- Third quarter total revenue of $16.1 million, up 6% year-over-year
- Adjusted EBITDA(1) of $0.7 million, our 19th consecutive quarter of positive adjusted EBITDA and significantly improved year-over-year
- Positive cash flow and profitability in the quarter and year-to-date
- Improved future cash flows and access to new capital through recent closing of updated credit facility
TORONTO, ONTARIO, November 16, 2023 – 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 nine months ended September 30, 2023. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
- NeuPath delivered a net profitable quarter and year-to-date with positive contributions to cash flow from operations;
- Quarterly revenue was $16.1 million for the three months ended September 30, 2023 up 6% year-over-year and for the nine months ended September 30, 2023, revenue of $49.3 million was up 6% year-over-year;
- Adjusted EBITDA was $0.7 million and $2.4 million for the three and nine months ended September 30, 2023, a 62% increase over the comparative quarter and a 61% increase over the comparative nine-month period;
- On August 31, 2023, the Company successfully completed the sale of its corporate-owned medical facility in London, Ontario for $2.1 million generating a $0.8 million net gain;
- On November 10, 2023, the Company successfully completed the closing of its updated credit facility providing immediate access to new capital and improving future cash flows from re-financing of existing HealthPointe term debt;
- In the current three and nine-month periods, capacity utilization improved to 65% and 64%, up 4% and 2% compared to the comparative three and nine-month periods; and
- The Company continues to focus on improved operations to support its accelerated growth strategy, including entering into new leases for two facilities that will improve cash flows in Q1/24 and beyond.
“We are pleased to deliver strong operating metrics, with continued year-over-year growth and improvements in capacity utilization, margins and cash flows,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “Our team continues to upgrade our facilities by successfully adding new treatment rooms at busier clinics while simultaneously right sizing our footprint at clinics with unused space. Ongoing improvements in our operations and our improved balance sheet will allow us to continue investing in improvements to our clinics and growth opportunities.”See more Press Release PDF