{City}, {State/Province} — November 13, 2025 — Leads & Copy —
NeuPath Health Inc. (TSXV:NPTH) has released its financial and operating results for the three and nine months ending September 30, 2025. The company will host an investor webinar on Thursday, November 13, 2025. All figures are in Canadian dollars unless otherwise noted.
Joe Walewicz, NeuPath’s Chief Executive Officer, stated that the company’s growth and improved cash flows are the result of the team’s work to optimize the medical facility footprint, mitigate cost pressures, and increase the time medical professionals are available to treat patients. The core clinic business has shown growth in patient visits and rising demand for Arthrosamid®. The company anticipates continued organic and inorganic growth for the remainder of 2025 and beyond.
Key financial and operational highlights include:
- Total revenue reached $22.1 million and $65.0 million for the three and nine months ended September 30, 2025, reflecting year-over-year increases of 26% and 21%, respectively.
- Adjusted EBITDA was $1.5 million and $5.0 million for the three and nine months ended September 30, 2025, marking year-over-year increases of 98% and 71%, respectively.
- Capacity utilization for the nine months ended September 30, 2025, improved to 81%, up from 74% for the nine months ended September 30, 2024.
- As of September 30, 2025, the Company reported $4.6 million in cash and cash equivalents, with interest-bearing long-term debt at $6.3 million.
Total revenue consists of clinic and non-clinic revenue. Clinic revenue was $20.8 million and $61.0 million for the three and nine months ended September 30, 2025, compared to $16.3 million and $49.8 million for the three and nine months ended September 30, 2024. The increase in clinic revenue was primarily due to adjustments to physician reimbursement rates and stronger revenue from fluoroscopy.
Non-clinic revenue totaled $1.3 million and $4.0 million for the three and nine months ended September 30, 2025, compared to $1.2 million and $4.1 million for the three and nine months ended September 30, 2024. Non-clinic revenue is derived from physician staffing allocation services and contract research services.
Gross margin % was 19.1% and 19.3% for the three and nine months ended September 30, 2025, compared to 18.3% and 19.0% for the three and nine months ended September 30, 2024. The increase in gross margin was driven by positive adjustments to physician reimbursement rates and stronger revenues from fluoroscopy.
As of September 30, 2025, NeuPath’s net debt stood at $1.7 million, an improvement from $2.8 million as of September 30, 2024. As of September 30, 2025, the Company had 56,234,412 basic shares outstanding and 62,436,841 fully diluted shares outstanding.
An investor webinar is scheduled for Thursday, November 13, 2025, at 10:00 AM ET / 7:00 AM PT. Registration is available through the provided webcast link.
NeuPath operates a network of healthcare clinics focused on improved access to care and outcomes for patients. The company provides assessments and rehabilitation services for chronic pain, musculoskeletal/back injuries, sports-related injuries, and concussions. NeuPath also offers workplace health services and independent medical assessments, as well as contract research services.
For additional details on the results, NeuPath’s Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements are available on the Company’s website and on SEDAR+.
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Source: NeuPath Health Inc.
