06:45 AM EDT, 04/15/2024 (MT Newswires) -- Numinus Wellness Inc. ( NUMIF ) , a mental health care company trading near 52-week lows, over the weekend reported a quarter-over-quarter drop in revenue and gross profit.

Second-quarter revenue was $5 million, down 15% from the previous quarter, the company said. Gross profit declined 23% from the first-quarter to $0.5 million while the gross margin fell 3.1 percentage points to 33%.

The company has been implementing operational changes over the past two quarters "for sustainable growth and profitability in the quarters to come," said Numinus founder and CEO Payton Nyquvest, adding that the changes include reducing staff, concentrating on higher margin procedures at clinics and eliminating an unproductive location in Arizona.

"While these initiatives have generated one-time impacts in the quarter, they are also enabling us to optimize our patient experience and care model, improve efficiencies, and establish best practices," Nyquvest said.

Numinus' board began a review to evaluate strategic alternatives to boost shareholder value, the company said.