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Earnings

NEUPATH HEALTH REPORTS FOURTH QUARTER AND YEAR-END 2025 RESULTS

By The Northwire Desk — AI Analysis Mar 26, 2026 · 07:30 NPTH · 0.48 Neupath Health Inc.
NPTH · Price

Executive Summary

  • NeuPath Health reported Q4 2025 total revenue of C$22.1 million, a 17% YoY increase, and full‑year revenue of C$87.2 million, up 20% YoY.
  • Adjusted EBITDA reached C$1.0 million for the quarter (up 9% YoY) and C$6.0 million for the year (up 56% YoY), marking the company’s 28th consecutive quarter of positive Adjusted EBITDA.
  • The company announced a grant of 295,000 stock options and 651,000 restricted share units to two officers, effective March 31 2026, and scheduled an investor webinar for Thursday, March 26 2026 at 10:00 AM ET / 7:00 AM PT.

Key Details

  • Quarterly Revenue: C$22.1 million (Q4 2025) vs. C$18.9 million (Q4 2024).
  • Full‑Year Revenue: C$87.2 million (2025) vs. C$72.8 million (2024).
  • Clinic Revenue: C$20.7 million (Q4 2025) vs. C$17.5 million (Q4 2024); C$81.8 million (2025) vs. C$67.3 million (2024).
  • Non‑Clinic Revenue: C$1.4 million (Q4 2025) unchanged YoY; C$5.4 million (2025) vs. C$5.5 million (2024).
  • Adjusted EBITDA: C$1.0 million (Q4 2025) vs. C$0.9 million (Q4 2024); C$6.0 million (2025) vs. C$3.8 million (2024).
  • Gross Margin %: 18.3% (Q4 2025) vs. 19.2% (Q4 2024); 19.0% for both FY 2025 and FY 2024.
  • Capacity Utilization – Physician Shifts: 82% (FY 2025) vs. 75% (FY 2024).
  • Physical Capacity Utilization: 51% (FY 2025) vs. 48% (FY 2024); 52% Q4 2025 vs. 47% Q4 2024.
  • Liquidity & Debt: Cash & cash equivalents C$4.5 million; long‑term debt C$6.2 million (net debt C$1.7 million) as of Dec 31 2025.
  • Share Count: 56,306,787 basic shares; 62,169,211 fully diluted shares outstanding (Dec 31 2025).
  • Stock Options Grant: 295,000 options to two officers, exercisable at closing price on grant date, expiring March 31 2033; vest annually over 4 years.
  • Restricted Share Units Grant: 651,000 RSUs to two officers, fully vesting March 31 2030 with quarterly vesting (25% per year).
  • Investor Webinar: Presentation & Q&A on Thursday, March 26 2026 at 10:00 AM ET / 7:00 AM PT. Registration link provided.

Notable Quotes

  • “The team delivered another successful year, generating strong operating results in 2025… We entered 2026 in a very strong position…” – Joe Walewicz, CEO
  • “I want to thank Joe and our NeuPath team for building a strong foundation that will support our future growth…” – Stephen Lemieux, President & incoming CEO

All figures are presented in Canadian dollars unless otherwise noted.

Read the original news release →

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