NEUPATH HEALTH REPORTS THIRD QUARTER 2025 RESULTS

Third quarter total revenue of $22.1 million, up 26% year-over-year Positive cash flows, with Adjusted EBITDA(1) of $1.5 million, up 98% year-over-year, and our 27th consecutive quarter of positive Adjusted EBITDA Investor webinar scheduled for Thursday, November 13, 2025 at 10:00 AM ET / 7:00 AM PT Company Website: https://www.neupath.com TORONTO -- (Business Wire) NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced its financial and operating results for the three and nine months ended September 30, 2025 and information regarding the Company’s investor webinar on Thursday, November 13, 2025. All figures are in Canadian dollars, unless otherwise noted. “Our strong growth and improved cash flows demonstrate the work that our team has done to optimize our medical facility footprint, mitigate cost pressures, and increase the time our medical professionals are available to treat patients,” said Joe Walewicz, NeuPath’s Chief Executive Officer. “Our core clinic business is delivering on multiple fronts, with strong year-over-year growth in patient visits and rising demand for Arthrosamid®. We expect continued organic and inorganic growth for the balance of 2025 and beyond.” Financial and Operational Highlights Total revenue was $22.1 million and $65.0 million for the three and nine months ended September 30, 2025, up 26% and 21% year-over-year; Adjusted EBITDA was $1.5 million and $5.0 million for the three and nine months ended September 30, 2025, up 98% and 71% year-over-year; For the nine months ended September 30, 2025, capacity utilization improved to 81%, up from 74% for the nine months ended September 30, 2024; and As at September 30, 2025, the Company had $4.6 million in cash and cash equivalents and interest-bearing long-term debt of $6.3 million. (1)   Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below. Q3 2025 Financial Results Total Revenue Total revenue is comprised of clinic revenue and non-clinic revenue. Total revenue was $22.1 million and $65.0 million for the three and nine months ended September 30, 2025 compared to $17.6 million and $53.9 million for the three and nine months ended September 30, 2024. Clinic Revenue Clinic revenue is generated through the provision of medical services to patients. Clinic revenue was $20.8 million and $61.0 million for the three and nine months ended September 30, 2025 compared to $16.3 million and $49.8 million for the three and nine months ended September 30, 2024. The increase in clinic revenue for the three and nine months ended September 30, 2025 was primarily due to positive adjustments to physician reimbursement rates including a material one-time payment in the second quarter related to prior period physician reimbursements and stronger revenue from fluoroscopy. Capacity utilization was 84% and 81% for the three and nine months ended September 30, 2025 compared to 73% and 74% in the three and nine months ended September 30, 2024. The improvement in capacity utilization was primarily driven by stronger revenues and the continued optimization of clinic space. Non-clinic Revenue Non-clinic revenue was $1.3 million and $4.0 million for the three and nine months ended September 30, 2025 compared to $1.2 million and $4.1 million for the three and nine months ended September 30, 2024. Non-clinic revenue is earned from physician staffing allocation services where the Company provides physicians for provincial and federal correctional institutions across Canada, and from contract research services provided to pharmaceutical companies and clinical research organizations. This revenue fluctuates depending on the need for physicians in certain institutions and the timing and enrolment of clinical studies that the Company is working on. Gross margin % was 19.1% and 19.3% for the three and nine months ended September 30, 2025 compared to 18.3% and 19.0% for the three and nine months ended September 30, 2024. The increase in gross margin during the current three and nine-month periods was primarily driven by positive adjustments to physician reimbursement rates including a material one-time payment related to prior period physician reimbursements in the second quarter and stronger revenues from fluoroscopy (see Non-IFRS Financial Measures - Gross Margin and Gross Margin %). Adjusted EBITDA was $1.5 million and $5.0 million for the three and nine months ended September 30, 2025 compared to $0.7 million and $3.0 million for the three and nine months ended September 30, 2024. Liquidity and Capital Resources As at September 30, 2025, the Company’s net debt was $1.7 million, an improvement from $2.8 million as at September 30, 2024. The Company’s net debt as at September 30, 2025 consisted of $4.6 million of cash and cash equivalents and long-term debt of $6.3 million compared to $3.1 million of cash and