Acquired the assets of SIBI Medical Inc., operating as the London Spine Institute, adding back, neck and spine specialists to enhance our care options for patients
Located in, and adds to, our presence in London, Ontario
TORONTO, ONTARIO, January 15, 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 the closing of the acquisition of the assets of SIBI Medical Inc., operating as the London Spine Institute in London, Ontario effective January 12, 2024.
The London Spine Institute has an interdisciplinary group of providers that use evidence-based care to help treat back, neck and other spinal conditions. These physicians have extensive experience in treating and diagnosing spinal conditions, and their affiliate therapists focus on treating the physical and mental aspects of acute and chronic pain using best practice, with an emphasis on functional recovery and return to work. Under the agreement, NeuPath has acquired the assets of the London Spine Institute and will initially continue the operations under the same name and will be rebranded at a future date. The current roster of physicians will continue to serve patients from the existing location and there will be no changes in operations for our patients, physicians and staff.
“We are thrilled to welcome the London Spine physicians to the NeuPath team, expanding our presence and our roster of specialists in our core London market,” said Joe Walewicz, NeuPath’s CEO. “Our improved balance sheet and better cash flows will allow us to continue investing in selected growth opportunities and we are evaluating multiple potential expansion options across the country.”
The purchase price will be funded from NeuPath’s existing cash on hand. This acquisition is not expected to have a significant impact on NeuPath’s 2024 financial results.
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company’s expectation of continued operational improvements in 2024 and the benefits from the closing of the acquisition described herein are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR+ under the Company’s profile at www.sedarplus.ca.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Fourth quarter total revenue of $16.8 million, up 4% year-over-year
Adjusted EBITDA(1) of $0.8 million, our 20th consecutive quarter of positive adjusted EBITDA
Improved cash flows, closing cash and cash equivalents balance of $3.2 million, up more than 100% year-over-year
Closed the acquisition of the assets of SIBI Medical Inc., operating as the London Spine Centre in London, Ontario
TORONTO, ONTARIO, March 15, 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 and year ended December 31, 2023. All figures are in Canadian dollars, unless otherwise noted.
“I am very proud of our team and our successes in 2023, which have resulted from a focus on our core clinic operations and improving our balance sheet,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “We will continue to direct our energy towards adding more physicians, to serve more patients, in more locations, providing greater community access to medically necessary treatments.”
Financial and Operational Highlights
Total revenue was $16.8 million and $66.1 million for the three months and year ended December 31, 2023, up 4% versus the fourth quarter of 2022 and 6% for the year, delivering another record year of revenues;
Adjusted EBITDA was $0.8 million and $3.2 million for the three months and year ended December 31, 2023, up 41% year-over-year;
For the year ended December 31, 2023, capacity utilization improved to 68%, up from 62% in the prior year;
The company finished the year with $3.2 million in cash and cash equivalents and long-term debt of $6.1 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.
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.
(1)Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below.
“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.”
• Credit Facility provides immediate access to a new $3.5 million revolving credit facility • Strengthened balance sheet and borrowing capacity to support accelerated growth strategy • Improved cash flows resulting from re-financing of existing HealthPointe term debt
TORONTO, ONTARIO, November 13, 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 completion and closing of a new credit facility (“Credit Facility”) with its existing lender Royal Bank of Canada (“RBC”).
The new Credit Facility provides NeuPath with up to $5.0 million of borrowings structured as a $3.5 million revolving operating line (“Revolving Facility”), a $0.5 million lease facility (“Lease Facility”) and refinancing of existing term debt up to $1.0 million (“Term Loan”).
The Revolving Facility permits the Company to draw amounts at any time for working capital and general corporate purposes and is capped by a borrowing base linked to eligible accounts receivable. Amounts borrowed under the Revolving Facility are revolving in nature and bear interest at RBC Prime+1.75%. The Lease Facility allows the Company to finance new or recently purchased equipment at prevailing interest rates determined at time of drawdown, with payments required over a five-year amortization period. The Term Loan will refinance the remaining long-term debt, assumed as part of the HealthPointe acquisition in February 2021, over a five-year amortization period, bearing interest at RBC Prime+1.80%. The Lease Facility and Term Loan are jointly capped at $1.5 million of borrowings.
