Field Trip Health & Wellness Ltd. (TSXV: FTHW) (the "Company"
or “Field Trip”), a global leader in the delivery of psychedelic
therapies, today provided a business update and reported fiscal
second quarter 2023 results for the three-month period ended
September 30, 2022. All results are reported under International
Financial Reporting Standards ("
IFRS") and in
Canadian dollars, unless otherwise specified.
“Field Trip has made great strides over the past
few months in expanding our offering with the addition of
innovative new programs and scaling our digital platforms to ensure
a greater population of people can access life-changing
psychedelic-assisted therapies,” commented Ronan Levy, Chairman and
Chief Executive Officer of Field Trip Health & Wellness. “The
relaunch of the refreshed version of our award-winning mental
health well-being app, now named ‘Field Trip’, was a key step in
executing on our digital-centric and community focused strategy.
Furthering our efforts to expand our reach was the introduction of
Freedom by Field Trip™, a game-changing one-year hybrid membership
therapy program, offering psychedelic-assisted therapy in our
clinics or at home, with support of a holistic approach to mental
health and well-being. Field Trip’s pioneering approach to therapy
that combines the power of psychedelic therapies with comprehensive
well-being, is reducing barriers to access and helping people live
their lives free from anxiety, depression and trauma.”
Over the second fiscal quarter, Field Trip
continued to provide life-changing psychedelic-assisted therapies
across its clinics, demonstrating significant effective response
rates. Data shows that 93 percent of Field Trip clients have
experienced noticeable improvement in their depression, anxiety and
trauma symptoms immediately following treatment, with the majority
of clients sustaining this improvement for more than four months.
In addition to the continued success of the Company’s in-clinic
programs, Field Trip has now expanded its service offerings with an
increased focus on holistic well-being through a digital-centric,
community-forward approach. The Company’s business model
strategically enhances the Company’s offering and allows Field Trip
to greatly increase access to people in need for its
psychedelic-assisted therapies and holistic health and well-being,
as well as scale its offering more efficiently.
In October, Field Trip introduced a refreshed
version of its award-winning app for psychedelic guidance, named
“Field Trip”, as a precursor to the launch of its more flexible and
comprehensive hybrid ketamine therapy program, Freedom by Field
Trip™. These operational initiatives support the evolution of the
Company’s community-focused, digital-centric growth strategy. The
updated app includes a number of new features and functionality,
including offline access to music and meditations, higher bit-rate
streaming, access to Field Trip’s therapeutic programs, and a new
user flow. The rebuild of the app was the precursor to launching
Field Trip’s flexible treatment platform which will rely on digital
channels to build community more extensively than Field Trip’s
previous offering.
On November 15, the Company announced the launch
of Freedom by Field Trip™ (the “Program”), a first-of-its-kind
one-year hybrid at-home or in-person ketamine therapy program for
people suffering from mild to moderate depression, anxiety, and
trauma. The new offering combines psychedelic-assisted therapies
through an annual membership providing and integrating several
holistic wellness practices and modalities, including meditations,
nutrition classes, integration therapy, breathwork, somatic
movement therapy, community talks, and membership events. The
Program is designed to increase accessibility to
psychedelic-assisted therapy and support it with a holistic
approach to mental health and well-being. Freedom by Field Trip™
will initially be available in California and Washington State and
the Company expects to rollout to additional jurisdictions in 2023
with a monthly fee for the Program will be US$299.
On November 22, 2022, Field Trip also announced
it had strengthened its leadership team with the appointments of
Stacey Hoisak as Senior Vice President, General Counsel, and Dr.
Monique Moller as Vice President, Integrative Health. The addition
of Ms. Hoisak and Ms. Moller rounds out the Company’s executive
team and supports the execution of its expanded, broader approach
to holistic mental health and wellbeing.
Financial Highlights
As at September 30, 2022, Field Trip held
approximately $13.9 million in cash and working capital.
For the second fiscal quarter ended September
30, 2022, the Clinics business generated patient services revenues
of $1.8 million, consistent with the prior quarter and 103% over
the comparative second fiscal quarter of the prior year. The growth
in revenue was driven by an increase of five clinics over the prior
year.
Net loss for the Clinics in the second fiscal
quarter 2023 was $14.4 million compared with a $10.7 million loss
in the same period of the prior fiscal year. This increase in the
net loss was primarily due to a non-cash impairment of $4.9 million
relating to right-of-use assets, non-cash share-based payments of
$1.4 million due to the cancellation of non-vested options upon
closing of the Arrangement, $0.7 million in foreign exchange loss
and non-recurring transaction fees of $0.4 million relating to the
Arrangement and Concurrent Financing, partly offset by reduced
general and administration expense of $2.8 million arising from
continued operating efficiencies and $0.8 million in sales and
marketing expense due to channel optimization and an increased
focus on organic over paid channels.
Mujeeb Jafferi, President of Field Trip Health
& Wellness, said, “Over the second quarter, we achieved a cost
reduction of 26.2% of recurring operating expenses over the same
period of the prior fiscal year, as we continue to align the
business towards a more sustainable, capital efficient model, which
we have exemplified with the relaunch of our Field Trip app, which
will be key to achieving this objective. With our focus on scaling
digital platforms, as well as operational measures we have enacted
such as operational streamlining and improvements in digital
processing, we hope to further reduce expenses going forward.”
Conference Call
The Company will conduct a conference call and
webcast to discuss its results the following morning, Wednesday,
November 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 13734182. A live webcast of the
conference call can be accessed via the Events and Presentations
section of the Field Trip Health & Wellness 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
Wednesday, December 14, 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 13734182. The webcast will be
archived and available in the Events and Presentations section of
the Field Trip Health & Wellness 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 three and six months ended
September 30, 2022 and September 30, 2021, 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 www.fieldtriphealth.com and
under the Company’s SEDAR profile at www.sedar.com.
|
Three Months Ended |
|
Three Months Ended |
|
Six Months Ended |
|
Six Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Revenue |
1,840,704 |
|
907,816 |
|
3,665,108 |
|
1,775,216 |
|
Operating
expenses |
15,122,087 |
|
11,797,973 |
|
27,119,337 |
|
21,370,683 |
|
Other income (expenses) |
(1,126,644) |
|
154,052 |
|
809,524 |
|
(273,872 ) |
|
Net loss |
(14,408,027) |
|
(10,736,105) |
|
(22,644,705) |
|
(19,869,339) |
|
About Field Trip Health & Wellness
Ltd.
With a large global community of
psychedelic-interested people, proprietary psychedelic therapies
that generate transformative results for people in the treatment of
mental health conditions and a brand and share of voice that is
reaching millions of people, Field Trip is a center of gravity for
the psychedelic renaissance.
Learn more at https://www.meetfieldtrip.com,
https://www.fieldtriphealth.com and
https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram:
@fieldtriphealth
To receive company updates about Field Trip and
to be added to the email distribution list please sign up here.
Download Field Trip’s app here.
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 www.sedar.com.
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.
CONTACTS:
Field Trip Health & Wellness:Ronan
LevyChairman & CEO (416) 505-0929ronan@fieldtriphealth.com
Investor contacts:Phil Carlson / Sophia
Bashford KCSA Strategic Communications(646) 573-0776) / (929
246-7307)fieldtripIR@kcsa.com
Media contacts:Isabella MorrealeAutumn
Communications(862) 579-7944press@fieldtriphealth.com
SOURCE Field Trip Health & Wellness
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