Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

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<li>Strong sequential revenue growth. Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the Novamind acquisition.</li>
<li>Of greater significance, the company delivered double-digit sequential growth of 12.6%, highlighting the growth track in demand for its clinic and clinical research offerings.</li>
<li>On this basis, revenues generated across Numinus’ wellness clinics in the US and Canada grew by 5.5% Q/Q, while its clinical research operations (CCR) recorded a sequential revenue surge of 66.7%, as a result of which the division’s share of total revenues climbed to 17% from the prior quarter’s 12%.</li>
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Strong sequential revenue growth. Numinus’ fiscal third quarter ended May 31, 2023, delivered revenues of C$6M, a 713% increase from the year ago quarter which was prior to the Novamind acquisition.
Of greater significance, the company delivered double-digit sequential growth of 12.6%, highlighting the growth track in demand for its clinic and clinical research offerings.
On this basis, revenues generated across Numinus’ wellness clinics in the US and Canada grew by 5.5% Q/Q, while its clinical research operations (CCR) recorded a sequential revenue surge of 66.7%, as a result of which the division’s share of total revenues climbed to 17% from the prior quarter’s 12%.





Numinus Wellness, Inc. - A Quarter of Strong Growth; Focus on Cash Burn Reduction