- Delivered record quarterly total revenues of $15.9 million and record quarterly non-clinic revenues of $1.0 million in the second quarter of 2022
- Adjusted EBITDA(1) was in line with the comparative three-month period, and increased by 140% quarter-over-quarter to $0.8 million
- 14th consecutive quarter of positive adjusted EBITDA
- Delivered growth with the opening of two new fluoroscopy suites in July 2022, with two more fluoroscopy suites scheduled to be opened in Fall 2022
Remains committed to accelerated growth strategy
TORONTO, ONTARIO, August 18, 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 and six months ended June 30, 2022. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
- Record quarterly revenue of $15.9 million and record quarterly non-clinic revenue of $1.0 million for the three months ended June 30, 2022, compared to $15.9 million and $0.7 million for the comparative three-month period;
- For the six months ended June 30, 2022, revenue grew by 4% to $31.3 million compared to $30.1 million for the comparative six-month period;
- Adjusted EBITDA was $0.8 million and $1.1 million for the three and six months ended June 30, 2022 compared to $0.8 million and $1.8 million for the comparative three and six-month periods;
- Adjusted EBITDA for the three months ended June 30, 2022 increased by $0.5 million or 140% quarter-over-quarter;
- Opened two new fluoroscopy suites in July 2022, with two more fluoroscopy suites scheduled to be opened in Fall 2022, enabling the Company to better serve our patients and expand our service offerings.
- Conducted a strategic review that identified several opportunities for business improvements and began implementation of an accelerated growth strategy, which included several changes at the senior leadership level.
“NeuPath made a great deal of progress towards building a platform for future growth with the recent opening of two new fluoroscopy suites and the first patient visits to our new HealthPointe At CAO clinic in Red Deer,” stated Dianne Carmichael, NeuPath’s Executive Chair. “We expect further business improvements as our recent infrastructure investments allow us to better serve and reach more patients. Further, we continue to evaluate new opportunities to expand our service offering and expand our footprint across Canada.”
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