NeuPath Health (NPTH) 2026 Bloom Burton & Co. Healthcare Investor Conference summary

Business overview and operations

• Operates one of Canada's largest chronic pain medical networks with 12 clinics in Ontario and Alberta, serving over 200,000 patient visits annually and supported by 150 doctors and 5,000 referring physicians.

• Clinics operate under multiple brands and partnerships, including a 50/50 joint venture in Red Deer and minority interests in physiotherapy clinics.

• Treats a wide spectrum of chronic pain conditions, leveraging a diverse team of specialists and regulated facilities.

• Utilizes advanced equipment such as portable ultrasound and fluoroscopy suites for complex procedures.

• Maintains high patient satisfaction, averaging a 4.6/5 Google score.

Financial performance and growth

• Achieved 20% revenue growth last year, reaching just over CAD 87 million, with adjusted EBITDA up 60% and margins improving to nearly 7%.

• Maintains a strong balance sheet with CAD 4.5 million in cash and net debt of CAD 1.7 million, supported by a 10-year facility and unused acquisition and working capital lines.

• Capacity utilization of physical facilities increased to 51%, indicating significant room for organic growth.

• Doctor hours grew by just over 10% last year, with ongoing recruitment and retention efforts.

• Over 90% of revenue comes from government insurance payers, ensuring reliable cash flow.

Strategic initiatives and technology

• Growth strategy focuses on expanding physician hours through recruitment (including international doctors), increasing hours from existing doctors, and leveraging word-of-mouth referrals.

• Invests in technology, including AI-driven charting tools, to improve physician efficiency and patient throughput.

• Clinical managers optimize patient flow and facility efficiency, contributing to improved financials.

• M&A strategy targets clinics with multiple doctors and similar service offerings, aiming for majority ownership and back-office integration.

• Launched new cash-pay procedures like Arthrosamid, expanding service offerings and revenue streams.