NeuPath Health generated revenues of C$16.8m in Q4 2024. Credit: Spotmatik Ltd/Shutterstock.com.  

NeuPath Health has reported a net and comprehensive loss of C$0.3m ($221,497.5) in the fourth quarter (Q4) of 2023, compared with a C$1.8m loss in the same quarter of 2022. 

It generated total revenues of C$16.8m ($12.4m) in Q4 2023, a 4% increase from C$16.1m a year earlier. 

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The growth was driven by both clinic and non-clinic revenue streams, with the former bringing in C$15.3m in Q4 2023, an increase from the prior year’s C$15m. The latter contributed C$1.5m in the reported quarter, versus C$1.1m in Q4 2022.  

During the three-month-period that ended 31 December 2023, the company’s financial performance reflected a positive trend, with a gross margin of 19.2% for the reported quarter, against 17.5% in Q4 2022. 

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) attributable to shareholders of NeuPath Health for Q4 2023 were C$0.8m, compared with C$0.7 in the corresponding period a year ago. 

For the full year 2023, NeuPath Health’s total revenue increased to C$66.1m, from C$62.7m in 2022.  

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Adjusted EBITDA attributable to shareholders of NeuPath Health for the year improved to C$3.1m in 2023, from C$2.3m in the previous year.  

In addition, the company’s capacity utilisation increased to 68% in 2023, compared with 62% in the prior year. 

Net and comprehensive loss for the year that ended on 31 December 2023 totalled C$0.1m, against C$4.2m in 2022.  

As of 31 December 2023, NeuPath Health recorded C$3.2m in cash and cash equivalents.  

The company’s long-term debt stood at C$6.1m at the previous year-end, with C$2.4m being interest-bearing.  

NeuPath Health CEO Joe Walewicz said: “I am very proud of our team and our successes in 2023, which have resulted from a focus on our core clinic operations and improving our balance sheet. 

“We will continue to direct our energy towards adding more physicians to serve more patients in more locations, providing greater community access to medically necessary treatments.”