NEUPATH HEALTH REPORTS FOURTH QUARTER AND YEAR-END 2023 RESULTS

  • Fourth quarter total revenue of $16.8 million, up 4% year-over-year
  • Adjusted EBITDA(1) of $0.8 million, our 20th consecutive quarter of positive adjusted EBITDA
  • Improved cash flows, closing cash and cash equivalents balance of $3.2 million, up more than 100% year-over-year
  • Closed the acquisition of the assets of SIBI Medical Inc., operating as the London Spine Centre in London, Ontario

TORONTO, ONTARIO, March 15, 2024 – 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 and year ended December 31, 2023. All figures are in Canadian dollars, unless otherwise noted.

“I am very proud of our team and our successes in 2023, which have resulted from a focus on our core clinic operations and improving our balance sheet,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “We will continue to direct our energy towards adding more physicians, to serve more patients, in more locations, providing greater community access to medically necessary treatments.”

Financial and Operational Highlights

  • Total revenue was $16.8 million and $66.1 million for the three months and year ended December 31, 2023, up 4% versus the fourth quarter of 2022 and 6% for the year, delivering another record year of revenues;
  • Adjusted EBITDA was $0.8 million and $3.2 million for the three months and year ended December 31, 2023, up 41% year-over-year;
  • For the year ended December 31, 2023, capacity utilization improved to 68%, up from 62% in the prior year;
  • The company finished the year with $3.2 million in cash and cash equivalents and long-term debt of $6.1 million, of which $2.4 million is interest-bearing; and
  • On January 12, 2024, the Company closed the acquisition of the assets of SIBI Medical Inc., operating as the London Spine Centre in London, Ontario. The London Spine Centre has an interdisciplinary group of healthcare providers that use evidence-based care to help treat back, neck and other spinal conditions.

    (1)Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below.

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