The Credit Facility replaces the existing bank loan facilities available to the Company. Under the terms of the Credit Facility, the lenders continue to have security over substantially all the assets of the Company, along with postponement of claims and subordination from all borrowers, including related parties. The terms of the Credit Facility require the Company to meet certain financial tests and to satisfy various affirmative and negative covenants that limit, among other things, the Company’s ability to incur additional indebtedness outside of permitted amounts. The Credit Facility also includes customary events of default, including payment and covenant breaches, bankruptcy events and the occurrence of change of control. Fees incurred in connection with the closing and continued maintenance of the Credit Facility are nominal.
“We are pleased to announce the closing of our updated Credit Facility with our long-time partner RBC; providing access to new, non-dilutive borrowings on competitive terms,” said Jeff Zygouras, Chief Financial Officer of NeuPath. “NeuPath has undergone a series of strategic changes over the past 15 months as we refocus towards our core business and accelerate our growth strategy. The combination of our improved operations, right-sized balance sheet and new, more favourable borrowing facilities provide the flexibility we need to explore and execute on new opportunities.”
About NeuPath NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the anticipated access to the Credit Facility and the use of the net proceeds thereof. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR+ under the Company’s profile at www.sedarplus.ca.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
• Completed the sale of its corporate-owned medical facility in London, Ontario for $2.1 million • Repaid outstanding $1.2 million mortgage, expected net proceeds of more than $0.5 million • Completed a successful move in July to a newer facility to better serve our patients • Improved cash flows resulting from annualized operating savings
TORONTO, ONTARIO, September 5, 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 provided an update on the sale of its corporate-owned medical facility, which had previously been announced on March 15, 2023.
The Company has completed the previously announced sale of its sole corporate-owned medical facility in London, Ontario and has received net funds after fees, taxes and repayment of the mortgage of more than $0.5 million. The net proceeds from this sale were invested in the construction of, and move to, our new location, and for working capital and general corporate purposes.
“I want to thank our London InMedic team for efficiently and successfully migrating our operations to this newer, more modern facility to better serve our patients,” said Joe Walewicz, CEO. “We will continue to execute on our facilities optimization strategy to strengthen our balance sheet and improve margins, which will allow us to invest in our clinics and other growth initiatives.”
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the anticipated closing date of the sale of the corporate-owned facility and the use of the net proceeds thereof. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
TORONTO, ONTARIO, September 5, 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 provided an update on the sale of its corporate-owned medical facility, which had previously been announced on March 15, 2023.
The Company has completed the previously announced sale of its sole corporate-owned medical facility in London, Ontario and has received net funds after fees, taxes and repayment of the mortgage of more than $0.5 million. The net proceeds from this sale were invested in the construction of, and move to, our new location, and for working capital and general corporate purposes.
“I want to thank our London InMedic team for efficiently and successfully migrating our operations to this newer, more modern facility to better serve our patients,” said Joe Walewicz, CEO. “We will continue to execute on our facilities optimization strategy to strengthen our balance sheet and improve margins, which will allow us to invest in our clinics and other growth initiatives.”
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the anticipated closing date of the sale of the corporate-owned facility and the use of the net proceeds thereof. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
• Delivered record second quarter total revenue of $17.1 million • Adjusted EBITDA(1) of $1.0 million, our 18th consecutive quarter of positive adjusted EBITDA, which improved significantly year-over-year • Net profitable quarter with positive cash flow • Substantially improved balance sheet to support our accelerated growth strategy
TORONTO, ONTARIO, August 17, 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 six months ended June 30, 2023. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• NeuPath delivered a net profitable quarter with positive contributions to cash flow from operations; • Record quarterly revenue of $17.1 million for the three months ended June 30, 2023 up 8% year-over-year and for the six months ended June 30, 2023, revenue of $33.2 million was up 6% year-over-year; • Adjusted EBITDA was $1.0 million and $1.7 million for the three and six months ended June 30, 2023, a 37% increase over the comparable quarter and a 63% increase over the comparable six-month period; • On May 2, 2023, the Company announced the closing of its brokered private placement offering of 10% subordinated and postponed unsecured non-convertible debenture units of the Company for gross proceeds of $1.5 million; • On May 15, 2023, the Company announced that it had received Notices of Reassessment confirming a positive resolution of the outstanding Canada Revenue Agency (“CRA”) matter, with cash refunds of approximately $1.9 million; and • The Company continues to focus on improved operations to support its accelerated growth strategy.
(1) Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below.
