Novo Integrated Sciences reported financial results for the quarter ended May 31, 2024, with revenues of $3,151,851, a slight decrease from $3,292,933 in the same period last year. The company's operating loss widened to $2,520,203 from $1,430,418 year-on-year, primarily due to increased operating expenses and a significant loss from the change in fair value of derivative liability. Net loss for the quarter was substantial at $13,741,903, compared to $1,497,330 in the previous year, largely impacted by the derivative liability and foreign currency exchange losses. For the nine-month period, revenues increased by 10% to $10,213,661, but the net loss also grew to $21,168,374 from $10,054,098. The company's financial performance was affected by various factors, including changes in product costs, higher operating costs, and increased interest expenses due to...Show More

Novo Integrated Sciences reported financial results for the quarter ended May 31, 2024, with revenues of $3,151,851, a slight decrease from $3,292,933 in the same period last year. The company's operating loss widened to $2,520,203 from $1,430,418 year-on-year, primarily due to increased operating expenses and a significant loss from the change in fair value of derivative liability. Net loss for the quarter was substantial at $13,741,903, compared to $1,497,330 in the previous year, largely impacted by the derivative liability and foreign currency exchange losses. For the nine-month period, revenues increased by 10% to $10,213,661, but the net loss also grew to $21,168,374 from $10,054,098. The company's financial performance was affected by various factors, including changes in product costs, higher operating costs, and increased interest expenses due to a higher average principal balance of convertible notes. Novo Integrated Sciences also highlighted business developments such as the launch of MiTelemed+, the expansion of its healthcare services, and the development of health and wellness products. Looking ahead, the company plans to continue focusing on its three primary pillars: service networks, interconnected technology, and health and wellness products, to drive future growth.