Field Trip Health & Wellness Ltd. (TSXV: FTHW) (the "Company"
or “Field Trip”), a global leader in the delivery of psychedelic
therapies, reported fiscal first quarter 2023 results for the
three-month period ended June 30, 2022, and provided a business
update. All results are reported under International Financial
Reporting Standards ("
IFRS") and in Canadian
dollars, unless otherwise specified.
During the quarter, Field Trip continued to
deliver innovative psychedelic-assisted therapies across its 12
operating clinics, achieving increased revenue growth of 110% over
the prior year’s first fiscal quarter. Revenue growth was driven by
continued operational improvements, enhanced digital marketing,
expanded service offerings and increased conversion of new
clients.
To date, Field Trip’s focus has been on
delivering in-person care through its 12 centres. Over the next
twelve months, the Company will expand its focus to offer a blend
of both digital and in-clinic experiences, providing a more
holistic wellbeing and lifestyle approach to mental health. Through
its leading digital psychedelic platform, Field Trip has already
created a large, engaged community which provides access to
therapies both inside and outside clinical settings. Going forward,
Field Trip will leverage the data and learnings from these tools to
bring therapies and community support to people at scale.
During the quarter, Field Trip launched its
‘Field Trip at Home™ Powered by Nue Life’ platform, which allows
patients to access guided ketamine treatments from the comfort of
their home, as an alternative to in-clinic care. Field Trip is now
able to provide more convenient and accessible treatment options
and will continue to build communities and tools that help to
create and sustain lasting wellbeing.
Ronan Levy, Chairman and Chief Executive Officer
of Field Trip Health & Wellness, stated, “When we launched
Field Trip four years ago, our mission was to trailblaze a path for
psychedelic medicine and bring these therapies into the mainstream.
We are now happy to say we have achieved that objective. As a
standalone company, we plan to lead a whole new approach to mental
and emotional health and well-being - one that recognizes that
depression and anxiety are not just functions of our brains, but
also very much a function of how we live our lives.” Mr. Levy
continued, “Going forward, we will build upon our already
successful psychedelic-assisted therapy programs at our
best-in-class Field Trip Health centers that are generating
unparalleled outcomes in depression and anxiety treatments. We are
now taking a much more holistic view of mental and emotional health
and wellbeing, integrating technology, medicine and community to
change how we approach mental health and wellbeing. This
multifaceted approach will help people dive into self-discovery and
self-awareness, to find their motivations, discover their passions
and find the freedom to be happy, connected, free from depression
and anxiety and, simply, to be themselves.”
Financial Highlights
Upon closing of the Spinout Transaction, Field
Trip held approximately $17.2 million in unrestricted cash.
For the fiscal first quarter ended June 30,
2022, the Clinics business generated patient services revenues of
$1.8 million from its twelve clinics, representing an increase of
6% over the prior quarter and 110% over the comparative first
fiscal quarter of the prior year. The growth in revenue was driven
by the addition of six clinics and an increase in the volume of
patient visits.
Net loss for the clinics in the first fiscal
quarter 2023 was $8.2 million compared with a $9.1 million loss in
the same period of the prior fiscal year. This decrease in the net
loss was primarily due to a more favorable foreign exchange rate,
partly offset by the increase in operating costs associated with
operating 12 clinics during the quarter, compared to six clinics in
the comparative quarter of the prior fiscal year.
Operating expenses for the first fiscal quarter
were $12 million, compared to $9.6 million for the prior comparable
quarter. This increase was primarily due to $3.4 million in
non-recurring costs: $2.4 million in Spinout Transaction costs and
a $1.0 million impairment write-off of fixed assets arising from
the deferral of future clinic openings.
“From an operations perspective, we are
delighted to report another sequential quarter of revenue growth,
while managing to reduce our recurring expenses by 30%,” said
Mujeeb Jafferi, President of Field Trip Health & Wellness. “We
have continued to improve operational efficiencies at our health
centres, automate several client acquisition processes and increase
community engagement through our digital tools.”
Conference CallThe Company will
conduct a conference call and webcast to discuss its results the
following morning, Tuesday, August 30, 2022 at 8:30 a.m. ET. To
access the call, please dial 1-877-407-9716 (within the U.S.) or
1-201-493-6779 (outside the U.S.) and provide conference ID
13732491. A live webcast of the conference call can be accessed via
the Events and Presentations section of the Field Trip Health
Investor Relations website here.
For those unable to attend the live call, a
telephonic replay will be available until 11:59 p.m. ET on Tuesday,
September, 13 2022. To access the replay dial 1-844-512-2921
(within the U.S.) or 1-412-317-6671 (outside the U.S.) and provide
conference ID 13732491. The webcast will be archived and available
in the Events and Presentations section of the Field Trip Health
Investor Relations website approximately one hour after the
conclusion of the live call.
Selected Financial
Information
The following table sets forth selected
financial information derived from the Company’s unaudited combined
carve-out financial statements for the fiscal first quarter 2023
ended June 30, 2022, prepared in accordance with IAS 34 in a manner
consistent with the Company’s annual audited combined carve-out
financial statements. The following information should be read in
conjunction with the financial statements and management’s
discussion and analysis, which are available on the Company’s
website at www.fieldtriphealth.com and under the Company’s SEDAR
profile at www.sedar.com.
|
3 months ended |
|
3 months ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
|
|
$ |
|
$ |
|
Revenue |
1,824,404 |
|
867,400 |
|
Operating
expenses |
11,997,250 |
|
9,572,710 |
|
Other income (expenses) |
1,936,168 |
|
(427,924) |
|
Net loss |
(8,236,678) |
|
(9,133,235) |
|
About Field Trip Health & Wellness
Ltd.
Field Trip Health & Wellness Ltd. is a
global leader in psychedelic therapies. With health centres across
North America and Europe, along with the digital and technological
tools that will enable massive scale, we help people in need with a
simple, evidence-based way to heal and heighten engagement with the
world.
Learn more at https://www.meetfieldtrip.com,
https://www.fieldtriphealth.com and
https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram:
@fieldtriphealth.
Cautionary Note Regarding
Forward-Looking Information
This release includes forward-looking
information (within the meaning of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995) regarding the Company and its
business. Often but not always, forward-looking information can be
identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of the Company and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this release may not occur and could differ materially
as a result of known and unknown risk factors and uncertainties
affecting the companies. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company does not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Additional information relating to the
Company, can be located on the SEDAR website at www.sedar.com.
Neither TSX Venture Exchange, or its Regulation
Services Provider, have approved the contents of this release or
accept responsibility for the adequacy or accuracy of this
release.
CONTACTS:
Field Trip Health & Wellness:Ronan
LevyChairman & CEO (416) 505-0929ronan@fieldtriphealth.com
Investor contacts:Phil Carlson / Sophia
Bashford (646) 573-0776) / (929 246-7307)KCSA Strategic
CommunicationsfieldtripIR@kcsa.com
SOURCE Field Trip Health & Wellness
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