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NeuPath Health Announces Voting Results From the Annual General and Special Meeting of Shareholders

TORONTO, ONTARIO, June 13, 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 voting results from its Annual General and Special Meeting of Shareholders (the “Meeting”) held on June 12, 2024. 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 reappoint Ernst & Young LLP, Chartered Professional Accountants, Licensed Public Accountants, as auditors of the Company for the ensuing year, and (ii) 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 23, 2024 prepared in connection with the Meeting.

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 to live their best life. For additional information, please visit www.neupath.com.

For more information, please contact:

Jeff Zygouras
Chief Financial Officer
[email protected]
(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.

NEUPATH HEALTH REPORTS RECORD QUARTERLY REVENUES WITH FIRST QUARTER 2024 RESULTS

  • Delivered record first quarter total revenue of $17.5 million, up 9% year-over-year
  • Adjusted EBITDA(1) of $0.9 million, our 21st consecutive quarter of positive adjusted EBITDA
  • Improved cash flows, closing cash and cash equivalents balance of $2.6 million, up more than 300% year-over-year

TORONTO, ONTARIO, May 16, 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 ended March 31, 2024. All figures are in Canadian dollars, unless otherwise noted.

“The work over the past 18 months is yielding consistent results, as demonstrated by our record quarterly revenue, improved capacity utilization, improved adjusted EBITDA and our reducing net debt,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “The focus on facility improvements and footprint will positively impact results in the second half of 2024, and we continue to evaluate opportunities to add more physicians, to serve more patients, in more locations, providing greater community access to medically necessary treatments.”

Financial and Operational Highlights

  • Total revenue was $17.5 million for the three months ended March 31, 2024 compared to $16.1 million for the three months ended March 31, 2023, up 9% compared to the first quarter of 2023, delivering record first quarter revenues;
  • Adjusted EBITDA was $0.9 million for the three months ended March 31, 2024 compared to $0.7 million for the three months March 31, 2023, up 29% year-over-year;
  • For the three months ended March 31, 2024, capacity utilization improved to 72%, up from 65% in the first quarter of 2023;
  • As at March 31, 2024, the Company had $2.6 million in cash and cash equivalents and long-term debt of $6.0 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.

View entire press release – PDF

NEUPATH HEALTH TO PRESENT AT THE 2024 BLOOM BURTON & CO. HEALTHCARE INVESTOR CONFERENCE

TORONTO, ONTARIO, April 10, 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 that Joseph Walewicz, CEO, will be presenting at the 2024 Bloom Burton & Co. Healthcare Investor Conference to be held April 16 to 17, 2024 at the Metro Toronto Convention Centre.

NeuPath Presentation

Date:         Wednesday, April 17, 2024
Time:        11:00 a.m. ET
Format:     30-minute live virtual presentation, including Q&A

To register for the NeuPath presentation, please visit the Investors section of our website at: www.neupath.com/investors/decks-presentations. A replay of the webcast will remain available for 90 days following the presentation.

About the Conference

The Bloom Burton & Co. Healthcare Investor Conference brings together U.S., Canadian and international investors who are interested in the latest developments in the Canadian healthcare sector. Attendees will have an opportunity to obtain corporate updates from the premier Canadian publicly traded and private companies through presentations and private meetings. For more information, please visit: www.bloomburton.com/conference.

About Bloom Burton & Co.

Bloom Burton & Co. is a firm dedicated to accelerating returns in the healthcare sector for both investors and companies. Bloom Burton has an experienced team of medical, scientific, industry and capital markets professionals who perform a deep level of diligence, which combined with our creative and entrepreneurial approach, assists our clients in achieving the right monetization events. Bloom Burton and its affiliates provide capital raising, M&A advisory, equity research, strategic advisory, as well as company creation and incubation services. Bloom Burton Securities Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and is also a member of the Canadian Investor Protection Fund (CIPF).

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 to live their best life. For additional information, please visit www.neupath.com.

For more information, please contact:

Jeff Zygouras
Chief Financial Officer
[email protected]
(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.

NEUPATH ANNOUNCES CLINIC ACQUISITION

  • 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
[email protected]
(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.

NEUPATH HEALTH REPORTS FOURTH QUARTER AND YEAR-END 2023 RESULTS

  • 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.

View entire press release – PDF

NEUPATH HEALTH REPORTS THIRD QUARTER 2023 RESULTS

  • 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.”

View entire press release – PDF

NEUPATH HEALTH ANNOUNCES SUCCESSFUL CLOSING OF UPDATED CREDIT FACILITY

• 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
[email protected]
(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.

NEUPATH SUCCESSFULLY COMPLETES SALE OF CORPORATE-OWNED MEDICAL FACILITY

• 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
[email protected]
(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

NEUPATH HEALTH DELIVERS RECORD QUARTERLY REVENUES

• 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.”

View entire press release – PDF

NEUPATH HEALTH ANNOUNCES VOTING RESULTS FROM THE ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS AND ISSUANCE OF STOCK OPTIONS AND RESTRICTED SHARE UNITS

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
[email protected]
(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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