Novo Integrated Sciences, Inc. (NASDAQ: NVOS), a pioneer in patient-centric health and wellness solutions through an integrated healthcare ecosystem, today announced its financial results for the third fiscal quarter ending May 31, 2024.
Robert Mattacchione, CEO and Board Chairman of Novo, highlighted the company’s focus on maximizing operational efficiencies across all business units during fiscal year 2024 Q3. He emphasized ongoing efforts to secure non-traditional financing partnerships aimed at bolstering foundational capital, crucial for accelerating Novo’s three-pillar business model. Mattacchione reaffirmed Novo’s commitment to advancing proprietary products and expanding essential services, envisioning a transformative impact on the future of non-catastrophic healthcare delivery.
Financial Highlights for the quarter ending May 31, 2024, include:
- Cash and cash equivalents totaling $1,539,771.
- Total assets amounting to $35,327,000, with total liabilities at $25,663,779, and stockholders’ equity recorded at $9,956,134.
- Revenues of $3,151,851, reflecting a modest decrease of 4% compared to the same period last year, primarily due to lower product sales. Notably, revenue from healthcare services increased by 8.1% year-over-year.
- Operating costs rose to $3,417,096, up 25% from the prior year, driven largely by inflationary impacts.
- Net loss attributed to Novo Integrated Sciences, Inc. for the quarter was $13,741,903, a significant increase of 818% from the corresponding period in 2023, primarily attributed to factors including a $6,724,690 loss in fair value of derivative liability, operational losses, debt discount amortization, and foreign currency exchange losses.
In April 2024, Novo executed a $6.21 million Securities Purchase Agreement and Promissory Note with Streeterville Capital LLC, which partly funded the repayment of existing debts, demonstrating strategic financial management amid growth initiatives.
Novo Integrated Sciences, Inc. pioneers a holistic approach to healthcare delivery through three core pillars:
- Service Networks: Providing multidisciplinary care through various clinic formats, including franchise operations and corporate facilities.
- Technology: Developing and integrating advanced medical technology to expand healthcare access beyond traditional settings, enhancing patient connectivity and service availability.
- Products: Innovating personalized health and wellness solutions to support preventive care, reinforcing Novo’s commitment to science-driven product development.
The company’s decentralized healthcare model aims to transform how non-catastrophic healthcare is delivered, leveraging technological integration and patient-centered solutions to improve accessibility and affordability.
