- Third quarter total revenue of $22.3 million
- Positive cash flows from operations, with Adjusted EBITDA(1) of $1.4 million
- Patient visits up 7% year-over-year
- Investor webinar scheduled for Thursday, November 12, 2026 at 11:00 AM ET / 9:00 AM PT
TORONTO, ONTARIO, November 12, 2026 – NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), which operates one of Canada’s largest networks of community-based, multidisciplinary medical facilities focused on the assessment and treatment of chronic pain, musculoskeletal/back pain, sports medicine and other pain-related medical services, today announced its financial and operating results for the three and nine months ended September 30, 2026 and information regarding the Company’s investor webinar on Thursday, November 12, 2026. All figures are in Canadian dollars, unless otherwise noted.
“We are seeing early benefits from our physician recruitment efforts, with increased patient visits as new physicians build their practices at NeuPath,” said Stephen Lemieux, NeuPath’s Chief Executive Officer. “With 9 physicians added this year and our new Guelph facility opening following quarter-end, we are expanding our capacity to serve patients. Our investment in recruitment comes ahead of the full revenue and earnings contributions from these physicians, which we expect to build over the coming quarters. We are also expanding image-guided treatments to better serve patients and introducing tools such as AI-assisted documentation to improve physician efficiency, supporting our focus on sustainable growth and stronger profitability.”
Financial and Operational Highlights
Patient visits in the current quarter increased by 7% compared to the comparative quarter, as new physicians began building their practices in addition to improvements in current operational efficiencies. NeuPath continued to invest in physician recruitment and tools to support physician efficiency and patient access. Subsequent to quarter-end, the Company opened its new medical facility in Guelph, Ontario.
NeuPath hosted its annual Physician Forum in September bringing together clinicians from its network and prospective physician partners for education on pain management, emerging technologies and treatment approaches. The event supported clinical knowledge sharing and strengthened relationships within the physician community.
In the comparative nine-month period, the Company received a $1.9 million material one-time payment that had a positive impact on revenue and a $0.6 million positive impact on Adjusted EBITDA (the “Prior Year Payment”). The Prior Year Payment was related to positive adjustments to physician reimbursement rates for prior periods. Excluding the impact of the Prior Year Payment in the comparative nine-month period, revenue for the nine months ended September 30, 2025 was $63.2 million and Adjusted EBITDA was $4.4 million.
Including the impact of the Prior Year Payment in the comparative periods as reported:
- Total revenue was $22.3 million and $67.1 million for the three and nine months ended September 30, 2026, up 1% and 3% compared to the comparative periods in 2025;
- Adjusted EBITDA was $1.4 million and $4.6 million for the three and nine months ended September 30, 2026, down 5% and 8% compared to the comparative periods in 2025. Third quarter Adjusted EBITDA included approximately $0.2 million in physician recruitment costs; and
- As at September 30, 2026, the Company had $4.0 million in cash and cash equivalents and interest-bearing long-term debt of $5.7 million. Cash increased from $3.5 million and long-term debt decreased from $5.9 million as at June 30, 2026.
- IFRS Accounting Standards (“IFRS”) and Other Financial Measures defined by the Company below.
View entire press release – PDF