Subject Journey Well being & Wellness Supplies Enterprise Replace And Reviews Fiscal Second Quarter 2023 Outcomes

Subject Journey Well being & Wellness Supplies Enterprise Replace And Reviews Fiscal Second Quarter 2023 Outcomes

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  • Publish-quarter finish, launched a refreshed model of the Firm’s award-winning app for psychedelic steering, renamed ‘Subject Journey’, to incorporate a variety of new options, comparable to offline entry to music and meditations, increased bit-rate streaming and entry to Subject Journey’s therapeutic packages.
  • In November, introduced ‘Freedom by Subject Journey™’, a first-of-its-kind, one-year hybrid ketamine remedy program mixing psychedelic-assisted therapies with holistic wellness assist to supply individuals the flexibility to take part in ketamine remedy at-home or in considered one of Subject Journey’s places.
  • Publish-quarter finish, strengthened management crew with the appointment of Stacey Hoisak as Senior Vice President, Normal Counsel, and Dr. Monique Moller as Vice President, Integrative Well being.
  • Subject Journey generated revenues of $1.8 million throughout the quarter ended September 30, 2022, a rise of 103% over prior yr’s second fiscal quarter.
  • As at September 30, 2022, Subject Journey held roughly $13.9 million in money and dealing capital.

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TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) — Subject Journey Well being & Wellness Ltd. (TSXV: FTHW) (the “Firm” or “Subject Journey”), a worldwide chief within the supply of psychedelic therapies, as we speak offered a enterprise replace and reported fiscal second quarter 2023 outcomes for the three-month interval ended September 30, 2022. All outcomes are reported below Worldwide Monetary Reporting Requirements (“IFRS“) and in Canadian {dollars}, until in any other case specified.

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“Subject Journey has made nice strides over the previous few months in increasing our providing with the addition of revolutionary new packages and scaling our digital platforms to make sure a higher inhabitants of individuals can entry life-changing psychedelic-assisted therapies,” commented Ronan Levy, Chairman and Chief Government Officer of Subject Journey Well being & Wellness. “The relaunch of the refreshed model of our award-winning psychological well being well-being app, now named ‘Subject Journey’, was a key step in executing on our digital-centric and group centered technique. Furthering our efforts to develop our attain was the introduction of Freedom by Subject Journey™, a game-changing one-year hybrid membership remedy program, providing psychedelic-assisted remedy in our clinics or at house, with assist of a holistic method to psychological well being and well-being. Subject Journey’s pioneering method to remedy that mixes the facility of psychedelic therapies with complete well-being, is lowering boundaries to entry and serving to individuals stay their lives free from nervousness, melancholy and trauma.”

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Over the second fiscal quarter, Subject Journey continued to offer life-changing psychedelic-assisted therapies throughout its clinics, demonstrating important efficient response charges. Knowledge exhibits that 93 p.c of Subject Journey shoppers have skilled noticeable enchancment of their melancholy, nervousness and trauma signs instantly following remedy, with the vast majority of shoppers sustaining this enchancment for greater than 4 months. Along with the continued success of the Firm’s in-clinic packages, Subject Journey has now expanded its service choices with an elevated concentrate on holistic well-being via a digital-centric, community-forward method. The Firm’s enterprise mannequin strategically enhances the Firm’s providing and permits Subject Journey to enormously enhance entry to individuals in want for its psychedelic-assisted therapies and holistic well being and well-being, in addition to scale its providing extra effectively.

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In October, Subject Journey launched a refreshed model of its award-winning app for psychedelic steering, named “Subject Journey”, as a precursor to the launch of its extra versatile and complete hybrid ketamine remedy program, Freedom by Subject Journey™. These operational initiatives assist the evolution of the Firm’s community-focused, digital-centric development technique. The up to date app consists of a variety of new options and performance, together with offline entry to music and meditations, increased bit-rate streaming, entry to Subject Journey’s therapeutic packages, and a brand new person stream. The rebuild of the app was the precursor to launching Subject Journey’s versatile remedy platform which is able to depend on digital channels to construct group extra extensively than Subject Journey’s earlier providing.

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On November 15, the Firm introduced the launch of Freedom by Subject Journey™ (the “Program”), a first-of-its-kind one-year hybrid at-home or in-person ketamine remedy program for individuals affected by delicate to average melancholy, nervousness, and trauma. The brand new providing combines psychedelic-assisted therapies via an annual membership offering and integrating a number of holistic wellness practices and modalities, together with meditations, vitamin courses, integration remedy, breathwork, somatic motion remedy, group talks, and membership occasions. The Program is designed to extend accessibility to psychedelic-assisted remedy and assist it with a holistic method to psychological well being and well-being. Freedom by Subject Journey™ will initially be accessible in California and Washington State and the Firm expects to rollout to extra jurisdictions in 2023 with a month-to-month payment for the Program can be US$299.

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On November 22, 2022, Subject Journey additionally introduced it had strengthened its management crew with the appointments of Stacey Hoisak as Senior Vice President, Normal Counsel, and Dr. Monique Moller as Vice President, Integrative Well being. The addition of Ms. Hoisak and Ms. Moller rounds out the Firm’s govt crew and helps the execution of its expanded, broader method to holistic psychological well being and wellbeing.

Monetary Highlights

As at September 30, 2022, Subject Journey held roughly $13.9 million in money and dealing capital.

For the second fiscal quarter ended September 30, 2022, the Clinics enterprise generated affected person companies revenues of $1.8 million, in step with the prior quarter and 103% over the comparative second fiscal quarter of the prior yr. The expansion in income was pushed by a rise of 5 clinics over the prior yr.

