• Post-quarter finish, launched a refreshed model of the Company’s award-winning app for psychedelic steerage, renamed ‘Field Trip’, to incorporate quite a lot of new options, equivalent to offline entry to music and meditations, larger bit-rate streaming and entry to Field Trip’s therapeutic applications.
• In November, introduced ‘Freedom by Field Trip™’, a first-of-its-kind, one-year hybrid ketamine remedy program mixing psychedelic-assisted therapies with holistic wellness assist to supply folks the flexibility to take part in ketamine remedy at-home or in one in all Field Trip’s areas.
• Post-quarter finish, strengthened management group 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 through the quarter ended September 30, 2022, a rise of 103% over prior 12 months’s second fiscal quarter.
• As at September 30, 2022, Field Trip held roughly $13.9 million in money and dealing capital.

TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) — Field Trip Health & Wellness Ltd. (TSXV: FTHW) (the “Company” or “Field Trip”), a world chief within the supply of psychedelic therapies, as we speak supplied a enterprise replace and reported fiscal second quarter 2023 outcomes for the three-month interval ended September 30, 2022. All outcomes are reported underneath International Financial Reporting Standards (“IFRS“) and in Canadian {dollars}, except in any other case specified.

“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 Ronan Levy, Chairman and Chief Executive Officer of Field Trip Health & Wellness. “The relaunch of the refreshed version of our award-winning mental health well-being app, now named ‘Field Trip’, was a key step in executing on our digital-centric and community focused strategy. Furthering our efforts to expand our reach was the introduction of Freedom by Field Trip™, a game-changing one-year hybrid membership therapy program, offering psychedelic-assisted therapy in our clinics or at home, with support of a holistic approach to mental health and well-being. Field Trip’s pioneering approach to therapy that combines the power of psychedelic therapies with comprehensive well-being, is reducing barriers to access and helping people live their lives free from anxiety, depression and trauma.”

Over the second fiscal quarter, Field Trip continued to offer life-changing psychedelic-assisted therapies throughout its clinics, demonstrating important efficient response charges. Data reveals that 93 % of Field Trip shoppers have skilled noticeable enchancment of their despair, nervousness and trauma signs instantly following therapy, with nearly all of shoppers sustaining this enchancment for greater than 4 months. In addition to the continued success of the Company’s in-clinic applications, Field Trip has now expanded its service choices with an elevated give attention to holistic well-being by way of a digital-centric, community-forward strategy. The Company’s enterprise mannequin strategically enhances the Company’s providing and permits Field Trip to significantly improve entry to folks in want for its psychedelic-assisted therapies and holistic well being and well-being, in addition to scale its providing extra effectively.

In October, Field Trip launched a refreshed model of its award-winning app for psychedelic steerage, named “Field Trip”, as a precursor to the launch of its extra versatile and complete hybrid ketamine remedy program, Freedom by Field Trip™. These operational initiatives assist the evolution of the Company’s community-focused, digital-centric development technique. The up to date app contains quite a lot of new options and performance, together with offline entry to music and meditations, larger bit-rate streaming, entry to Field Trip’s therapeutic applications, and a brand new person circulation. The rebuild of the app was the precursor to launching Field Trip’s versatile therapy platform which is able to depend on digital channels to construct group extra extensively than Field Trip’s earlier providing.

On November 15, the Company introduced the launch of Freedom by Field Trip™ (the “Program”), a first-of-its-kind one-year hybrid at-home or in-person ketamine remedy program for folks affected by gentle to reasonable despair, nervousness, and trauma. The new providing combines psychedelic-assisted therapies by way of an annual membership offering and integrating a number of holistic wellness practices and modalities, together with meditations, diet lessons, integration remedy, breathwork, somatic motion remedy, group talks, and membership occasions. The Program is designed to extend accessibility to psychedelic-assisted remedy and assist it with a holistic strategy to psychological well being and well-being. Freedom by Field Trip™ will initially be out there in California and Washington State and the Company expects to rollout to extra jurisdictions in 2023 with a month-to-month payment for the Program will probably be US$299.

On November 22, 2022, Field Trip additionally introduced it had strengthened its management group with the appointments of Stacey Hoisak as Senior Vice President, General Counsel, and Dr. Monique Moller as Vice President, Integrative Health. The addition of Ms. Hoisak and Ms. Moller rounds out the Company’s govt group and helps the execution of its expanded, broader strategy to holistic psychological well being and wellbeing.

Financial Highlights

As at September 30, 2022, Field Trip held roughly $13.9 million in money and dealing capital.

For the second fiscal quarter ended September 30, 2022, the Clinics enterprise generated affected person providers revenues of $1.8 million, in step with the prior quarter and 103% over the comparative second fiscal quarter of the prior 12 months. The development in income was pushed by a rise of 5 clinics over the prior 12 months.

