NeuPath Health (NPTH) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached CAD 87.2 million, up 20% year-over-year, with strong organic growth and a clean balance sheet.

• Adjusted EBITDA grew 56% to CAD 6 million, with margin improvement to 6.8% of revenue.

• Growth driven by increased patient visits, new service launches, physician recruitment, and improved capacity utilization.

• Marked the 28th consecutive quarter of positive Adjusted EBITDA.

• Expansion plans include new locations in Alberta, Ontario, and other provinces, plus M&A opportunities.

Financial highlights

• Revenue increased 20% year-over-year to CAD 87.2 million; excluding a one-time item, growth was 17%.

• Adjusted EBITDA rose to CAD 6 million, up 56% from the prior year.

• Adjusted EBITDA margin improved to 6.8% from 5.2%; excluding the one-time item, margin was 6.3%.

• Clinic revenue rose to $81.8 million for 2025, up from $67.3 million in 2024, mainly due to higher patient volumes and new procedures.

• Net debt reduced to CAD 1.7 million, representing 0.3x adjusted EBITDA.

Outlook and guidance

• Revenue growth guidance for 2026 is 8%-12%, excluding one-time items.

• EBITDA margin expected to improve in 2026, driven by operational efficiency, technology adoption, and increased physician hours.

• Management expects continued growth and margin improvement in 2026, with plans to expand to new locations and broaden innovative procedures.

• High likelihood of opening new locations and completing M&A in 2026.

• Focus on serving more patients and optimizing physical capacity utilization.