadfastly focused on fortifying our operations to ensure we are well-positioned for sustainable growth and profitability in the quarters to come," said Payton Nyquvest, Numinus Founder and CEO. "This included reducing headcount across the organization, concentrating on higher margin procedures at our clinics and eliminating our unproductive location in Arizona. While these initiatives have generated one-time impacts in the quarter, they are also enabling us to optimize our patient experience and care model, improve efficiencies, and establish best practices." "We are also pleased with the success of our Numinus training program. As well as a doubling of the learners enrolled in the program, our Introduction to Psychedelics course is proving to be a pathway to our paid courses, and we recently introduced training for practitioners working with drug developers to facilitate clinical trial research." added Mr. Nyquvest. Revenue Revenues declined 15.4% from the prior quarter to $5.0 million in Q2 2024 due to the Company's further optimization of operations to focus on profitability and seasonality effects. Gross Margin Sequentially, gross margin declined 310 basis points in Q2 2024 to 33.0% from 36.1% in Q1 2024, reflecting the decrease in revenue compared to the previous quarter.   Operating expenditures Operating expenditures were $6.4 million in Q2 2024, compared to $6.3 million the previous quarter, a 1.5% increase after excluding a one-time non-cash charge of $0.3M during Q2 2024 relating to the recognition of deferred financing costs from the ATM program. Included in operating expenditures in Q2 2024 were $0.5 million in non-recurring consulting fees related to our cost containment measures.  Operating expenses decreased 27.0% during Q2 2024 compared to $9.2 million during Q2 2023. In the quarter, the Company continued its cost containment initiatives to refocus support on revenue-producing activities and profitability. Operational Highlights Numinus Wellness Clinic Network Wellness clinics generated revenue of $4.3 million during Q2 2024, a 9.5% decrease compared to $4.7 million during Q2 2023. The decline in clinic network revenues during Q2 2024 is due to the winding down of operations at the Company's Phoenix, Arizona, location and the contraction of the number of appointments scheduled during the same comparative periods from cost containment procedures while focusing on appointment profitability across wellness clinics. 17,661 clinical appointments in Q2 2024, compared to 19,961 in Q1 2024 Average of 299.3 appointments per operating day in Q2 2024, compared to 316.8 in Q1 2024 5.8% of appointments during Q2 2024 were made by new clients 18.3% of appointments during Q2 2024 were KAT or Ketamine/Spravato medicine-related 6.4% of appointments during Q2 2024 were for TMS services Numinus Clinical Research Revenues from CCR during Q2 2024 were $0.7 million, a decrease of 27.1% from $1.0 million during Q1 2024 and a 21.0% increase compared to Q2 2023. The sequential quarter decrease is due to a reduction in high-value clinical trials being completed and the winding down of its research center in Phoenix, AZ. CCR is currently conducting two psychedelic drug candidate clinical trials, with four further expected to commence in Q3 ...