NEUPATH HEALTH REPORTS FIRST QUARTER 2025 RESULTS
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NEUPATH HEALTH REPORTS FIRST QUARTER 2025 RESULTS

  • Record total revenue of $19.3 million, up 11% year-over-year
  • Positive cash flows, with Adjusted EBITDA(1) of $1.3 million, up 49% year-over-year, and our 25th consecutive quarter of positive Adjusted EBITDA
  • Secured new credit facilities to drive growth and to refinance existing debt
  • On May 1, Stephen Lemieux assumed the role of President to lead the implementation of NeuPath’s strategic initiatives

TORONTO, ONTARIO, May 15, 2025 – 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 March 31, 2025 and the grant of stock options (“Options”) and restricted share units (“RSUs”). All figures are in Canadian dollars, unless otherwise noted.

“Strong organic growth in Alberta and Ontario, combined with careful attention to our operations and our clinic footprint, continues to deliver improved operating results,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “We expect continued growth and improved results in 2025, as we continue to evaluate multiple inorganic growth opportunities to better serve patients, with more services, in more communities.”

Financial and Operational Highlights

  • Total revenue was $19.3 million for the three months ended March 31, 2025 compared to $17.5 million for the three months ended March 31, 2024, up 11% compared to the first quarter of 2024, delivering record first quarter revenues;
  • Adjusted EBITDA was $1.3 million for the three months ended March 31, 2025 compared to $0.9 million for the three months March 31, 2024, up 49% year-over-year;
  • For the three months ended March 31, 2025, capacity utilization improved to 75%, up from 72% in the first quarter of 2024;
  • On March 26, 2025, the Company secured new credit facilities from the National Bank of Canada providing an aggregate of up to $13.5 million in loans, comprised of a (i) $4.0 million revolving credit facility, (ii) $3.0 million non-revolving delayed draw term loan facility, and (iii) $6.5 million non-revolving term loan facility;
  • As at March 31, 2025, the Company had $4.4 million in cash and cash equivalents and interest-bearing long-term debt of $6.5 million;
  • On May 1, 2025, Stephen Lemieux assumed the newly created role of President to lead the implementation of NeuPath’s strategy to accelerate inorganic and organic growth and optimize operating margins; and
  • The Company anticipates the receipt of a potentially material one-time positive payment in Q2 of 2025 relating to prior period physician reimbursements.

(1) Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below.

View entire press release – PDF

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