NeuPath Health (NPTH) investor relations material

Executive summary

• Operates 12 regulated medical facilities in Ontario and Alberta, with approximately 160 healthcare professionals and about 200,000 annual patient visits.

• Achieved total revenue of $23.2 million for Q2 2026, with positive cash flows from operations and Adjusted EBITDA of $1.7 million.

• Organic revenue growth was driven by record patient visits, excluding a one-time payment in the prior year.

• Six new physicians joined after the quarter, expanding service offerings at existing facilities.

• Achieved record patient visits in Q2 2026, increasing by 6% year-over-year.

Financial highlights

• Q2 2026 revenue grew 7% year-over-year to $23.2 million, with an 11% CAGR over three years; excluding a prior year one-time payment, revenue improved by 7% for the quarter and 9% for the six months.

• Adjusted EBITDA for Q2 2026 was $1.7 million, up 3% year-over-year excluding the one-time payment; YTD adjusted EBITDA reached $3.2 million, a 21% CAGR since 2024.

• Gross margin for Q2 2026 was $4.4 million (19.0% of revenue); capacity utilization increased to 56% from 52% year-over-year.

• Net debt to adjusted EBITDA leverage ratio is approximately 0.4x; net debt as of June 30, 2026 was $2.3 million, with $3.5 million in cash and $5.9 million in long-term debt.

• Clinic revenue for Q2 2026 was $21.8 million, up 7% excluding the prior year’s one-time payment; non-clinic revenue was $1.5 million, up from $1.4 million.

Outlook and guidance

• Growth strategy includes expanding physician hours, recruiting, new locations, and service offerings, with a focus on operational improvements and executing growth opportunities in 2026.

• Inorganic growth through acquisitions and expansion into adjacent markets such as orthopedics.