“Increased physician hours, new facilities and new contracts all contributed to top-line growth in the quarter,” said Joe Walewicz, NeuPath’s CEO. “The private placement and positive resolution of the CRA matter significantly improved our balance sheet. With continued operational improvements expected in the second half of 2023, we are excited about our ability to continue to improve margins and to execute on enhanced patient care and new growth opportunities.”
Q2 2023 Financial Results
Total revenue is comprised of clinic revenue and non-clinic revenue. Total revenue was $17.1 million and $33.2 million for the three and six months ended June 30, 2023 compared to $15.9 million and $31.3 million for the three and six months ended June 30, 2022.
Clinic revenue is generated through the provision of medical services to patients. Clinic revenue was $16.0 million and $30.9 million for the three and six months ended June 30, 2023 compared to $14.9 million and $29.4 million for the three and six months ended June 30, 2022. The increase was primarily driven by continued growth from new clinic openings in 2022 and stronger revenue from existing clinics. Overall, capacity utilization was 65% and 63% in the three and six months ended June 30, 2023 compared to 64% and 63% for the three and six months ended June 30, 2022, despite the addition of new capacity in the second half of 2022.
Non-clinic revenue was $1.2 million and $2.4 million for the three and six months ended June 30, 2023 compared to $1.0 million and $1.9 million for the three and six months ended June 30, 2022. Non-clinic revenue is earned from physician staffing where NeuPath provides physicians for provincial and federal correctional institutions and hospital health departments across Canada, and from contract research services provided to pharmaceutical companies and clinical research organizations. This revenue fluctuates depending on the need for physicians in certain institutions and the timing and enrolment of clinical studies that the Company is working on.
Gross margin % was 18.8% and 18.4% for the three and six months ended June 30, 2023 compared to 17.9% and 17.6% for the three and six months ended June 30, 2022. Gross margin for the comparative three and six-month periods was impacted by remuneration payment accruals due to the HealthPointe acquisition resulting in increased cost of medical services (“COMS”) of $0.2 million and $0.4 million, respectively. Excluding these transaction-related accruals, gross margin % would have been 19.1% and 18.8% for the three and six months ended June 30, 2022. (See Non-IFRS Financial Measures – Gross Margin, Gross Margin %, Adjusted Gross Margin and Adjusted Gross Margin %).
Adjusted EBITDA was $1.0 million and $1.7 million for the three and six months ended June 30, 2023 compared to $0.8 million and $1.1 million for the three and six months ended June 30, 2022.
Non-IFRS Financial and Other Measures
The Company discloses non-IFRS measures (such as EBITDA, adjusted EBITDA, gross margin and adjusted gross margin) and non-IFRS ratios (such as gross margin % and adjusted gross margin %) that do not have standardized meanings prescribed by International Financial Reporting Standards (“IFRS”). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA
EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA, as EBITDA, excluding stock-based compensation expense, restructuring costs, gain on derecognition of other obligations, fair value adjustments, transaction costs, impairment charges, and finance income. Management believes EBITDA and adjusted EBITDA are useful supplemental non-GAAP measures to determine the Company’s ability to generate cash available for operations, working capital, capital expenditures, debt repayments, interest expense and income taxes.
The following table provides a reconciliation of net and comprehensive income (loss) to EBITDA and adjusted EBITDA:
(1) For the three and six months ended June 30, 2022, $188 and $376 of accrued contingent consideration that under IFRS 3, Business Combinations (“IFRS 3”) was not permitted to be included in the acquisition cost, has been accounted for as remuneration rather than consideration transferred.
Management believes gross margin, gross margin %, adjusted gross margin and adjusted gross margin % are important supplemental non-GAAP measures for evaluating operating performance and to allow for operating performance comparability from period-to-period. Gross margin is calculated as total revenue minus COMS. Gross margin % is calculated as gross margin divided by total revenue. Adjusted gross margin is calculated as gross margin, plus remuneration payment accruals related to the HealthPointe acquisition. Adjusted gross margin % is calculated as adjusted gross margin divided by total revenue.
The following table provides a reconciliation of total revenue to gross margin and adjusted gross margin:
(1) Gross margin, gross margin %, adjusted gross margin and adjusted gross margin % are non-IFRS measures. Please refer to Non-IFRS Financial Measures above. (2) Includes accrued contingent consideration that under IFRS 3 was not permitted to be included in the acquisition cost and has been accounted for as remuneration rather than consideration transferred.
For further details on the results, please refer to NeuPath’s Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2023, which are available on the Company’s website (www.neupath.com) and under the Company’s profile on SEDAR (www.sedar.com).
