Canada · Delayed Price · Currency is CAD NeuPath Health Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose ~1% to CAD 22.3M, while Adjusted EBITDA was CAD 1.4M; recruitment costs and holiday timing weighed on results. Physician onboarding, Guelph and AI-enabled productivity are expected to support growth into 2027.
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The 13-clinic network reported ~CAD 90M revenue run rate, 56% capacity utilization and just over 7% EBITDA margin. Growth priorities include physician recruitment, AI-enabled productivity, new services, geographic expansion and selective M&A; the five-year vision is nationwide coverage.
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Revenue grew 7% year-over-year to CAD 23.2 million in Q2 2026, with adjusted EBITDA up 3% and record patient visits. Capacity utilization improved, new physicians were onboarded, and growth investments are accelerating.
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Q1 2026 saw 11% revenue growth and 15% Adjusted EBITDA growth, with strong patient volume and capacity utilization gains. Expansion continues with a new Guelph facility and ongoing M&A activity, while gross margin faced pressure from higher staffing costs.
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A leading chronic pain clinic network reported 20% revenue growth and strong EBITDA margins, driven by increased physician hours, technology investments, and a robust M&A strategy. The business benefits from a highly fragmented market, low physician churn, and over 90% government-insured revenue.
Fiscal Year 2025
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Revenue grew 20% to CAD 87.2M in 2025, with adjusted EBITDA up 56% and margin improvement. Growth is driven by physician recruitment, technology, and service expansion, with 2026 guidance for 8%-12% revenue growth and higher EBITDA margin.
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Q3 saw 26% revenue growth and a 98% increase in adjusted EBITDA, driven by higher patient volumes and operational improvements. The company reduced net debt, expanded in Alberta, and is actively pursuing acquisitions, with a strong cash position and ongoing share buybacks.