NEUPATH HEALTH REPORTS FOURTH QUARTER AND YEAR-END 2024 RESULTS

• Fourth quarter total revenue of $18.9 million, up 12% year-over-year
• Q4 adjusted EBITDA⁽¹⁾ of $0.9 million, up 18% year-over-year, and our 24^th consecutive quarter of positive adjusted EBITDA. Full year adjusted EBITDA up 19% year-over-year
• Positive cash flows, with significant investments in our facilities to support future growth
• In Q1 2025 performed the first-ever injection in North America of Arthrosamid^® (2.5% iPAAG) at its Mississauga, Ontario clinic
• In Q1 2025 secured a new Credit Facility with National Bank to support growth initiatives

TORONTO, ONTARIO, March 27, 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 and year ended December 31, 2024. All figures are in Canadian dollars, unless otherwise noted.

“We once again delivered strong organic growth while continuing to invest in our facilities,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “These investments, new procedures such as the recently launched Arthrosamid, and our new Credit Facility will accelerate organic and inorganic growth to better serve patients, with more services, in more communities.”

Financial and Operational Highlights

• Total revenue was $18.9 million and $72.8 million for the three months and year ended December 31, 2024, up 12% versus the fourth quarter of 2023 and 10% for the year, delivering another record year of revenues;
• Adjusted EBITDA was $0.9 million and $3.8 million for the three months and year ended December 31, 2024, up 18% over the prior year fourth quarter and 19% year-over-year;
• For the year ended December 31, 2024, capacity utilization improved to 75%, up from 68% in the prior year;
• As at December 31, 2024, the Company had $2.9 million in cash and cash equivalents and long-term debt of $5.9 million, of which $2.2 million is interest-bearing;
• In Q1 2025 performed the first-ever injection of Arthrosamid (2.5% iPAAG) in North America at its Mississauga, Ontario clinic. Arthrosamid is a unique non-biodegradable hydrogel injection developed by Contura International A/S, a biotechnology company based in Denmark. Unlike traditional osteoarthritis injections, Arthrosamid integrates into the synovial tissue of the knee, helping to cushion the joint and reduce pain with a single dose; and
• In Q1 2025 announced a new $13.5 million Credit Facility with National Bank, including a Term Loan, a Revolving Facility and an Acquisition Line to support the continued growth of the business.

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

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