Mental healthcare company Numinus Wellness has reached an agreement to sell its five Utah clinics to Stella, an interventional psychiatry practice, for $3.53m.
Stella specialises in treating post-traumatic stress disorder (PTSD), anxiety, and depression using biological therapies.
Numinus Wellness is shifting focus to business units and product development within the “Numinus Network,” aimed at improving clinic efficiency and enhancing care reimbursement for mental health practitioners.
Stella will collaborate with the mental healthcare company to share operational data from its network of 12 clinics, advancing clinic management solutions and insurance reimbursement support.
This move creates an asset-light business model, combining clinical support, practitioner training, and research, while strengthening Numinus’ balance sheet.
Numinus Wellness founder and CEO Payton Nyquvest said: “Leveraging our deep expertise in patient care, where we served about 50,000 unique individuals, over 200,000 appointments, and about 250,000 insurance-reimbursed claims, we’re now accelerating our mission by focusing on cutting-edge technology solutions.
“Through our partnership with Stella, we gain unprecedented access to operational data that will enable us to develop a SaaS solution to redefine how clinics operate, from improving patient outcomes to optimising efficiencies and reimbursement processes.”
Under the agreement, Stella will pay $2.08m to Numinus Wellness at the closing of the transaction, with an additional $750,000 to be paid over six equal monthly instalments in 2025.
Deferred compensation of up to $0.7m will also be paid in 2025.
As part of the deal, Stella will also enter a partnership with the mental healthcare company to provide ongoing access to operational data from its network of 12 mental health clinics.
Stella co-founder and CEO Michael Gershenzon said: “With Stella taking over operations across Numinus’ clinics, we’re bringing additional life-changing treatments to the Utah community while simultaneously supporting Numinus’ efforts to create new, innovative solutions that can change the future of how clinics are run.
“This partnership demonstrates a continued dedication to championing progress in behavioural health by creating better systems and processes that ultimately impact what matters most: better patient outcomes.”
The transaction is expected to close by 30 November 2024.
In June this year, Numinus Wellness unveiled its plans to acquire MedBright AI Investments.
