Novo Integrated Sciences reported a 24% increase in quarterly revenue to $3.17 million for the period ending February 29, 2024, compared to $2.56 million in the same period last year, driven by a rise in product sales. The healthcare services segment saw a 3.4% revenue increase, while product sales significantly contributed to the overall growth. The cost of revenues increased by 16% to $1.85 million, with the product sales segment showing a notable change in product costs. Operating expenses rose by 4% to $2.86 million, primarily due to higher stock option valuations. Interest expenses increased by 12% to $138,684 due to a higher average principal balance of convertible notes. The company's net loss decreased by 41% to $2.75 million, attributed to higher gross profit and lower other expenses. For the six-month period...Show More

Novo Integrated Sciences reported a 24% increase in quarterly revenue to $3.17 million for the period ending February 29, 2024, compared to $2.56 million in the same period last year, driven by a rise in product sales. The healthcare services segment saw a 3.4% revenue increase, while product sales significantly contributed to the overall growth. The cost of revenues increased by 16% to $1.85 million, with the product sales segment showing a notable change in product costs. Operating expenses rose by 4% to $2.86 million, primarily due to higher stock option valuations. Interest expenses increased by 12% to $138,684 due to a higher average principal balance of convertible notes. The company's net loss decreased by 41% to $2.75 million, attributed to higher gross profit and lower other expenses. For the six-month period, revenues grew by 18% to $7.06 million, with a net loss decrease of 13% to $7.43 million. The company's cash flow from operating activities increased, and financing activities provided $3.3 million, mainly from convertible note issuances and warrant exercises. Novo Integrated Sciences also announced the resignation of its President, Christopher David, and the appointment of Robert Oliva as the new President. Additionally, the company entered into a securities purchase agreement with Streeterville Capital, LLC, issuing a $6.21 million secured convertible promissory note to repay outstanding balances and fund operations.