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company’s expectation of continued operational improvements in the second half of 2023 and the execution of the Company’s growth opportunities are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
TORONTO, ONTARIO, June 15, 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 the voting results from its Annual General and Special Meeting of Shareholders (the “Meeting”) held on June 14, 2023 and the grant of stock options (“Options”) and restricted share units (“RSUs”). All figures are in Canadian dollars, unless otherwise noted.
The results of the director elections were as follows:
The shareholders of the Company also voted: (i) to set the number of directors of the Corporation for the ensuing year at five (5), and that the directors be authorized to set the number of directors within the maximum and minimum numbers provided for in the articles of the Corporation by way of resolution; (ii) to reappoint Ernst & Young LLP, Chartered Professional Accounts, Licensed Public Accountants, as auditors of the Company for the ensuing year, and (iii) to approve the Company’s amended and restated stock option plan in the form attached as Schedule “A” to the management information circular dated April 25, 2023 prepared in connection with the Meeting.
Issuance of Stock Options and Restricted Share Units
On June 15, 2023, NeuPath granted 296,806 stock options (“Options”) to non-executive directors of the Company at an exercise price of $0.16 per share, with an expiry date of June 15, 2030. The Options are subject to time-based vesting and will fully vest on June 15, 2024.
In addition, on June 15, 2023, the Company granted 98,938 RSUs to the same non-executive directors of the Company. The RSUs are subject to time-based vesting in accordance with the policies of the TSX Venture Exchange. RSUs granted will fully vest on June 15, 2024. The terms of the RSUs are in accordance with the Company’s Amended and Restated Restricted Share Unit Plan approved by shareholders at the 2022 AGM.
Directors of the Company are entitled to receive an annual equity grant as part of their compensation package. As there was no equity award made to these directors for their 2022 services, the current grant has been increased to reflect equity compensation for both the current year and the missed 2022 grant.
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
• Delivered first quarter revenue of $16.1 million, up 4.2% year over year • Adjusted EBITDA(1) of $0.7 million, our 17th consecutive quarter of positive adjusted EBITDA • Continued focus on operational improvements and new services to better serve our patients
TORONTO, ONTARIO, May 25, 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 months ended March 31, 2023 and the grant of stock options (“Options”). All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• Strong quarterly total revenue of $16.1 million for the three months ended March 31, 2023 compared to $15.4 million for the comparative three-month period; • Adjusted EBITDA was $0.7 million for the three months ended March 31, 2023 compared to $0.3 million for the three months March 31, 2022; • On May 2, 2023, the Company announced the closing of its brokered private placement offering of 10% subordinated and postponed unsecured non convertible debenture units of the Company for gross proceeds of $1.453 million; • On May 15, 2023, the Company announced that it had received Notices of Reassessment confirming a positive resolution of the outstanding Canada Revenue Agency (“CRA”) matter, with cash refunds of approximately $1.9 million received last week; • On March 15, 2023, the Company announced that it received a binding offer to purchase its corporate-owned medical facility in London, Ontario. The Company anticipates the transaction will close on August 1, 2023. The Company expects the net proceeds from the sale to be more than $0.5 million after paying off the mortgage secured by this facility; • Joseph Walewicz was appointed Chief Executive Officer of the Company on March 9, 2023; and • The Company continues to focus on improved operations to support its accelerated growth strategy.
(1) Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below.
“We are pleased to see that increased physician hours, new facilities and new contracts are contributing to top-line growth,” stated Joe Walewicz, NeuPath’s CEO. “The private placement and resolution of the CRA matter has significantly improved our balance sheet post-quarter end, and with continued operational improvements expected in the second half of 2023, we are excited about our ability to execute on enhanced patient care and new growth opportunities.”
Q1 2023 Financial Results
Total revenue is comprised of clinic revenue and non-clinic revenue. Total revenue was $16.1 million for the three months ended March 31, 2023 compared to, $15.4 million for the three months ended March 31, 2022, up 4.2% year over year. This growth reflects the opening of clinics in Red Deer, our Ottawa fluoroscopy clinic, additional physician hours and growth in our non-clinics business.
Clinic revenue is generated through the provision of medical services to patients. Clinic revenue was $14.9 million for the three months ended March 31, 2023 compared to $14.5 million for the three months ended March 31, 2022. The increase was primarily driven by continued growth from new clinic openings in late 2022. Capacity utilization for the three months ended March 31, 2023 was 62%, consistent with the comparative quarter and reflecting increased capacity added to our network in the second half of 2022.
