Psychedelics company Field Trip Health Ltd. (TSX:FTRP) (NASDAQ:FTRP) reported its third fiscal quarter 2022 results for the three months ended December 31, 2021 and provided a business update.
Q3 Financial Highlights
- Patient services revenues totaled CA$1.4 million ($1.1 million) from its Toronto, New York, Santa Monica, Chicago, Atlanta, Houston, Fredericton, Seattle, San Diego and Amsterdam clinics, representing an increase of CA$1.04 million or 330% over the comparative quarter ended December 31, 2020 of $316,329 and an increase of $452,995 or 50% over the prior quarter.
- Net loss amounted to roughly CA$15 million, driven primarily by total operating costs, compared to CA$8.3 million in the corresponding quarter of fiscal 2021.
- Total operating costs in the third fiscal quarter were CA$15.6 million, including general and administration expenses of CA$9.1 million, patient services expenses of CA$2.5 million, research and development expenses of CA$1.4 million, sales and marketing expenses of CA$1.08 million, depreciation and amortization of CA$1.01 and occupancy costs of CA$448,077.
- As of December 31, 2021 Field Trip had unrestricted cash and cash equivalents, funds held in trust and short-term investments of CA$74.47 million.
Q3 Business Highlights
- The company invested in its digital platform, Portal, to allow it to communicate more efficiently with clients, collect data more easily, and make client processes more efficient.
- Received Notice of Allowance for US Patent Application Covering FT-104 (Isoprocin Glutarate), a more soluble, stable prodrug form of the psychedelic molecule 4-HO-DiPT.
- Launched Site Management Organization Services and appointed Stéphan Côté as head of quality to lead the program which enables companies and researchers developing psychedelic therapies to use Field Trip’s world class facilities, and expertly trained medical and therapy teams, to conduct clinical trials.
- Appointed Vicki Reed as chief growth officer in January 2022.
“Since joining Field Trip, we have implemented a number of marketing and client acquisition strategies to increase conversion,” Reed said. “The effects of these changes, along with our strong organic engagement, have led to positive growth trends and a significant improvement in our client conversions through digital acquisition channels. We expect to see continued improvement in our marketing efficiency and revenue growth in the coming quarters.”
Photo: Courtesy of Towfiqu barbhuiya on Unsplash
