Neupath Health Inc. · TSXV:NPTH
Neupath Health — Q3 2025 Earnings Presentation
17 slides from Neupath Health's earnings presentation, Nov 13, 2025
Slide 1: Investor Update Q3 2025
Investor Update Q3 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: 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 6: 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 7: Strong Q3 and YTD Revenue
Strong Q3 and YTD Revenue Strong organic revenue growth expected to continue 12% CAGR $65.0 $22.1 $53.9 $17.6 $49.3 $46.6 $16.1 $15.2 2022 2023 2024 2025 2022 2023 2024 2025 Revenue Q3 Revenue Q3 YTD 7 All amounts are in CAD$ millions
Slide 8: Strong Q3 and YTD Adjusted EBITDA
Strong Q3 and YTD Adjusted EBITDA Growth of Adj EBITDA reflects operational improvements and organic growth 50% CAGR $1.5 $5.0 $2.9 $0.7 $2.4 $0.7 $1.4 $0.4 2022 2023 2024 2025 2022 2023 2024 2025 Adj EBITDA Q3 Adj EBITDA YTD 8 All amounts are in CAD$ millions
Slide 9: Balance Sheet in Great Shape
Balance Sheet in Great Shape $8.0 $7.0 $6.8 $6.3 $6.0 $5.3 ~65% $5.0 $4.6 reduction in net $4.0 debt while investing $3.0 in new facilities (including three new $2.0 $1.7 $1.5 fluoroscopy suites $1.0 in 2024, facilities refresh in 2025) $0.0 Cash Debt* Net Debt* Q4/22 Q3/25 * Net Debt based on inter
Slide 10: The next stage of growth
The next stage of growth 3. Expand Through 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 acquisition and new
Slide 11: Inorganic growth
Inorganic growth ▪ Cash flows + NB 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 Ad
Slide 12: Capitalization & Financial Data
Capitalization & Financial Data Financial Information Capital Structure ▪ Tight capital structure Common Shares Outstanding 56,234,412 ▪ Institutional ownership ~40% ▪ Board / management ~30% Dilutive Instruments ▪ Since joining NeuPath, CEO has Stock Options(1) 5,251,179 acquired ~675K shares Restr
Slide 13: Experienced Leadership
Experienced Leadership ▪Joined the Board of Directors in 2020, became CEO in Sept. 2022 ▪30 years in healthcare; 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 14: 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 Increased physician hours / patient visit growth o In Q1 2025 performed the first-ever injection in North America of Arthrosamid® (2.5% iPAAG) at its Mississauga, Ontario clinic ▪ A
Slide 15: 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 16: 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 17: Thank you!
Se NeuPath ‘-.: Health Inc. 7 Thank you! ‘ TSXV: NPTH