Non-clinic revenue was $1.2 million for the three months ended March 31, 2023 compared to $0.9 million for the three months ended March 31, 2022. Non-clinic revenue is earned from physician staffing where NeuPath provides physicians for provincial and federal correctional institutions and hospital health departments across Canada, and from contract research services provided to pharmaceutical companies and clinical research organizations. This revenue fluctuates depending on the need for physicians in certain institutions and the timing and enrolment of clinical studies that the Company is working on. First quarter growth was driven in part by a new contract win for our physician staffing business, effective the start of 2023.
Gross margin % was 18.0% for the three months ended March 31, 2023 compared to 17.2% for the three months ended March 31, 2022. The increase in gross margin was primarily driven by a decrease in physician costs as a percentage of revenue. Gross margin for the prior quarter was impacted by remuneration payment accruals due to the HealthPointe Medical Centres Ltd. (“HealthPointe”) acquisition of $0.2 million. Excluding these transaction related accruals, gross margin % would have been 18.4% for the three months ended March 31, 2022. (See NonIFRS Financial Measures – Gross Margin below). Adjusted gross margin % was down slightly as clinic startup costs were high in the first quarter, but are expected to normalize in the second half of 2023.
Adjusted EBITDA was $0.7 million for the three months ended March 31, 2023 compared to $0.3 million for the three months March 31, 2022.
Issuance of Stock Options
The Company has approved the grant of 140,000 Options to certain employees and 1,417,837 Options to officers of the Company to be issued on May 30, 2023, at an exercise price equal to the closing price on the last trading day immediately preceding the grant date, and with an expiry date of May 30, 2030. The terms of the Options granted are in accordance with the Company’s Amended and Restated Stock Option Plan. The Options that are granted to officers are subject to time-based vesting and will vest annually in equal installments on each anniversary date from the date of grant for 4 years.
Non-IFRS Financial and Other Measures
The Company discloses non-IFRS measures (such as EBITDA, adjusted EBITDA, gross margin and adjusted gross margin) and non-IFRS ratios (such as gross margin % and adjusted gross margin %) that do not have standardized meanings prescribed by International Financial Reporting Standards (IFRS). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA, as EBITDA, excluding stock-based compensation expense, restructuring costs, gain on derecognition of other obligations, fair value adjustments, transaction costs, impairment charges, and finance income. Management believes EBITDA and adjusted EBITDA are useful supplemental non-GAAP measures to determine the Company’s ability to generate cash available for operations, working capital, capital expenditures, debt repayments, interest expense and income taxes.
The following table provides a reconciliation of net loss and comprehensive loss to EBITDA and adjusted EBITDA:
(1) For the three months ended March 31, 2022, $188 of accrued contingent consideration that under IFRS 3, Business Combinations (“IFRS 3”) was not permitted to be included in the acquisition cost and has been accounted for as remuneration rather than consideration transferred.
Management believes gross margin, gross margin %, adjusted gross margin and adjusted gross margin % are important supplemental non-GAAP measures for evaluating operating performance and to allow for operating performance comparability from period-to-period. Gross margin is calculated as total revenue minus cost of medical services (”COMS”). Gross margin % is calculated as gross margin divided by total revenue. Adjusted gross margin is calculated as gross margin, plus remuneration payment accruals related to the HealthPointe acquisition. Adjusted gross margin % is calculated as adjusted gross margin divided by total revenue.
The following table provides a reconciliation of total revenue to gross margin and adjusted gross margin:
(1) Gross margin, gross margin %, adjusted gross margin and adjusted gross margin % are non-IFRS measures. Please refer to Non-IFRS Financial Measures above. (2) Includes accrued contingent consideration that under IFRS 3 was not permitted to be included in the acquisition cost and has been accounted for as remuneration rather than consideration transferred.
For further details on the results, please refer to NeuPath’s Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2023, which are available on the Company’s website (www.neupath.com) and under the Company’s profile on SEDAR (www.sedar.com).
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company’s expectation of continued operational improvements in the second half of 2023 and the execution of the Company’s growth opportunities are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, the direct and indirect impacts that the COVID19 pandemic may continue to have on the Company’s operations, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Received a positive response from the Canada Revenue Agency (the “CRA”) to our Notices of Objection regarding the Harmonized Sales Tax (“HST”) matter previously disclosed in our financial statements
The CRA has provided updated Notices of Reassessment and will issue refunds totalling approximately $1.9 million to the Company
TORONTO, ONTARIO, May 15, 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 provided an update regarding its HST objection with the CRA.
