Novo Integrated Sciences Q2 revenue up 24% to $3.17M, net loss down 41% to $2.75M

Novo Integrated Sciences, Inc.

2024-Q2 EPS reported -$0.43 revenue$7,061,810

Revenue $3,170,592, +24% YoY, driven by product sales increase.
Net loss $2,746,128, -41% YoY, due to higher gross profit and lower other expenses.
Cash $651,747; total assets $34,949,271; equity $21,890,284 at Feb 29, 2024.
$449,535 Mast Hill Fund promissory note converted to 457,128 shares in Dec 2023.
CEO cites focus on operational efficiencies and seeks new financing to accelerate growth.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Novo Integrated Sciences, Inc. reported the second fiscal quarter ended February 29, 2024 results: revenue $3,170,592, net income $2,746,128.

Period: the second fiscal quarter ended February 29, 2024
Revenue: $3,170,592
Net income: $2,746,128
Result: reported results

Exact text from the filing

● Revenues were $3,170,592, representing an increase of $614,083, or 24%, from $2,556,509 for the three months ended February 28, 2023. The increase in revenue is principally due to an increase in product sales. Acenzia’s and Terragenx’s revenue for the three months ended February 29, 2024 were $884,396 and $103,399, respectively. Revenue from our healthcare services increased by 3.4% when comparing the revenue for the three months ended February 29, 2024 to the three months ended February 28, 2023. ● Operating costs were $2,863,854, representing an increase of $106,141, or 4%, from $2,757,713 for the three months ended February 28, 2023. The increase in operating costs was principally due to higher fair value of stock options issued during the three months. ● Net loss attributed to the Company for the three months ended February 29, 2024 was $2,746,128, representing a decrease of $1,875,227, or 41%, from $4,621,355 for the three months ended February 28, 2023.

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Source: SEC EDGAR

accession 0001493152-24-014626

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