Novo Integrated Sciences Announces Second Quarter 2021 Financial Results
2021年4月15日 - 5:05AM
ビジネスワイヤ(英語)
Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the “Company” or
“Novo Integrated Sciences”), a provider of multidisciplinary
primary healthcare, today reported financial results for its fiscal
second quarter period ended February 28, 2021.
The following is of note:
- Revenues for the three months ended February 28, 2021 were
$2,075,894, representing a decrease of $352,970, or 14.5%, from
$2,428,864 for the same period in 2020. The decrease in revenue is
principally due to the relative decrease in patient clinic visits
due to the COVID-19 pandemic.
- Operating expenses for the three months ended February 28, 2021
were $2,077,390, representing an increase of $1,083,618, or 109.0%,
from $993,772 for the same period in 2020. The increase in
operating expenses is principally due to an increase in
amortization of intangible assets, common stock issued for
services, including services related to our successful uplist to
the Nasdaq Capital Markets, salary expense due to the hiring of
senior level executives, and legal fees related to the Company’s
Nasdaq listing and filing of the Company’s registration statement
on Form S-3.
- Net loss attributed to Novo Integrated Sciences for the three
months ended February 28, 2021 was $1,339,870, or $0.06 per share,
representing an increase of $835,386, or 165.6%, from $504,484, or
$0.02 per share, for the same period in 2020. The increase in net
loss is principally due to a 14.5% decline in revenue and an
increase in operating expenses.
- As of February 28, 2021, the Company’s cash and cash
equivalents was $1,698,437, total assets were $34,856,673, total
liabilities were $5,721,884, and stockholders’ equity was
$29,134,789.
Robert Mattacchione, the Company’s CEO and Board Chairman,
stated, “Even with the consequential impact of the COVID-19 global
pandemic having now challenged our business for over one year, our
revenue for the fiscal year 2021 second quarter is down only 14.5%
compared to the same period in 2020. Our entire team has risen to
the challenge and shown tremendous flexibility and ability to
adapt. While the current environment remains challenging, we
believe our financial condition is strong and we look ahead to the
remainder of 2021 with optimism and dedication to growth.”
Novo Integrated Sciences’ recent milestones:
- Effective January 26, 2021, the Company appointed 3 new
independent directors to serve on both its Board of Directors and
the newly formed Audit Committee.
- Effective February 23, 2021, the Company successfully uplisted
to the Nasdaq Capital Market.
- On March 22, 2021, the SEC declared effective the Company’s
registration statement on Form S-3 (File No. 333- 254278) (the
“Form S-3”). The Form S-3 is a shelf registration statement
relating to (i) the offer from time to time of securities having a
maximum aggregate offering price of $75,000,000, and (ii) the
resale by certain selling stockholders of up to an aggregate of
597,352 shares of the Company’s common stock.
- On April 13, 2021, the Company completed the closing pursuant
to a securities purchase agreement with certain accredited
institutional investors to purchase approximately $8.0 million of
its common stock in a registered direct offering under Form S-3 and
warrants to purchase common stock in a concurrent private
placement. The combined purchase price for one share of common
stock and one warrant is $3.35.
About Novo Integrated Sciences,
Inc.
Novo Integrated Sciences, Inc. owns Canadian and U.S.
subsidiaries which deliver, or intend to deliver, multidisciplinary
primary health care related services and products through the
integration of medical technology, advanced therapeutics and
rehabilitative science. Our clinicians and practitioners are not
authorized to practice primary care medicine and they are not
medically licensed to prescribe pharmaceutical based product
solutions.
Currently, the Company’s revenue is generated solely through our
Canadian subsidiary, Novo Healthnet Limited (“NHL”). NHL’s team of
multidisciplinary primary health care clinicians and practitioners
provide assessment, diagnosis, treatment, pain management,
rehabilitation, education and primary prevention for a wide array
of orthopedic, musculoskeletal, sports injury, and neurological
conditions across various demographics including pediatric, adult,
and geriatric populations through NHL’s 16 corporate-owned clinics,
a contracted network of affiliate clinics, and eldercare related
long-term care homes, retirement homes, and community-based
locations in Canada.
Our specialized multidisciplinary primary health care services
include, but are not limited to, physiotherapy, chiropractic care,
manual/manipulative therapy, occupational therapy, eldercare,
massage therapy (including pre- and post-partum), acupuncture and
functional dry needling, chiropody, stroke and traumatic brain
injury/neurological rehabilitation, kinesiology, vestibular
therapy, concussion management and baseline testing, trauma
sensitive yoga and meditation for concussion-acquired brain injury
and occupational stress-PTSD, women’s pelvic health programs,
sports medicine therapy, assistive devices, dietitian, holistic
nutrition, fall prevention education, sports team conditioning
programs including event and game coverage, and private personal
training.
We believe that “decentralizing” healthcare, through the
integration of medical technology and interconnectivity offers an
essential solution to the fundamental transformation of healthcare
delivery. Specific to non-critical care, ongoing advancements in
both medical technology and inter-connectivity are allowing for a
shift of the patient/practitioner relationship to the patient’s
home and away from on-site visits to primary medical centers with
mass-services. This acceleration of “ease-of-access” in the
patient/practitioner interaction for non-critical care diagnosis
and subsequent treatment minimizes the degradation of non-critical
health conditions to critical conditions as well as allowing for
more cost-effective healthcare distribution.
For more information concerning Novo Integrated Sciences, please
visit www.novointegrated.com. For more information on NHL, please
visit www.novohealthnet.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts
included in this press release are forward-looking statements. In
some cases, forward-looking statements can be identified by words
such as "believe," “intend,” "expect," "anticipate," "plan,"
"potential," "continue" or similar expressions. Such
forward-looking statements include risks and uncertainties, and
there are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These factors, risks and uncertainties
are discussed in Novo Integrated Sciences' filings with the
Securities and Exchange Commission. Investors should not place any
undue reliance on forward-looking statements since they involve
known and unknown, uncertainties and other factors which are, in
some cases, beyond Novo Integrated Sciences' control which could,
and likely will, materially affect actual results, levels of
activity, performance or achievements. Any forward-looking
statement reflects Novo Integrated Sciences' current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to operations, results of
operations, growth strategy and liquidity. Novo Integrated Sciences
assumes no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future. The contents of any website referenced in
this press release are not incorporated by reference herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20210414005843/en/
Chris David, President Novo Integrated Sciences, Inc.
chris.david@novointegrated.com (206) 617-9797
Novo Integrated Sciences (NASDAQ:NVOS)
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