• Total revenue increased by 9% to $15.4 million in the quarter
• Non-clinic revenue increased by 45% to $0.9 million in the quarter
• 13th consecutive quarter of positive adjusted EBITDA(1)
• Fueling future growth with completion of three new fluoroscopy suites
TORONTO, ONTARIO, May 26, 2022 – NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced its financial and operating results for the three months ended March 31, 2022. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• Strong quarterly revenue of $15.4 million compared to $14.2 million in the comparable quarter;
• Non-clinic revenue growth to $0.9 million compared to $0.7 million in the comparable quarter;
• Adjusted EBITDA was $0.3 million for the three months ended March 31, 2022 compared to $1.0 million for the comparable quarter;
• Completed construction of three new fluoroscopy suites in the quarter, which allows the Company to expand its service offerings and drive additional revenue growth; and
• On target to begin offering the Company’s remote patient management technology to patients in the summer.
“NeuPath made a great deal of progress towards building a platform for future growth in the form of fluoroscopy suite construction and build out of the Company’s proprietary technology,” stated Grant Connelly, NeuPath’s Chief Executive Officer. “Despite challenging conditions in the Company’s clinics due to Omicron, we saw a return to more normal conditions in March that helped us deliver the third highest quarterly revenue in the Company’s history.”
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