Numinus Sells Utah Clinics For US$3.53 Million
Numinus Wellness (TSX: NUMI) is disposing of its US-based clinics in a transaction that is said to create an “asset-light business” while company focuses on business units and product development to “facilitate clinic efficiency and care reimbursement for mental health practitioners.”
The sale will see the company let go of its five Utah-based clinics to Stella, which is an interventional psychiatry practice, in exchange for US$3.53 million. The facilities were acquired by Numinus as part of its transaction with Novamind back in 2022.
The transaction is being treated by Numinus as a partnership rather than as just a sale, with Stella to provide ongoing access to operational data from its network of mental health clinics across the US. That data is expected to be used by Numinus to create a SaaS solution focused on how clinics operate, with an eye towards improving patient outcomes. Specifically, the platform aims to improve both efficiencies and the reimbursement process.
“Leveraging our deep expertise in patient care, where we served about 50,000 unique individuals, over 200,000 appointments, and about 250,000 insurance-reimbursed claims, we’re now accelerating our mission by focusing on cutting-edge technology solutions. Through our partnership with Stella, we gain unprecedented access to operational data that will enable us to develop a SaaS solution to redefine how clinics operate, from improving patient outcomes to optimizing efficiencies and reimbursement processes,” commented Payton Nyquvest, CEO of Numinus.
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The transaction will see US$2.08 million paid in closing, while US$750,000 is to be paid over six equal monthly installments in 2025. Deferred consideration of up to US$0.7 million is also to be paid in 2025, with specifics not provided.
The transaction is slated to close by November 30, 2024.
Numinus Wellness last traded at $0.08 on the TSX.
Information for this briefing was found via Numinus Wellness. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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