Novo Integrated Sciences, Inc. (NASDAQ:NVOS), a pioneer in patient-centric health and wellness, announced its financial results for the second fiscal quarter ending February 29, 2024.
Robert Mattacchione, Novo’s CEO and Board Chairman, highlighted efforts during the quarter to enhance operational efficiencies for future cost savings and margin improvement. The company continues to pursue non-traditional financing opportunities to secure foundational capital, supporting the growth of its three-pillar business model focused on proprietary product offerings and essential healthcare services.
Financial Highlights for the three-month period ended February 29, 2024:
- Cash and cash equivalents stood at $651,747, with total assets at $34,949,271, total liabilities at $13,058,987, and stockholders’ equity at $21,890,284.
- Revenues totaled $3,170,592, a 24% increase from the same period last year, primarily driven by increased product sales, including contributions from Acenzia and Terragenx.
- Operating costs rose to $2,863,854, primarily due to higher fair value of stock options issued during the quarter.
- The net loss attributed to the Company decreased by 41% to $2,746,128, attributed to increased gross profit and lower other expenses.
In December 2023, the company converted the total principal and interest of $449,535 owed on the Mast Hill Fund, LP promissory note, to 457,128 shares of the company’s common stock, fully settling the debt.
Novo Integrated Sciences, Inc. is dedicated to revolutionizing patient-first health and wellness through a multidisciplinary healthcare ecosystem. Their approach integrates medical technology, advanced therapeutics, and rehabilitative science to deliver essential services and products. Novo’s decentralized healthcare model focuses on three primary pillars:
- Service Networks: Providing multidisciplinary primary care services through various clinic facilities, franchise relationships, and corporate-operated clinics.
- Technology: Developing and integrating sophisticated interconnected technology to expand healthcare services beyond traditional clinic settings, reaching patients in their homes.
- Products: Developing and distributing personalized health and wellness products, emphasizing preventative care solutions.
Through innovation and technology, Novo Integrated Sciences remains at the forefront of patient-centric platforms, ensuring advancements in healthcare delivery.
