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, offering a wide spectrum of chronic pain treatments, from sports injuries to complex cases like fibromyalgia.

• Facilities are highly regulated, staffed by specialized doctors, and equipped with advanced technology such as portable ultrasound and fluoroscopy suites.

• Maintains high patient satisfaction, with a Google score averaging 4.6 out of 5.

Financial performance and growth

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

• 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 from national banks.

• Utilizes positive cash flows for share buybacks, technology investments, and growth initiatives.

• Institutional ownership is about 35%, with management and board holding 12%, and a clean capital structure of 56 million shares outstanding.

Growth strategy and capacity

• Focuses on increasing physician hours through recruitment (including international doctors), internal referrals, and encouraging existing doctors to expand their hours.

• Capacity utilization measured by physical clinic capacity rose to 51% last year, indicating significant room for organic growth.

• Technology investments, such as AI-driven charting tools, have improved doctor efficiency, enabling more patient visits per day.

• M&A strategy targets clinics with multiple doctors, offering back-office support and allowing doctors to focus on medicine.