Neupath Health Inc. · TSXV:NPTH
Neupath Health — Planet Microcap (October 2025)
21 slides from Neupath Health's conference presentation, Oct 14, 2025
Slide 1: Planet Microcap Investor Update
Planet Microcap Investor Update October 2025 Growing Canada’s Largest Network of Chronic Pain Treatment Facilities (All figures in C$ unless otherwise indicated)
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation are forward looking statements which may include, but are not limited to, statements with respect to the future financial or operating performance of NeuPath and its projects, the market conditions, business strategy, corporate plans
Slide 3: Non-IFRS Financial Measures
Non-IFRS Financial Measures This presentation makes reference to certain financial measures, including non-IFRS financial measures that are historical and non-GAAP or non-GAAP ratios. Management uses these financial measures for purposes of comparison to prior periods and development of future proje
Slide 4: Why Invest in NeuPath (NPTH-TSXV)?
Why Invest in NeuPath (NPTH-TSXV)? Regulated healthcare facilities • Specialized personnel and training • Expensive equipment and facilities Strong Organic Growth Profile • Patient backlog, large growing market • Untapped inorganic growth opportunities Growing positive cash flows • Successful turnar
Slide 5: Patient-Centred Multidisciplinary Care Model
Patient-Centred Multidisciplinary Care Model Key Metrics Wide range of specialties ▪ ~ 200,000 patient visits annually ▪ Physiatrists ▪ ~154 healthcare professionals, incl. ~100 ▪ Anaesthesiologists MDs ▪ Orthopaedic surgeons ▪ ~15,000 referring physicians ▪ General practitioners with specialized tr
Slide 6: A Range of Services for Canadian Pain Patients
A Range of Services for Canadian Pain Patients Injections Infusions Other - Arthrosamid® - Botox (for pain) - Ketamine - Physical Therapy - Epidurals - Lidocaine - Radiofrequency Ablation - Joint / Bursa - Acupuncture* - Nerve blocks - CBT* - Prolotherapy - Chiropractic* - PRP - Massage* - Trigger p
Slide 7: Reaching Patients in High-Growth Regions
Reaching Patients in High-Growth Regions NeuPath operates the largest network for chronic pain facilities in Canada • Currently addressing ~67% and ~38% of Ontario and Alberta’s population, respectively • Planning expansion in existing and new high-growth regions across Canada Alberta Southern Ontar
Slide 8: Growing Revenue and Cashflows…
Growing Revenue and Cashflows… 11% 48% CAGR CAGR $50 $45 $43.0 $3.5 Strong Growth of $40 $36.4 $33.2 organic Adj EBITDA $35 $31.3 revenue reflects $30 $2.2 growth operational $25 $1.7 $20 expected to improvements $15 continue $1.1 $10 $5 $0 H1/2022 H1/2023 H1/2024 H1/2025 H1/2022 H1/2023 H1/2024 H1/
Slide 9: …while decreasing facilities footprint…
…while decreasing facilities footprint… -26% Improving Capacity Utilization 79% vs. 75% (For the first half of 2025 vs prior year) Dec/23 Dec/24 Dec/25e Total Sq Ft Under Lease at Year End (incl sublease) 9
Slide 10: …driving a Balance Sheet Turnaround
…driving a Balance Sheet Turnaround $8.0 $7.0 $6.8 $6.5 $6.0 $5.3 ~50% $5.0 reduction in net $4.0 $3.8 debt while investing $3.0 $2.7 in new facilities (including three new $2.0 $1.5 fluoroscopy suites $1.0 in 2024, facilities refresh in 2025) $0.0 Cash Debt* Net Debt* Q4/22 Q2/25 * Net Debt based o
Slide 11: New Credit Facility To Drive Growth
New Credit Facility To Drive Growth Flexibility to respond to opportunities and accelerate growth in 2025 and beyond ▪ New $13.5 million National Bank of Canada (NB) facility o $6.5 million non-revolving term loan “credit” facility to refinance all LTD o $4.0 million “revolving” credit facility o $3
Slide 12: The next stage of growth
The next stage of growth 3. Expand Through Executing! Adjacent Markets 2. Expand Our 1. Increase Capacity Network Utilization in Existing ▪ Orthopedics & specialties Facilities with high overlapping ▪ Build-out a pan-Canadian patient cohorts national network through ▪ Onboard new doctors at acquisit
Slide 13: Key Growth Driver: Attracting and Retaining Physicians
Key Growth Driver: Attracting and Retaining Physicians ✓ Regulated treatment facilities ✓ Access to new technologies, modern equipment ✓ Built in referral network to rapidly build practice ✓ HR, IT and administration handled by NeuPath ✓ Network allows for flexible work arrangements ✓ Excellent work
Slide 14: Expanding Treatment Options
Expanding Treatment Options First to Launch Arthrosamid® in North America ▪ Novel Treatment Option for Osteoarthritis of the Knee ▪ Worked with Contura to train physicians and make this new treatment available ▪ Currently available at six Ontario locations and one Alberta location 14
Slide 15: Inorganic growth
Inorganic growth ▪ Cash flows + acquisition line allow for “tuck in” acquisitions ▪ Evaluating various growth opportunities: o Improved facilities in core markets o New facilities in new markets (AB / ON) o Entering new provinces in partnership with local players o New therapeutic treatments o Adjac
Slide 16: Capitalization & Financial Data
Capitalization & Financial Data Financial Information Capital Structure ▪ Tight capital structure Common Shares Outstanding 56,598,712 ▪ Institutional ownership ~40% Dilutive Instruments ▪ Board / management >30% Warrants (insider) (1) 4,480,000 ▪ Since joining NeuPath, CEO has Stock Options(2) 5,25
Slide 17: Experienced Leadership
Experienced Leadership ▪Joined the Board of Directors in 2020, became CEO in Sept. 2022 ▪25 years in biopharma; including Clementia Pharmaceuticals, Joseph Walewicz MethylGene, Warnex, Paladin Labs CEO ▪MBA, Finance from McGill, CFA charterholder ▪Joined as Corporate Controller in 2019, promoted to
Slide 18: Outlook for the Next Twelve Months
Outlook for the Next Twelve Months ▪ Continued “high single / low double digit” organic growth for the base business o In Q1 2025 performed the first-ever injection in North America of Arthrosamid® (2.5% iPAAG) at its Mississauga, Ontario clinic ▪ Adj EBITDA margin will continue to improve reflectin
Slide 19: Growing Canada's Leader in Chronic Pain Treatment
Growing Canada’s Leader in Chronic Pain Treatment NeuPath (TSXV:NPTH) is a private provider of public health, operating a growing network of chronic pain treatment facilities. ✓ Large need, growing market ✓ Multiple organic and inorganic growth opportunities ✓ Regulated medical facilities, specializ
Slide 20: EBITDA Reconciliation of IFRS
EBITDA Reconciliation of IFRS EBITDA and Adjusted EBITDA EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA, as EBITDA, excluding stock-based
Slide 21: Thank you!
Se NeuPath ‘-.: Health Inc. 7 Thank you! ‘ TSXV: NPTH