• 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.”
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