Neupath Health Inc. · TSXV:NPTH
Neupath Health — Investor Presentation (April 2026)
21 slides from Neupath Health's investor presentation, April 2026
Slide 1: Growing Canada's Largest Network of Chronic Pain Treatment Facilities
Investor Presentation April 2026 Growing Canada’s Largest Network of Chronic Pain Treatment Facilities TSXV: NPTH
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: NeuPath operates one of Canada's largest networks of medical facilities
▪ ~150 healthcare professionals NeuPath (TSXV:NPTH) ▪ ~200,000 patient visits annually operates one of Canada’s largest networks of ▪ 5,000+ referring physicians community-based medical facilities focused on the treatment of chronic and ▪ 12 regulated medical facilities in Canada (Ontario and Albert
Slide 5: NeuPath Locations
NeuPath Locations NeuPath operates one of the largest networks of chronic pain facilities in Canada Alberta Ontario Ottawa Edmonton (1) Oshawa Red Deer Brampton Scarborough Mississauga Kitchener Hamilton London NeuPath Centres for Pain & Spine (NCPS) InMedic HealthPointe Windsor 5 (1) NeuPath owns a
Slide 6: Some Areas of Pain that we Treat
Some Areas of Pain that we Treat Arthritis & Fibromyalgia MSK Pain Back Pain Migraines Head and Sports Neck Pain Injuries 6
Slide 7: NeuPath Advantage
NeuPath Advantage Regulated healthcare facilities • Medical professionals with specialized training • Specialized equipment Strong Organic Growth Profile • Patient backlog, large growing market • Untapped inorganic growth opportunities Growing positive cash flows • Investing in efficiencies and grow
Slide 8: Continued Strong Q4 and YTD Revenue
Continued Strong Q4 and YTD Revenue Organic revenue growth expected to continue 15% CAGR $22.1 $87.2 $18.9 $72.8 $16.8 $66.1 2023 2024 2025 2023 2024 2025 Revenue Q4 Revenue YTD 8
Slide 9: Strong Q4 and YTD Adjusted EBITDA
Strong Q4 and YTD Adjusted EBITDA Growth of Adj EBITDA reflects operational improvements and organic growth 37% $6.0 CAGR $1.0 $0.9 $0.8 $3.8 $3.2 2023 2024 2025 2023 2024 2025 Adj EBITDA Q4 Adj EBITDA YTD 9
Slide 10: Balance Sheet in Great Shape
Balance Sheet in Great Shape $7.0 $6.0 $6.0 $6.2 Significant improvement in $5.0 $4.5 net debt $4.0 $3.1 $2.9 $3.0 Low net debt to $2.0 $1.7 EBITDA leverage $1.0 $0.0 Cash Debt* Net Debt* Dec 2024 Dec 2025 * Net Debt based on interest bearing debt and excludes IFRS lease debt 10
Slide 11: Capacity Utilization
Capacity Utilization Historical New Metric • Focused on physician utilization • Utilization of physical capacity • Filling available appointment spots • Limitations assuming clinics operate 40 hours per • Did not provide a realistic indicator of week growth constraints • Ability to increase capacity
Slide 12: Growth Strategy
Growth Strategy Organic Inorganic • Growing available Physician Hours • Acquiring existing medical facilities • Recruiting new physicians • Rostered physicians adding time • Expanding into adjacent markets • Utilizing technology • Improving medical facility efficiencies • Orthopedics & specialties w
Slide 13: Why Physicians Choose NeuPath
Why Physicians Choose NeuPath We offer Physicians: • National network of medical professionals for knowledge sharing and best practice learning • Ongoing investment in technology such as AI to improve: Doctors can • The physician and patient experience focus on • Facility efficiencies delivering • A
Slide 14: Canadian Market
Canadian Market Large Growing ▪ 1 in 5 adults in Canada suffer from chronic pain 1 Market ▪ Aging demographics – impacts 1 in 3 people over 651 ▪ Over 160 pain focused medical clinics across Canada, excluding Fragmented hospital-based clinics Market ▪ Many are single-location clinics 14 1. Chronic P
Slide 15: Capitalization
Capitalization OWNERSHIP • Active stock buyback (NCIB) program Institutional ownership1 ~35% • CEO acquired ~250K shares since Board and Management1 ~12% joining in May 2025 SHARE CAPITAL3 Millions Shares Outstanding 56.3 Stock Options2 5.1 RSUs 0.8 Fully Diluted 62.2 1. Includes holdings owned by B
Slide 16: Experienced Leadership
Experienced Leadership ▪Joined as President in May 2025, promoted to CEO in April 2026 ▪13 years of experience as a CFO including; Edesa Biotech, Inc.; NeuPath Health Inc, Stephen Lemieux Nuvo Research Inc. and Interim CEO and CFO of Cipher Pharmaceuticals CEO ▪MMPA – University of Toronto ▪Joined a
Slide 17: Year in Review
Year in Review Since the last Bloom Burton conference…. • Strong financial performance • Revenue growth of 20% to $87.2 million • Adjusted EBITDA growth of 56% to $6.0 million (6.9% of revenue) • Net debt of $1.7 million (leverage of 0.3x) • Executive leadership changes after successful turn-around
Slide 18: Multiple Drivers of Shareholder Value
▪ Several pathways to continue growth ▪ Demand for chronic and MSK pain treatments is growing Multiple Drivers of ▪ Fragmented Canadian market Shareholder Value ▪ Experienced leadership team ▪ Share buyback program is in place and active ▪ Low market valuation vs. peers
Slide 19: Thank you!
eS NeuPath ‘:- Health Inc. ‘ Thank you! TSXV: NPTH
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!
eS NeuPath ‘:- Health Inc. ‘ Thank you! TSXV: NPTH