- Delivered strong third quarter revenues of $15.2million including non-clinic revenues of $1.0million
- Adjusted EBITDA(1) of $0.4 million, our 15th consecutive quarter of positive adjusted EBITDA
- New fluoroscopy suite opened in Ottawa and new physicians added to the network
- Committed to an accelerated growth strategy and evaluating multiple strategic expansion opportunities
TORONTO, ONTARIO, November 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 and nine months ended September 30, 2022 and the grant of stock options (“Options”) and restricted share units (“RSUs”). All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
- Delivered strong quarterly total revenue of $15.2 million, including quarterly non-clinic revenue of $1.0 million for the three months ended September 30, 2022 compared to $15.2 million and $0.8 million for the comparative three-month period;
- For the nine months ended September 30, 2022, revenue grew by 3% to $46.6 million compared to $45.3 million for the comparative nine-month period;
- Adjusted EBITDA was $0.4 million and $1.5 million for the three and nine months ended September 30, 2022 compared to $0.6 million and $2.4 million for the comparative three and nine-month periods;
- In November 2022 opened a new fluoroscopy suite to patients in Ottawa, following the opening of two new fluoroscopy suites in July 2022, and with one more fluoroscopy suite scheduled to be opened in the near term, enabling the Company to better serve our patients and expand our service offerings;
- Continued the implementation of the Company’s accelerated growth strategy, which included a restructuring of the Company’s corporate office in order to improve free cash flow.
“We are very pleased with our business progress this quarter, which lays the foundation for future success,” stated Joseph Walewicz, NeuPath’s interim CEO. “We are particularly pleased to have new physicians joining us, and the completion of our investments in Red Deer and Ottawa will enhance our ability to serve our patients. We expect that these successes, combined with our recent restructuring, will enhance our operating performance in 2023 and beyond.”
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