• Delivered record fourth quarter revenues of $16.1 million
• Adjusted EBITDA(1) of $0.8 million, our 16th consecutive quarter of positive adjusted EBITDA
• Recent clinic openings and expanded service offering to drive further momentum, continued focus on operational improvements to better serve our patients
TORONTO, ONTARIO, March 30, 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 and year ended December 31, 2022. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• Delivered record quarterly total revenue of $16.1 million for the three months ended December 31, 2022 compared to $15.6 million for the comparative three-month period;
• For the year ended December 31, 2022, revenue increased to a record $62.7 million compared to $60.9 million for the year ended December 31, 2021;
• Adjusted EBITDA was $0.8 million and $2.3 million for the three months and year ended December 31, 2022 compared to $0.1 million and $2.5 million for the comparative three months and year ended December 31, 2021;
• The Company continued to expand its image-guided capabilities with a new fluoroscopy suite in Ottawa. The Company now has 6 fluoroscopy suites, enabling the Company to better serve our patients and expand our service offerings;
• The Company continues to focus on improved operations to support its accelerated growth strategy, including a restructuring of the Company’s corporate office in order to improve free cash flow;
• Joseph Walewicz was appointed Chief Executive Officer of the Company on March 9, 2023; and
• Subsequent to year end, the Company announced that it received a binding offer to purchase the London medical facility, the transaction is expected to close on August 1, 2023. The Company expects to receive net proceeds over and above the mortgage obligation of approximately $0.5 million.
“We are very pleased that the investments made in 2022 are beginning to bear fruit, and that the restructuring and continued operating improvements are helping the top and bottom line,” stated Joseph Walewicz, NeuPath’s CEO. “We expect continued operational improvements in 2023, which will improve our ability to execute on enhanced patient care and new growth opportunities.”
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