This past week the Company received notice that the CRA has allowed a number of the Company’s objections, and the CRA has issued Notices of Reassessment. As a result, the CRA will refund approximately $1.9 million that has been paid by and withheld from the Company, and is carried as a receivable on NeuPath’s financial statements.
“We are pleased to put this matter behind us so that NeuPath can continue its focus on providing category-leading healthcare services to our patients,” said Joe Walewicz, CEO. “The return of these funds, and the resolution of this matter, will allow us to invest in our clinics and removes uncertainty for our financial partners.”
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the timing and amount of refunds received from the CRA. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, the direct and indirect impacts that the COVID-19 pandemic may continue to have on the Company’s operations, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
TORONTO, ONTARIO, May 2, 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 it has closed its previously announced brokered private placement offering of 10% subordinated and postponed unsecured non-convertible debenture units of the Company (the “Units”) for gross proceeds of $1.453 million (the “Offering”).The Offering was led by Bloom Burton Securities Inc. as lead agent and Hampton Securities Ltd. (collectively, the “Agents”).
1,453 Units were issued pursuant to the Offering. Each Unit is comprised of: (i) $1,000 principal amount of subordinated and postponed unsecured non-convertible debentures of the Company (the “Debentures”); and (ii) for no additional consideration, such number of common shares in the capital of the Company (each whole common share, a “Bonus Share”, and collectively, the “Bonus Shares”) as is equal to 10% of the principal amount of the Debentures purchased divided by $0.09, being the closing market price of the common shares of the Company on the TSX Venture Exchange (the “TSXV”) on April 10, 2023. An aggregate of 1,614,444 Bonus Shares were issued in connection with the closing of the Offering. The Company has used a portion of the proceeds from the Offering to repay the previously announced $0.5 million bridge loan provided to the Company by Bloom Burton & Co. Inc., and will use the balance of the proceeds for corporate and general working capital purposes.
Commenting on the Offering, Joseph Walewicz, the Company’s Chief Executive Officer, noted, “We are pleased to have worked with new and existing shareholders to complete this debt offering, which will solidify our cash resources with modest dilution and assist us in the execution of multiple corporate growth initiatives.”
The Debentures will mature on May 2, 2025 (the “Maturity Date”) and bear interest at a rate of 10% per annum payable quarterly in arrears in cash. The Debentures and the Bonus Shares issued pursuant to the Offering, will be subject to a hold period of four months plus one day from May 2, 2023 (the “Closing Date”).
The Company may redeem the Debentures at any time prior to the Maturity Date in part or in full subject to an early repayment premium equal to: (i) 6% of the principal amount of the Debentures being redeemed if the redemption occurs prior to the date that is six months following the Closing Date; (ii) 5% of such principal amount if redemption occurs following the date that is six months following the Closing Date, but prior to the first anniversary of the Closing Date; (iii) 4% of such principal amount if redemption occurs following the first anniversary of the Closing Date prior to eighteen months following the Closing Date; or (iv) 3% of such principal amount if redemption occurs following eighteen months from the Closing Date, but prior to the Maturity Date.
Joseph Walewicz, the Company’s Chief Executive Officer, and Daniel Chicoine, the Company’s Board Chair (collectively, the “Insiders”) participated in the Offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The related party transaction is exempt from minority approval, information circular, and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities issued nor the consideration paid exceeds 25% of the Company’s market capitalization. The Company did not file a material change report with respect to the participation of the Insiders at least 21 days before the closing of the Offering as the details of the Insiders’ participation in the Offering had not been settled and the Company wished to complete the Offering in an expeditious manner.
As consideration for brokered services provided to the Company in connection with the Offering, the Company paid the Agents, a commission comprised of: (i) a cash fee in the aggregate amount of $75,250; and (ii) an aggregate of 836,111 broker warrants of the Company (“Broker Warrants”). Each Broker Warrant will be exercisable for one common share of the Company at an exercise price equal to $0.15 per common share until May 2, 2025.
About NeuPath NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation the use of proceeds from the Offering. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, the direct and indirect impacts that the COVID-19 pandemic may continue to have on the Company’s operations, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras Chief Financial Officer info@neupath.com (905) 858-1368
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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