NeuPath Health (NPTH) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $22.339M and net income was $226,000, versus $22.079M revenue and a $94,000 net loss in Q3 2025; 9M revenue was $67.083M and net income was $2.282M.

• Operated 13 medical facilities across Ontario and Alberta, with ~160 healthcare professionals and clinic, physician-staffing and clinical-research services.

Financial highlights

• Q3 revenue rose 1% to $22.339M; Adjusted EBITDA was $1.388M versus $1.464M, including $0.2M in physician recruitment costs.

• 9M revenue was $67.083M, up 3% as reported; Adjusted EBITDA was $4.554M versus $4.970M, down 8% as reported.

• Excluding the $1.9M prior-year payment, 9M 2025 revenue was $63.2M and Adjusted EBITDA was $4.4M; 9M 2026 Adjusted EBITDA increased 4% on that basis.

• Q3 patient visits rose 7% YoY; clinic revenue was $21.231M versus $20.787M, while non-clinic revenue was $1.108M versus $1.292M.

• 9M 2026 net income included a $706,000 income tax recovery, versus $400,000 tax expense in 9M 2025.

Outlook and guidance

• Nine physicians added in 2026 are expected to contribute more as their practices develop; six recent onboardings are expected to add revenue in Q4, with fuller impact in Q1 and Q2 2027.

• No additional physicians are expected to start in 2026; the 2027 goal is roughly two additions per quarter, subject to availability and timing.

• Q4 visits are expected to grow, supported by Guelph, new physicians and productivity gains from Heidi and Mika; Guelph may take a year to reach good operating capacity.

• Growth plans include physician recruitment, improved facility utilization, new locations and services, and selective clinic acquisitions and adjacent medical services.