NeuPath Health: Q1 2026 Revenue CA$21.5M, Adjusted EBITDA CA$1.5M

NeuPath Health said it delivered record total revenue of CA$21.5 million for the quarter ended March 31, 2026, representing an 11% year‑over‑year increase, alongside adjusted EBITDA of CA$1.5 million, up 15% year‑over‑year. The company noted all amounts are reported in Canadian dollars.

The results break down into CA$20.2 million of clinic revenue and CA$1.3 million of non‑clinic revenue; the clinic revenue gain was driven by higher patient visits, continued uptake of Arthrosamid and fluoroscopy services, and positive adjustments to physician reimbursement rates. Physical capacity utilization rose to 52% from 47% a year earlier, reflecting improved operational efficiency. As of March 31, 2026 NeuPath reported CA$3.5 million in cash and CA$6.0 million of interest‑bearing long‑term debt.

Management highlighted that the company is pursuing both organic and selected site expansion, including a planned new location in Guelph, Ontario expected to open in late Q3. The release emphasized continued efforts to onboard physicians and expand service offerings as core elements of NeuPath’s growth plan. The company’s MD&A and interim financial statements supporting these figures are available on SEDAR+ and the corporate website.

From a market perspective, the combination of double‑digit revenue growth and sustained positive adjusted EBITDA strengthens NeuPath’s operating story among small‑cap healthcare services peers, although attention will remain on cash generation and debt management as the company scales. Improved capacity utilization and higher‑margin service lines such as Arthrosamid could support margin expansion if sustained.

Analysts and investors will look to the company’s investor webinar on May 14, 2026 for management’s color on patient volumes, clinic economics and the timing of planned openings. Key near‑term monitoring items include quarterly cash flow trends, progress on physician recruitment, and any guidance on capital allocation to balance growth with deleveraging.