Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021.
The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. The company noted that this compares with a net loss of $8,275,669 in the third fiscal quarter of 2021. The increase from the prior year primarily reflects the company’s focus on growing the business and continued investment in its drug development pipeline and best-in-class clinic infrastructure.
Vicki Reed, Chief Growth Officer, said, “Since joining Field Trip, we have implemented a number of marketing and client acquisition strategies to increase conversion. 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 achieved this despite the ongoing effect of COVID-19 along with what is typically a seasonally slower quarter. We expect to see continued improvement in our marketing efficiency and revenue growth in the coming quarters.”
Third fiscal quarter 2021 patient services revenues were generated from three clinics, Toronto, New York, and Santa Monica. The quarter-over-quarter revenue increase was in part due to the three additional clinics as compared to the prior quarter. During the quarter, Field Trip opened clinics in Seattle, Washington, Fredericton, New Brunswick, and San Diego, California. Subsequent to the quarter, the Company announced the opening of its Vancouver, BC and Washington DC locations. The Company’s focus on operational improvements, together with the effects of COVID, impacted the timing of the construction of our remaining clinics and the Company is evaluating the timing and scope of its expansion strategy as part of its previously announced strategic review.
During the quarter, Field Trip progressed its strategy of building the leading psychedelic therapy company through its Field Trip Health division and continued to invest in its lead drug development program through its Field Trip Discovery division with FT-104, and its pipeline expansion, currently under the heading of FT-200 Group (Field Trip Discovery), while conducting activities associated with the Strategic Review.