• Delivered record first quarter total revenue of $17.5 million, up 9% year-over-year
  • Adjusted EBITDA(1) of $0.9 million, our 21st consecutive quarter of positive adjusted EBITDA
  • Improved cash flows, closing cash and cash equivalents balance of $2.6 million, up more than 300% year-over-year

TORONTO, ONTARIO, May 16, 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 ended March 31, 2024. All figures are in Canadian dollars, unless otherwise noted.

“The work over the past 18 months is yielding consistent results, as demonstrated by our record quarterly revenue, improved capacity utilization, improved adjusted EBITDA and our reducing net debt,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “The focus on facility improvements and footprint will positively impact results in the second half of 2024, and we continue to evaluate opportunities to add more physicians, to serve more patients, in more locations, providing greater community access to medically necessary treatments.”

Financial and Operational Highlights

  • Total revenue was $17.5 million for the three months ended March 31, 2024 compared to $16.1 million for the three months ended March 31, 2023, up 9% compared to the first quarter of 2023, delivering record first quarter revenues;
  • Adjusted EBITDA was $0.9 million for the three months ended March 31, 2024 compared to $0.7 million for the three months March 31, 2023, up 29% year-over-year;
  • For the three months ended March 31, 2024, capacity utilization improved to 72%, up from 65% in the first quarter of 2023;
  • As at March 31, 2024, the Company had $2.6 million in cash and cash equivalents and long-term debt of $6.0 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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