Novo Integrated Sciences Inc. (NASDAQ: NVOS) has announced its Q3 2021 ended May 31, 2021, financial results in which the company reported revenue of $2.38 million, a 129.3% YoY increase.
The easing of COVID-19 pandemic restriction helped drive revenue growth
The revenue increase is attributed to the easing of COVID-19 related restrictions resulting in the company’s practitioners providing more in-person services to more patients compared to the period between March 17, 2020, and June 1, 2020. Between March 17 and June 1, 2020, the company’s practitioners offered limited services in-person or remotely to patients who needed essential and emergency treatment. The company ended the quarter with $8.3 million in cash and equivalents, total assets of $42.2 million, shareholder equity of $36.6 million, and totals liabilities of around $5.6 million.
The company’s Chairman and CEO, Robert Mattacchione, said, “Even with the consequential impact of the COVID-19 global pandemic having now challenged our business for over a year, the Company’s total revenue from all clinic and eldercare related contracted services for the most recent quarterly period ended May 31, 2021 has rebounded to approximately 90% of the Company’s last fully operational, pre-COVID-19 quarterly period ended February 29, 2020.”
Novo made two acquisitions recently and expanded its executive team
Mattacchione added that although the current environment is still challenging, the Acenzia Inc. and PRO-DIP LLC acquisition and the recent addition of an experienced executive team to the management make the company be in a solid financial position. He said that they are optimistic and are committed to generating growth in 2021.
A wholly-owned Novo subsidiary competed in Acenzia’a acquisition on June 24, 2021. Acenzia offers nutraceutical health solutions via advanced bioscience R&D, personalized diagnostics, and proprietary manufacturing. The acquisition came at the back of PRO-DIP LLC, which has developed a novel, patent-pending oral delivery system tech allowing broader market applications associated with the nutrition-focused and medicinal formulation.