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Internet loss for the Clinics within the second fiscal quarter 2023 was $14.4 million in contrast with a $10.7 million loss in the identical interval of the prior fiscal yr. This enhance within the internet loss was primarily attributable to a non-cash impairment of $4.9 million referring to right-of-use belongings, non-cash share-based funds of $1.4 million as a result of cancellation of non-vested choices upon closing of the Association, $0.7 million in international change loss and non-recurring transaction charges of $0.4 million referring to the Association and Concurrent Financing, partly offset by decreased normal and administration expense of $2.8 million arising from continued working efficiencies and $0.8 million in gross sales and advertising and marketing expense attributable to channel optimization and an elevated concentrate on natural over paid channels.

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Mujeeb Jafferi, President of Subject Journey Well being & Wellness, mentioned, “Over the second quarter, we achieved a price discount of 26.2% of recurring working bills over the identical interval of the prior fiscal yr, as we proceed to align the enterprise in direction of a extra sustainable, capital environment friendly mannequin, which we’ve exemplified with the relaunch of our Subject Journey app, which can be key to attaining this goal. With our concentrate on scaling digital platforms, in addition to operational measures we’ve enacted comparable to operational streamlining and enhancements in digital processing, we hope to additional scale back bills going ahead.”

Convention Name

The Firm will conduct a convention name and webcast to debate its outcomes the next morning, Wednesday, November 30, 2022 at 8:30 a.m. ET. To entry the decision, please dial 1-877-407-9716 (throughout the U.S.) or 1-201-493-6779 (outdoors the U.S.) and supply convention ID 13734182. A stay webcast of the convention name may be accessed through the Occasions and Shows part of the Subject Journey Well being & Wellness Investor Relations web site right here.

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For these unable to attend the stay name, a telephonic replay can be accessible till 11:59 p.m. ET on Wednesday, December 14, 2022. To entry the replay dial 1-844-512-2921 (throughout the U.S.) or 1-412-317-6671 (outdoors the U.S.) and supply convention ID 13734182. The webcast can be archived and accessible within the Occasions and Shows part of the Subject Journey Well being & Wellness Investor Relations web site roughly one hour after the conclusion of the stay name.

Chosen Monetary Info

The next desk units forth chosen monetary data derived from the Firm’s unaudited mixed carve-out monetary statements for the three and 6 months ended September 30, 2022 and September 30, 2021, ready in accordance with IAS 34 in a fashion in step with the Firm’s annual audited mixed carve-out monetary statements. The next data must be learn together with the monetary statements and administration’s dialogue and evaluation, which can be found on the Firm’s web site at www.fieldtriphealth.com and below the Firm’s SEDAR profile at www.sedar.com.

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  Three Months Ended   Three Months Ended   Six Months Ended   Six Months Ended  
  September 30, 2022   September 30, 2021   September 30, 2022   September 30, 2021  
  $   $   $   $  
Income 1,840,704   907,816   3,665,108   1,775,216  
Working bills 15,122,087   11,797,973   27,119,337   21,370,683  
Different revenue (bills) (1,126,644)   154,052    809,524   (273,872 )  
Internet loss (14,408,027)   (10,736,105)   (22,644,705)   (19,869,339)  

About Subject Journey Well being & Wellness Ltd.

With a big international group of psychedelic-interested individuals, proprietary psychedelic therapies that generate transformative outcomes for individuals within the remedy of psychological well being situations and a model and share of voice that’s reaching thousands and thousands of individuals, Subject Journey is a middle of gravity for the psychedelic renaissance.

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Be taught extra at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.

Comply with us on Twitter and Instagram: @fieldtriphealth

To obtain firm updates about Subject Journey and to be added to the e-mail distribution record please join right here.

Obtain Subject Journey’s app right here.

Cautionary Observe Concerning Ahead-Trying Info

This launch consists of forward-looking data (throughout the which means of Canadian securities legal guidelines and throughout the which means of the US Personal Securities Litigation Reform Act of 1995) concerning the Firm and its enterprise. Usually however not at all times, forward-looking data may be recognized by means of phrases comparable to “anticipate”, “intends”, “anticipated”, “believes” or variations (together with unfavourable variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “might”, “might”, “would” or “will” be taken, happen or be achieved. Such statements are based mostly on the present expectations and views of future occasions of the administration of the Firm and are based mostly on assumptions and topic to dangers and uncertainties. Though the administration believes that the assumptions underlying these statements are affordable, they could show to be incorrect. The forward-looking occasions and circumstances mentioned on this launch might not happen and will differ materially on account of recognized and unknown threat elements and uncertainties affecting the businesses. Though the Firm has tried to establish essential elements that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different elements that trigger actions, occasions or outcomes to vary from these anticipated, estimated or supposed. Accordingly, readers mustn’t place undue reliance on any forward-looking statements or data. No forward-looking assertion may be assured. Besides as required by relevant securities legal guidelines, forward-looking statements converse solely as of the date on which they’re made and the Firm doesn’t undertake any obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions, or in any other case. Extra data referring to the Firm, may be positioned on the SEDAR web site at www.sedar.com.

Neither TSX Enterprise Alternate, or its Regulation Companies Supplier, have authorized the contents of this launch or settle for accountability for the adequacy or accuracy of this launch.

CONTACTS:

Subject Journey Well being & Wellness:
Ronan Levy
Chairman & CEO
(416) 505-0929
[email protected]

Investor contacts:
Phil Carlson / Sophia Bashford
KCSA Strategic Communications
(646) 573-0776) / (929 246-7307)
[email protected]

Media contacts:
Isabella Morreale
Autumn Communications
(862) 579-7944
[email protected]

SOURCE Subject Journey Well being & Wellness

Commercial

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