NEUPATH HEALTHCARE REPORTS 2026 FIRST QUARTER RESULTS

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NEUPATH HEALTHCARE REPORTS 2026 FIRST QUARTER RESULTS

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EBITDA and Adjusted EBITDA

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EBITDA refers to income (loss) determined in accordance with IFRS, before depreciation and amortization, interest expenses (income) and income tax expenses (recovery). The Company defines Adjusted EBITDA, as EBITDA, excluding the cost of stock-based compensation, long-term executive performance and retention bonus, restructuring costs, unrecognized gains on other commitments, fair value adjustments, transaction and other expenses, impairment charges, gains on property sales, property income and losses, or equipment gains on property sales. Management believes that EBITDA and Adjusted EBITDA are supplemental non-GAAP measures to determine the Company’s ability to generate cash available for operations, working capital, capital expenditures, debt service, interest expense and income taxes.

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The following table provides a reconciliation of income and net (loss) to EBITDA and Adjusted EBITDA:

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	Three months passed March 31, 2026	Three months passed March 31, 2025
	$	$
Income and net (loss)	379	(327)
Also add:
Depreciation and amortization	543	597
Interest expense	187	296
Income tax expense	89	133
EBITDA	1,198	699
Also add:
Stock-based compensation	50	43
Transactions and other expenses	207	353
Long term performance and final bonus	–	175
Adjusted EBITDA	1,455	1,270
Created by:
The lowest price of shares of NeuPath Health Inc.	1,347	1,133
Non-controlling interest	108	137
	1,455	1,270

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Gross Margin and Gross Margin %

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Management believes that gross margin and gross margin % are important supplemental non-GAAP measures for evaluating operating performance and allowing comparison of operating performance from period to period. Gross margin is calculated as gross revenue minus cost of medical services (“COMS”). Gross margin % is calculated as revenue divided by total revenue.

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The following table provides a reconciliation of net income to gross margin:

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	Three months passed March 31, 2026	Three months passed March 31, 2025
	$	$
Clinical income	20,214	18,046
Non-clinical income	1,296	1,289
Net income	21,510	19,335
Cost of medical services	17,555	15,695
gross margin⁽¹⁾	3,955	3,640
Gross margin %⁽¹⁾	18.4%	18.8%
⁽¹⁾ Gross Margin and Gross margin % are non-IFRS measures. Please refer to Non-IFRS Financial Measures above.

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For more details on the results, please see NeuPath’s Management, Discussion and Analysis and Condensed Interim Financial Statements for the three months ended March 31, 2026, available on the Company’s website ( www.neupath.com ) and under the Company’s profile on SEDAR+ ( www.sedarplus.ca ).

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Investor Notice Webinar

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The event

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: Presentation and Q&A Webinar with NeuPath Health Inc. (NPTH)

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Date and time of presentation

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: Thursday, May 14, 2026 at 10:00 AM ET / 7:00 AM PT

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Webcast Registration Link:

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https://us02web.zoom.us/webinar/register/2017773081031/WN_wLQeZjp_T6euoXo8JedJOg

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About NeuPath

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NeuPath operates one of Canada’s largest networks of community-based, multidisciplinary medical centers specializing in the assessment and treatment of chronic pain, musculoskeletal/back pain, sports medicine and other pain medicine services. NeuPath provides improved access to care and outcomes for patients by using high-quality treatments and delivering multidisciplinary patient-centered care. Operating within Canada’s publicly funded health care system, NeuPath brings insured medical services to help extend appropriate care from hospitals to the community, complementing select uninsured procedures to provide comprehensive and integrated patient care. For more information, please visit www.neupath.com.

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Forward-Looking Statements

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This news release contains forward-looking statements. All statements, other than statements of historical fact, regarding operations, events or developments that the Company believes, expects or anticipates will occur or may occur in the future including, without limitation, the Company’s expectation of continued operational development through 2026 and the implementation of the Company’s growth opportunities are forward-looking statements. These forward-looking statements reflect the Company’s expectations or beliefs based on information available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the Company’s actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are foreseeable or more likely, there is no assurance that they will have the expected results, or impacts on the Company. Factors that could cause actual results or events to differ materially from the current expectations included in this news release include, among other things, adverse market conditions, risks related to obtaining and maintaining necessary government permits and licenses related to the Company’s business, increased market competition and other risks typically found in chronic pain, sports medicine, epilepsy and occupational health services. A more detailed discussion of these and other risks and uncertainties can be found in the Company’s Annual Information Form dated March 25, 2026 filed on SEDAR.

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under the Company profile on

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Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and therefore undue reliance should not be placed on such statements due to their inherent uncertainty.

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NEITHER THE TSX VENTURE EXCHANGE NOR ITS ADMINISTRATIVE SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TSX VENTURE EXCHANGE RULES) ASSUMES RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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View the source version on businesswire.com:

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https://www.businesswire.com/news/home/20260514624866/en/

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