Field Trip Health & Wellness Ltd. Reports Fiscal First Quarter 2023 Financial and Operating Results – Yahoo Finance

Share Article

Completed corporate reorganization on August 11, 2022 separating the drug development (“Reunion Neuroscience Inc.” or “Reunion”) and healthcare and wellness (“Field Trip Health & Wellness” or “Field Trip”) divisions into two separate public companies (the “Spinout Transaction”).

Field Trip received listing approval from the TSX Venture Exchange (“TSX-V”) and commenced trading on August 17, 2022 under new ticker symbol “FTHW”.

Concurrent with the closing of the Spinout Transaction, completed a series of private placement financings for gross proceeds of approximately $20 million, led by Oasis Management Company and Reunion, positioning Field Trip to continue to lead this new market.

Field Trip generated revenues of $1.8 million during the quarter ended Jun 30, 2022, an increase of 110% over prior year’s first fiscal quarter.

In May 2022 launched ‘Field Trip at Home Powered by Nue Life’, an innovative wellness platform for personalized, at-home psychedelic care through providing ketamine treatments, an interactive companion app, and virtual aftercare programs as an alternative to in-clinic care.

TORONTO, Aug. 29, 2022 (GLOBE NEWSWIRE) — 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 Call
The 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 and under the Company’s SEDAR profile at
3 months ended
3 months ended
June 30, 2022
June 30, 2021
Operating expenses
Other income (expenses)
Net loss
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, and
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
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.
Field Trip Health & Wellness:
Ronan Levy
Chairman & CEO
(416) 505-0929
Investor contacts:
Phil Carlson / Sophia Bashford
(646) 573-0776) / (929 246-7307)
KCSA Strategic Communications
SOURCE Field Trip Health & Wellness

Related Quotes
Follow Buffett’s lead. And collect big dividends too.
Orchid Island Capital Corp. (NYSE: ORC) is a finance company that acquires, invests in and offers financing from U.S. residential mortgage-backed securities (MBS). The Florida mortgage real estate investment trust (REIT) initiated an IPO in March 2013 at a price of $14.50. Its monthly dividend of $0.135 returned an approximate annual yield of 11%. However, in the last few years, the stock price has floundered, and ORC has reduced its dividend payment several times. Orchid’s price had recently be
Reminiscent of communist times? Maybe it's even worse.
Chinese stocks have come under pressure for various reasons over the past year and a half or so; a slowing economy has been one cause while domestic tussles with the regulators haven’t helped either, particularly for those in the tech sector. Another element keeping sentiment low and impacting performance has been the fear of de-listing for U.S.-listed Chinese stocks. This is on account of Chinese companies not meeting U.S. auditing standards. But the prospects of de-listing might be less likely
(Bloomberg) — Investors who might be looking for the world’s biggest bond market to rally back soon from its worst losses in decades appear doomed to disappointment.Most Read from BloombergAmazon Closes, Abandons Plans for Dozens of US WarehousesUK Slips Behind India to Become World’s Sixth Biggest EconomyEurope’s Energy Crisis Deepens After Russia Keeps Pipeline ShutBrace for ‘Recession Shock’ as Outflows Rock Equities, Bank of America SaysSoros-Backed Fund’s Christmas Night Trading Frenzy Led
The Tesla CEO knows that oil and gas are here to stay for the long term, and so are the industry's top stocks.
The S&P 500 is down nearly 18% since January, but BofA sees more room for a drop.
Volkswagen plans to discuss the sports-car brand’s listing on Monday and says shares could begin trading at the end of the month.
In this article, we will discuss some of the best stocks to buy according to Dave Smith, Chief Investment Officer at investment management company Rockland Trust. If you want to explore similar stocks, you can also look at Long-Term Analyst: Buy These 5 Stocks. David Smith has been in the financial services industry for over […]
Last week, Federal Reserve Chairman Jerome Powell swayed the market again after making remarks about inflation. Powell confirmed that lowering inflation would be a costly fight in terms of jobs and economic growth. The blunt message may be ominous, but the honesty could be interpreted as refreshing. Powell shared that the Fed’s “overarching focus right now is to bring inflation back down to our 2% goal.” Powell later provided some context on how that might be possible. About a potential 0.75% ra
September is a scary month for S&P 500 investors for good reason — it's the worst month of the year for stocks. But it doesn't have to be.
These innovative businesses are giving investors reasons to buy, but a bear market just isn't cooperating.
High oil and gas prices are boosting the energy sector as these stocks have widely outperformed the S&P 500 Index. It's no wonder: Demand for refined products remains strong and global supply is tight. It also produces renewable diesel and has a midstream segment, Valero Energy Partners LP, but its contribution to total earnings is under 10%.
Dan Niles, a money manager who has been bearish on the stock market, is even more pessimistic now. But he does see some opportunities, including in shares of Walmart and
Target-date funds may be cramping your retirement. Between July 29 and Aug. 2, lawyers representing current and past participants in six separate retirement plans filed suit against their employers and plan fiduciaries, charging that the BlackRock target-date funds in the … Continue reading → The post Are Target-Date Funds Hampering Your Retirement? Try This Instead appeared first on SmartAsset Blog.
Warren Buffett came to the rescue of Occidental Petroleum (NYSE: OXY) in 2019 when the company was financially struggling through an acquisition. Buffett's holding company Berkshire Hathaway is no stranger to the oil and gas industry, and here is why Occidental could be an excellent fit for the company's long-term portfolio. Occidental Petroleum is an upstream oil and gas company, which means it deals in the exploration for and extraction of oil and gas from the ground.
Wall Street’s top strategists are sharply divided on the outlook for the S&P 500. No matter; there are plenty of bargains in stocks and bonds.
The founder of r/WallStreetBets had some advice for the community: The best financial education comes from the school of hard knocks.
Warren Buffett recently celebrated his 92nd birthday. In the second quarter, the holding company he's managed since 1965, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), made significant purchases of just eight stocks. Ally Financial (NYSE: ALLY) is a digital bank, and like many fintech stocks, it's been hammered more than 40% below the peak it reached in 2021.
In his Jackson Hole, Wyoming, speech, Federal Reserve Chair Jerome Powell clearly indicated the need for higher interest rates to bring down high inflation rates. How this might affect real estate investment trusts (REITs) is at least three-fold — fewer real estate purchases because of higher prices, a halt or drop in rising prices and damage to dividend-paying REITs whose prices may drop to keep up with rate increases. Some of the talk about higher rates is already priced in as no one was reall


You might also like

Surviving 2nd wave of corona

Surviving The 2nd Wave of Corona

‘This too shall pass away’ this famous Persian adage seems to be defeating us again and again in the case of COVID-19. Despite every effort