- Numinus Wellness (TSX:NUMI) sells its five Utah wellness clinics to Stella for US$3.53 million
- Numinus and Stella will collaborate to develop a technology-driven clinic management solution for mental health practices
- Numinus focuses on its asset-light model, leveraging technology and data to improve clinic efficiency and patient outcomes
- Shares of Numinus Wellness are down 31.25 per cent to C$0.055 as of 12:18 p.m. ET
Numinus Wellness (TSX: NUMI) reveals the sale of its five Utah-based wellness clinics to Stella MSO LLC for US$3.53 million.
In a news release, the company stated that the sale is expected to close by Nov. 30, 2024, and represents a key step in Numinus’ strategy to shift focus toward developing innovative, technology-driven solutions to improve clinic efficiency and support mental health practitioners.
“We’re excited about the future of mental health care and the role technology will play in improving clinic operations,” Payton Nyquvest, CEO of Numinus, said in a news release. “By focusing on advanced solutions like our Numinus Network, we are enabling a more efficient, effective model of care delivery, ultimately improving patient outcomes and streamlining clinic workflows.”
As part of the agreement, Stella will acquire Numinus’ clinics for $3.53 million, with $2.08 million paid at closing and the remaining balance to be paid in installments through 2025.
The deal also includes up to $700,000 in deferred compensation. Additionally, the two companies will enter a strategic partnership to develop a SaaS-based clinic management solution, aimed at streamlining clinic operations, improving patient outcomes, and optimizing insurance reimbursement processes.
The strategic shift reflects Numinus’ growing focus on the intersection of mental health care and technology. The partnership with Stella will allow Numinus to access a wealth of operational data from Stella’s network of 12 clinics. This data will be used to build and refine a comprehensive clinic management platform, which Numinus hopes will be a game-changer for mental health practices, enabling them to run more efficiently while supporting care providers with insurance reimbursement processes.
With the sale of its Utah clinics, Numinus is transitioning to an asset-light model that combines clinical support, practitioner training, and clinical research, while also strengthening its financial position. This shift will allow the company to continue focusing on product development through the Numinus Network, which is designed to help mental health providers optimize clinic efficiency and care reimbursement.
The collaboration with Stella will also bolster Numinus’ clinical solutions offering. As demand grows for advanced treatments like ketamine and Spravato™ for conditions such as depression and PTSD, Numinus plans to ease operational challenges for healthcare providers. This strategic realignment, paired with Numinus’ extensive experience in delivering psychedelic-assisted therapies and clinical trial research, positions the company to be a leader in the mental health care space.
Stella, an interventional psychiatry practice with a focus on trauma, anxiety, depression, and PTSD, will take over operations at the Utah clinics, continuing to provide high-quality care to the local community. With over 20 locations across the U.S., Israel, and Australia, Stella has treated more than 10,000 patients and is committed to improving mental health through a combination of biological, psychological, and psychiatric treatments.
“This partnership is a significant step toward advancing mental health care by improving the way clinics operate,” Michael Gershenzon, CEO of Stella, said in a release. “By leveraging Numinus’ expertise in mental health technologies and data-driven solutions, we are laying the foundation for a more efficient and effective future for behavioral health care.”
Numinus Wellness is a leading mental healthcare company focused on the integration of traditional and innovative behavioral health treatments, including psychedelic-assisted therapies. Numinus is at the forefront of developing technology-driven clinic solutions, clinical trial research, and comprehensive practitioner training to support the transformation of mental health care.
Shares of Numinus Wellness are down 31.25 per cent to C$0.055 as of 12:18 p.m. ET.
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(Top image: Numinus Wellness)