- Post-quarter end, launched a refreshed version of the Company’s award-winning app for psychedelic guidance, renamed ‘Field Trip’, to include a number of new features, such as offline access to music and meditations, higher bit-rate streaming and access to Field Trip’s therapeutic programs.
- In November, announced ‘Freedom by Field Trip™’, a first-of-its-kind, one-year hybrid ketamine therapy program blending psychedelic-assisted therapies with holistic wellness support to offer people the ability to participate in ketamine therapy at-home or in one of Field Trip’s locations.
- Post-quarter end, strengthened leadership team with the appointment of
Stacey Hoisak as Senior Vice President, General Counsel, and Dr.Monique Moller as Vice President, Integrative Health. - Field Trip generated revenues of
$1.8 million during the quarter endedSeptember 30, 2022 , an increase of 103% over prior year’s second fiscal quarter. - As at
September 30, 2022 , Field Trip held approximately$13.9 million in cash and working capital.
“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
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
On
Financial Highlights
As at
For the second fiscal quarter ended
Net loss for the Clinics in the second fiscal quarter 2023 was
Conference Call
The Company will conduct a conference call and webcast to discuss its results the following morning,
For those unable to attend the live call, a telephonic replay will be available until
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
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||
$ | $ | $ | $ | |||||
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
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
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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
CONTACTS:
Chairman & CEO
(416) 505-0929
ronan@fieldtriphealth.com
Investor contacts:
(646) 573-0776) / (929 246-7307)
fieldtripIR@kcsa.com
Media contacts:
(862) 579-7944
press@fieldtriphealth.com
SOURCE
Source:
2022 GlobeNewswire, Inc., source