The company’s adjusted EBITDA was C$0.7m in Q3 2023. Credit: lenetstan / Shutterstock.com.

Canada-based chronic pain management company NeuPath Health has posted a net income attributable to shareholders of the company of C$377,000 for the third quarter of 2023 (Q3 2023), compared with a net loss of C$1.08m in the same quarter of 2022.

Earnings per share were C$0.01 in Q3 2023, versus a loss of C$0.02 per share in the corresponding quarter last year.

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For the three-month-period that ended 30 September 2023, the adjusted EBITDA was C$0.7m, marking NeuPath Health’s 19th consecutive quarter of positive adjusted EBITDA.

This represents a 74.9% growth, compared to an ajusted EBITDA of C$0.4m a year ago.

The company’s total revenue for the period was C$16.08m, a 6% increase from C$15.23m in the year prior.

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In total, clinic revenue was C$14.85m, up 4.1% from C$14.27m a year earlier, while non-clinic revenue was C$1.23m, a 27.8% increase from C$0.96m last year.

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Total operating expenses remained almost the same at C$16.31m.

NeuPath CEO Joe Walewicz said: “We are pleased to deliver strong operating metrics, with continued year-over-year growth and improvements in capacity utilisation, margins, and cash flows.

“Our team continues to upgrade our facilities by successfully adding new treatment rooms at busier clinics while simultaneously right sizing our footprint at clinics with unused space.

“Ongoing improvements in our operations and our improved balance sheet will allow us to continue investing in improvements to our clinics and growth opportunities.”