NeuPath Health (NPTH) Q2 2026 earnings summary

Executive summary

• Achieved 7% year-over-year revenue growth to $23.2 million in Q2 2026, excluding a prior year one-time payment impact, with record patient visits up 6% and adjusted EBITDA of $1.7 million.

• Six new physicians joined after the quarter, expanding service offerings and supporting future growth.

• Operates 12 regulated medical facilities in Ontario and Alberta, with approximately 160 healthcare professionals and 200,000 annual patient visits.

Financial highlights

• Q2 2026 revenue grew 7% year-over-year to $23.2 million, with an 11% CAGR over three years and adjusted EBITDA up 3% to $1.7 million; year-to-date adjusted EBITDA reached $3.2 million.

• Capacity utilization improved to 56% from 52% last year.

• Professional fees and operational downtime impacted EBITDA but are now resolved.

• Gross margin for Q2 2026 was $4.4 million (19.0% of revenue).

Outlook and guidance

• Anticipates continued revenue growth from newly onboarded physicians, expanded service offerings, and new locations.

• Guelph facility opening delayed to early Q4 2026, with three new physicians joining.

• M&A pipeline is active, with at least one transaction targeted for the back half of the year.

• Academic affiliation with TMU expected to impact recruitment and growth over a 3–5 year horizon.