TORONTO, ONTARIO, August 12, 2021 – NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics that deliver category-leading treatment for chronic pain, as well as spinal injuries, sports-related injuries, and concussions, today announced its financial and operating results for the three and six months ended June 30, 2021. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
- Year-over-year revenue growth accelerated to 42% for the three months ended June 30, 2021;
- Record quarterly revenue of $15.9 million, compared to $11.2 million in the comparable prior year period;
- For the six months ended June 30, 2021, revenue grew by 32% to $30.1 million compared to $22.8 million for the six months ended June 30, 2020;
- Year-over-year adjusted EBITDA(1) growth of 28% and 61% for the three and six months ended June 30, 2021, respectively; and
- On June 9, 2021, the Company announced a transaction to acquire KumoCare, a virtual care platform to further expand NeuPath’s virtual care and telemedicine offerings.
“NeuPath’s record revenue was driven by both acquisition-related and organic growth, as evidenced by our record capacity utilization for the quarter,” said Grant Connelly, CEO of NeuPath. “In order to fuel future growth, we continue to invest in initiatives like building our remote pain management technology and we also look forward to integrating KumoCare’s virtual care platform. Generating 40% plus revenue growth in the current quarter, while also investing in future initiatives and generating positive operating cash flow bodes well for NeuPath’s future.”
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