Net loss for the Clinics within the second fiscal quarter 2023 was $14.4 million in contrast with a $10.7 million loss in the identical interval of the prior fiscal 12 months. This improve within the internet loss was primarily on account of a non-cash impairment of $4.9 million referring to right-of-use belongings, non-cash share-based funds of $1.4 million as a result of cancellation of non-vested choices upon closing of the Arrangement, $0.7 million in overseas alternate loss and non-recurring transaction charges of $0.4 million referring to the Arrangement and Concurrent Financing, partly offset by diminished basic and administration expense of $2.8 million arising from continued working efficiencies and $0.8 million in gross sales and advertising expense on account of channel optimization and an elevated give attention to natural over paid channels.

Mujeeb Jafferi, President of Field Trip Health & Wellness, mentioned, “Over the second quarter, we achieved a cost reduction of 26.2% of recurring operating expenses over the same period of the prior fiscal year, as we continue to align the business towards a more sustainable, capital efficient model, which we have exemplified with the relaunch of our Field Trip app, which will be key to achieving this objective. With our focus on scaling digital platforms, as well as operational measures we have enacted such as operational streamlining and improvements in digital processing, we hope to further reduce expenses going forward.”

Conference Call

The Company will conduct a convention name and webcast to debate its outcomes the next morning, Wednesday, November 30, 2022 at 8:30 a.m. ET. To entry the decision, please dial 1-877-407-9716 (inside the U.S.) or 1-201-493-6779 (outdoors the U.S.) and supply convention ID 13734182. A reside webcast of the convention name might be accessed by way of the Events and Presentations part of the Field Trip Health & Wellness Investor Relations web site here.

For these unable to attend the reside name, a telephonic replay will probably be out there till 11:59 p.m. ET on Wednesday, December 14, 2022. To entry the replay dial 1-844-512-2921 (inside the U.S.) or 1-412-317-6671 (outdoors the U.S.) and supply convention ID 13734182. The webcast will probably be archived and out there within the Events and Presentations part of the Field Trip Health & Wellness Investor Relations web site roughly one hour after the conclusion of the reside name.

Selected Financial Information

The following desk units forth chosen monetary data derived from the Company’s unaudited mixed carve-out monetary statements for the three and 6 months ended September 30, 2022 and September 30, 2021, ready in accordance with IAS 34 in a fashion in step with the Company’s annual audited mixed carve-out monetary statements. The following data ought to be learn along with the monetary statements and administration’s dialogue and evaluation, which can be found on the Company’s web site at www.fieldtriphealth.com and underneath the Company’s SEDAR profile at www.sedar.com.

About Field Trip Health & Wellness Ltd.

With a big world group of psychedelic-interested folks, proprietary psychedelic therapies that generate transformative outcomes for folks within the therapy of psychological well being circumstances and a model and share of voice that’s reaching thousands and thousands of individuals, Field Trip is a middle of gravity for the psychedelic renaissance.

Learn extra at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.

Follow us on Twitter and Instagram: @fieldtriphealth

To obtain firm updates about Field Trip and to be added to the e-mail distribution record please join here.

Download Field Trip’s app here.

Cautionary Note Regarding Forward-Looking Information

This launch contains forward-looking data (inside the that means of Canadian securities legal guidelines and inside the that means of the United States Private Securities Litigation Reform Act of 1995) relating to the Company and its enterprise. Often however not all the time, forward-looking data might be recognized by means of phrases equivalent to “expect”, “intends”, “anticipated”, “believes” or variations (together with destructive variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “may”, “could”, “would” or “will” be taken, happen or be achieved. Such statements are primarily based on the present expectations and views of future occasions of the administration of the Company and are primarily based on assumptions and topic to dangers and uncertainties. Although the administration believes that the assumptions underlying these statements are affordable, they might show to be incorrect. The forward-looking occasions and circumstances mentioned on this launch might not happen and will differ materially on account of identified and unknown danger components and uncertainties affecting the businesses. Although the Company has tried to determine essential components that would trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to vary from these anticipated, estimated or meant. Accordingly, readers mustn’t place undue reliance on any forward-looking statements or data. No forward-looking assertion might be assured. Except as required by relevant securities legal guidelines, forward-looking statements communicate solely as of the date on which they’re made and the Company doesn’t undertake any obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions, or in any other case. Additional data referring to the Company, might be situated on the SEDAR web site at www.sedar.com.

Neither TSX Venture Exchange, or its Regulation Services Provider, have accredited the contents of this launch or settle for accountability for the adequacy or accuracy of this launch.

CONTACTS:

Field Trip Health & Wellness:
Ronan Levy
Chairman & CEO
(416) 505-0929
ronan@fieldtriphealth.com

Investor contacts:
Phil Carlson / Sophia Bashford
KCSA Strategic Communications
(646) 573-0776) / (929 246-7307)
fieldtripIR@kcsa.com

Media contacts:
Isabella Morreale
Autumn Communications
(862) 579-7944
press@fieldtriphealth.com

SOURCE Field Trip Health & Wellness