• Total revenue increased by 22% to $15.6 million in the quarter
• Same-clinic revenue growth(1) of 10% for the year ended December 31, 2021
• Adjusted EBITDA growth(1) of 27% vs fiscal 2020
• 12th consecutive quarter of positive adjusted EBITDA(1)
• Construction complete on 3 new fluoroscopy suites in Red Deer, Alberta and Hamilton, Ontario
TORONTO, ONTARIO, March 17, 2022 – 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, 2021. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• Strong quarterly revenue of $15.6 million compared to $12.8 million in the comparable quarter;
• For the year ended December 31, 2021, revenue grew by 28% to $60.9 million compared to $47.6 million for the year ended December 31, 2020;
• Adjusted EBITDA was $148,000 for the three months ended December 31, 2021 compared to $116,000 for the comparable quarter;
• Year-over-year adjusted EBITDA growth of 27% for the year ended December 31, 2021; and
• On November 30, 2021, the Company announced it had entered into a partnership with Central Alberta Orthopedics (“CAO”), a leading provider of multidisciplinary care in musculoskeletal trauma and reconstructive surgery, to open an interdisciplinary pain institute in Red Deer, Alberta. The clinic is expected to be open to patients in May 2022 and ownership of the newly formed corporation is split 50/50 between NeuPath and CAO.
“NeuPath continues to deliver profitable growth while also building a strong foundation for future growth,” stated Grant Connelly, NeuPath’s Chief Executive Officer. “We completed the first phase of our clinic rebrand, while also investing in technology, the patient experience, and adding talent to our leadership team. These investments will drive future financial performance while also delivering value to patients, healthcare providers, payors, and investors.”
Corporate Developments
NeuPath’s board of directors has appointed Jeff Zygouras, CPA, CA as Chief Financial Officer and Corporate Secretary effective March 17, 2022. Mr. Zygouras is an accomplished financial professional who has served as NeuPath’s Corporate Controller since 2019, and most recently as Interim Chief Financial Officer. Prior to joining NeuPath, Mr. Zygouras held senior financial roles at Nuvo Pharmaceuticals Inc. and Crescita Therapeutics Inc. and was an auditor at EY Canada. Mr. Zygouras is a Chartered Professional Accountant and holds a Master of Management and Professional Accounting from the University of Toronto.
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