- 8th consecutive quarter of positive adjusted EBITDA
- Adjusted EBITDA margin expanded to 4.1% during 2020
- The acquisition of HealthPointe improves NeuPath’s Annual Revenue Run Rate to approximately $57 million
TORONTO, ONTARIO, March 26, 2021 – NeuPath Health Inc. (TSXV:NPTH) (formerly Klinik Health Ventures Corp.) (“NeuPath” or the “Company”), Canada’s largest provider of chronic pain management services, today announced its financial and operating results for the three months and year ended December 31, 2020. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
- NeuPath recorded its eighth consecutive quarter of positive adjusted EBITDA(1);
- Adjusted EBITDA improved to $2.0 million or 4.1% of revenue for the year ended December 31, 2020 compared to $1.9 million or 3.8% of revenue in the comparative year;
- The sequential improvement in quarterly revenue continued in the 4th Revenue for the three months ended December 31, 2020 was $12.8 million, an improvement from $12.0 million for the three months ended September 30, 2020, $11.2 million for the three months ended June 30, 2020, and $11.6 million for the three months ended March 31, 2020;
- On October 5, 2020, the Company announced its plans to develop a remote chronic pain management app that represents a more holistic, patient-centred approach to chronic pain management by providing education and tools around sleep, exercise, diet, and behaviour modification in addition to traditional pharmacotherapy approaches for managing chronic pain. The technology will also allow for improved data collection and will facilitate improved communication between health care providers and patients;
- On November 13, 2020, the Company completed a bought deal public offering of 13,340,000 units at a price of $0.90 per unit for aggregate gross proceeds of approximately $12.0 million; and
- In response to increased demand for and increased acceptance of virtual care, the Company continues to offer virtual visits where appropriate. Virtual visits comprise approximately 9% of total patient visits since the start of the pandemic.