NeuPath Health (NPTH) Planet MicroCap Showcase: Toronto 2026 summary

Operating profile

• 13 clinics, primarily in Ontario and Alberta; 160 healthcare professionals, including ~100 physicians, serve ~200,000 patient visits annually through a referral network of 5,000+ providers. Patient satisfaction score above 4.6/5.

• Services span chronic pain and musculoskeletal care, with specialties including headache and migraine, pediatric pain, sports medicine and image-guided spinal procedures.

• Chronic pain affects one in five Canadian adults and one in three adults over 65; the fragmented market includes ~250 clinics, with an estimated 140-160 viewed as potential acquisition targets.

Financial performance and capacity

• Mid-September market capitalization was CAD 30M; revenue run rate was ~CAD 90M, H1 revenue just under CAD 45M and EBITDA CAD 3.2M, or just over 7% of revenue.

• Top-line growth was just under 10% and adjusted EBITDA growth ~8%; capacity utilization reached 56%, up from 52% last year, while net debt was CAD 2.3M and falling.

• Six physicians started; a physician working three days weekly can generate ~CAD 1M revenue at a 20% gross margin, with CAD 40K-CAD 50K recruitment cost and a typical ramp-up within six months.

• Mature clinics operating at capacity can generate 15%-17% four-wall EBITDA; consolidated EBITDA margin targets are 9%-10% near CAD 100M revenue and 11%-12% at CAD 120M-CAD 140M.

Growth initiatives

• Growth is focused on adding physician hours through recruitment, increased schedules for existing doctors, clinic expansion, broader services, technology investment and selective acquisitions; historical growth described was organic, not M&A-driven.

• AI scribe rollout was 15%-20% adopted; early-adopting physicians saw 3-5 additional patients per day. The tool transcribes visits and supports charting and follow-up, freeing physician time for care.

• Arthrosamid, a cash-pay knee injection launched in May last year, was running at a CAD 1.4M-CAD 1.5M revenue run rate; rollout is gradual and treatment decisions remain with physicians.

• New clinic partnerships, including a recently opened Guelph site, can integrate pain services with GP practices; geographic priorities include Northern Ontario, Calgary, north of Edmonton, British Columbia, Saskatchewan and the Maritimes.

• Acquisition discussions with physician groups can take years; the stated financing capacity was to raise leverage to 2.5x-3x for suitable opportunities.