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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.”

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