cash equivalents and long-term debt of $6.0 million as at September 30, 2024. For more information see Note 5, Long-Term Debt in the Company’s Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2025, and Note 6, Long-Term Debt in the Company’s Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2024. Outstanding Share Data As at September 30, 2025, the Company had 56,234,412 basic shares outstanding and 62,436,841 fully diluted shares outstanding. Non-IFRS Financial and Other Measures The Company discloses non-IFRS measures (such as EBITDA, Adjusted EBITDA, and gross margin) and non-IFRS ratios (such as gross margin %) that do not have standardized meanings prescribed by International Financial Reporting Standards (“IFRS”). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. EBITDA and Adjusted EBITDA EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines Adjusted EBITDA, as EBITDA, excluding stock-based compensation expense, executive long-term performance and retention bonus, restructuring costs, gain on derecognition of other obligations, fair value adjustments, transaction costs, impairment charges, gain on sale of building, government loans forgiveness, finance income and loss or gain on sale of property, plant and equipment. Management believes EBITDA and Adjusted EBITDA are useful supplemental non-GAAP measures to determine the Company’s ability to generate cash available for operations, working capital, capital expenditures, debt repayments, interest expense and income taxes. The following table provides a reconciliation of net and comprehensive loss to EBITDA and Adjusted EBITDA:   Three months ended September 30 Nine months ended September 30   2025 2024 2025 2024   $ $ $ $ Net and comprehensive loss (94) (323) (79) (305) Add back:         Depreciation and amortization 557 575 1,728 1,709 Interest cost 206 242 691 721 Income tax expense 119 52 400 175 EBITDA 788 546 2,740 2,300 Add back:         Stock-based compensation 68 17 163 81 Transaction costs 258 175 1,017 529 Executive long-term performance and retention bonus 350 - 1,050 - Adjusted EBITDA 1,464 738 4,970 2,910 Attributed to:         Shareholders of NeuPath Health Inc. 1,364 640 4,599 2,672 Non-controlling interest 100 98 371 238   1,464 738 4,970 2,910 Gross Margin and Gross Margin % Management believes gross margin and gross margin % are important supplemental non-GAAP measures for evaluating operating performance and to allow for operating performance comparability from period-to-period. Gross margin is calculated as total revenue minus cost of medical services (”COMS”). Gross margin % is calculated as gross margin divided by total revenue. The following table provides a reconciliation of total revenue to gross margin:   Three months ended September 30 Nine months ended September 30   2025 2024 2025 2024   $ $ $ $ Clinic revenue 20,787 16,335 61,042 49,769 Non-clinic revenue 1,292 1,217 4,002 4,149 Total revenue 22,079 17,552 65,044 53,918 Cost of medical services 17,868 14,338 52,514 43,687 Gross margin(1) 4,211 3,214 12,530 10,231 Gross margin %(1) 19.1% 18.3% 19.3% 19.0% (1)   Gross margin and gross margin % are non-IFRS measures. Please refer to Non-IFRS Financial Measures above. For further details on the results, please refer to NeuPath’s Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2025, which are available on the Company’s website (www.neupath.com) and under the Company’s profile on SEDAR+ (www.sedarplus.ca). Notice of Investor Webinar Event: Presentation and Q&A Webinar with NeuPath Health Inc. (NPTH) Presentation Date & Time: Thursday, November 13, 2025 at 10:00 AM ET / 7:00 AM PT Webcast Registration Link:https://us02web.zoom.us/webinar/register/2817612634497/WN_ul2FZ9hkSOKGmex71eNtHA About NeuPath NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to patients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual to live their best life. For additional information, please visit www.neupath.com. Forward-Looking Statements This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company’s expectation of continued operational improvements in 2025 and the execution of the Company’s growth opportunities are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s Annual Information Form dated March 26, 2025 filed on SEDAR+ under the Company’s profile at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent 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 accordingly undue reliance should not be put on such statements due to their inherent uncertainty. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS THE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. View source version on businesswire.com: https://www.businesswire.com/news/home/20251113941191/en/ Contacts: For more information, please contact: Jeff Zygouras Chief Financial Officer [email protected] (905) 858-1368 Source: NeuPath Health Inc.