Business
Neupath Health Files First Quarter 2020 Results for 2576560 Ontario Inc
Toronto, Ontario--(Newsfile Corp. - July 15, 2020) - NeuPath Health Inc. (TSXV: NPTH) ("NeuPat...
About this update from Neupath Health Inc.
[{"type":"text","content":"Neupath Health Files First Quarter 2020 Results for 2576560 Ontario IncToronto, Ontario--(Newsfile Corp. - July 15, 2020) - NeuPath Health Inc. (TSXV: NPTH) (\"NeuPath\" or the \"Company\"), Canada's largest provider of chronic pain management services, today filed the unaudited interim financial statements for 2576560 Ontario Inc. (\"257\") for the three months ended March 31, 2020 (the \"Interim Financial Statements\"). The Company is filing the Interim Financial Statements in accordance with National Instrument 51-102 - Continuous Disclosure Obligations (\"NI 51-102\"), as 257 was the \"reverse takeover acquirer\" (as defined in NI 51-102) of the Company in a court approved plan of arrangement under Section 182 of the Business Corporations Act (Ontario) completed on June 25, 2020 (the \"Arrangement\").Prior to the completion of the Arrangement, the Company was a Capital Pool Company (as defined under the policies of the TSX Venture Exchange). The Company now carries on the business of 257. For further information on the Arrangement, please refer to the Company's filing statement dated May 29, 2020 (the \"Filing Statement\"), which is available under the Company's profile on SEDAR at www.sedar.com. On July 6, 2020, NeuPath commenced trading on the TSX Venture Exchange under the ticker symbol \"NPTH\".The Interim Financial Statements and the management's discussion and analysis thereon for the three month period ended March 31, 2020 (the \"MD&A\"), have been filed under the Company's profile on SEDAR. Readers are cautioned that the Interim Financial Statements and the MD&A makes no disclosure regarding the Company's results for such period or the consolidation of the Company's assets as the Arrangement closed subsequent to the end of such period. All financial amounts in this news release are in Canadian dollars, unless otherwise noted.Q1 2020 Financial Highlights of 257 For the three months ended March 31, 2020, revenue was $11.6 million, an increase of 6.2% compared to $10.9 million for the three months ended March 31, 2019.For the three months ended March 31, 2020, adjusted EBITDA(1) was $524,000, an increase of 48% compared to $353,000 for the three months ended March 31, 2019.Cash from operations increased to $396,000 for the three months ended March 31, 2020, compared to $148,000 for the three months ended March 3...