NeuPath Health Reports Third Quarter 2020 Results

NeuPathNews

7th CONSECUTIVE QUARTER OF POSITIVE ADJUSTED EBITDA(1)

TORONTO, ONTARIO, November 19, 2020 – 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 and nine months ended September 30, 2020. All figures are in Canadian dollars, unless otherwise noted.

Financial and Operational Highlights

  • NeuPath recorded its seventh consecutive quarter of positive adjusted EBITDA(1). For the three months ended September 30, 2020, adjusted EBITDA increased to $735,000 or 6.1% of revenue compared to $660,000 or 5.2% of revenue in the comparative quarter;
  • For the nine months ended September 30, 2020, adjusted EBITDA increased to $1.9 million compared to $1.4 million for the nine months ended September 30, 2019;
  • Despite continued measures required to operate safely during the pandemic, revenue in the three months ended September 30, 2020 recovered to $12.0 million, an improvement from $11.2 million for the three months ended June 30, 2020 and $11.6 million for the three months ended March 31, 2020. In the comparative quarter, revenue was $12.7 million;
  • For the nine months ended September 30,2020, revenue was $34.8 million compared to $36.6 million for the nine months ended September 30, 2019; and
  • In response to increased demand and 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.
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