TORONTO, ONTARIO, November 12, 2021 – 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, 2021. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
• Quarterly revenue growth accelerated to 26% for the three months ended September 30, 2021;
• Strong quarterly revenue of $15.2 million compared to $12.0 million in the comparable prior year quarter;
• For the nine months ended September 30, 2021, revenue grew by 30% to $45.3 million compared to $34.8million for the nine months ended September 30, 2020;
• Adjusted EBITDA(1) of $0.6 million and $2.4 million for the three and nine months ended September 30, 2021, respectively;
• Year-over-year adjusted EBITDA growth of 27% for the nine months ended September 30, 2021; and
• On August 16, 2021, the Company closed the previously announced acquisition of KumoCare, a virtual care platform to further expand NeuPath’s virtual care and telemedicine offerings.
“NeuPath continues to deliver strong financial results as we work to improve access to care and outcomes for patients impacted by musculoskeletal conditions,” stated Grant Connelly, CEO of NeuPath. “I am excited by the powerful combination of NeuPath and KumoCare in terms of being able to deliver further improvements around access to care and patient outcomes. In addition, capacity utilization remains just below all-time highs and I look forward to being able to share news about our expanding clinic network.”
(1) Non-International Financial Reporting Standard (“IFRS”) financial measure defined by the Company below.
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