24 Feb 2026 • 6 min read • Author: Fabian Dawson • Print • Privacy & Disclaimer

Spotlight 🔍 NeuPath Health Inc.

NeuPath Health Inc., a growing provider of healthcare, was selected as a Top Pick at the AlphaNorth Capital Event in the Bahamas for expanding access to chronic pain treatment services inside Canada’s strained health system.

NeuPath Health Inc. Builds a Scalable Platform To Ease Canada’s Pain Crisis

Chronic pain affects roughly one in four Canadians, with specialist wait times stretching into months or years, sustaining demand for community-based care.
NeuPath operates within Canada’s public healthcare framework, with predominantly provincial reimbursement of its patient services, with rising clinic utilization, and a balance sheet positioned to support expansion.
The company’s Q3 revenue rose 26% year over year, Adjusted EBITDA nearly doubled, and preliminary 2025 results point to further margin expansion, with revenue expected at $86–$88 million.

“If a doctor refers you to a major hospital in Toronto for pain treatment, you could be on a three year wait list. If they refer you to our Brampton medical facility, we might get you in within three or four weeks.”
— Joseph Walewicz, Chief Executive Officer NeuPath Health Inc.

Chronic pain affects an estimated 10 million Canadians annually, making it one of the most prevalent and persistent healthcare challenges in the country. As hospital-based programs struggle with capacity constraints, wait lists continue to grow.

Federal advisory data and peer-reviewed studies show patients routinely wait six months just to see a pain specialist, while broader system metrics point to a 30-week median delay from family-doctor referral to treatment across specialties.

That widening gap between need and access is where NeuPath Health Inc. (TSXV:NPTH) has built its business.

“NeuPath is Canada’s largest provider of interventional pain management services,” said Chief Executive Officer Joseph Walewicz. “We run 12 medical facilities in two provinces today, and we’re looking to expand beyond that.”

NeuPath operates regulated pain medical facilities designed to deliver hospital-level interventional care in community settings.

“If a doctor refers you to a major teaching hospital in Toronto, you could be on a three-year wait list,” Walewicz said. “If they refer you to our Brampton medical facility, we might get you in within three or four weeks.”

The company is explicit that it is not positioning itself as a private alternative to public healthcare.

“We’re a private provider of public health,” Walewicz said. “The vast majority of patients and procedures that come through our doors are paid for by provincial insurance programs.”

By shifting appropriate procedures out of hospitals and into regulated outpatient facilities, NeuPath aims to reduce wait times while easing pressure on hospital resources.

NeuPath’s medical facilities focus on interventional pain management, a specialty that sits between primary care and hospital operating rooms.

“What we do sits between a clinic and a hospital,” Walewicz said. “These are regulated procedures like injections and infusions.”

Across Ontario and Alberta, NeuPath provides a broad range of services for patients with chronic pain, musculoskeletal injuries, sports-related injuries, and concussions, including:

Image-guided injections, such as epidurals, joint and bursa injections, nerve blocks, trigger-point injections, and viscosupplementation
Advanced interventional procedures, including radiofrequency ablation for chronic back and nerve pain
Infusion therapies, including lidocaine and ketamine for selected chronic pain indications
Botox injections for chronic migraine and pain
Novel treatments, such as Arthrosamid®, a long-acting injectable for knee osteoarthritis, first launched in North America by NeuPath
Adjunct rehabilitation services, including physical therapy delivered in or alongside NeuPath’s medical facilities

“You don’t walk in off the street,” Walewicz said. “Patients are referred by their GP after trying multiple interventions.”

NeuPath clinics are fully regulated out-of-hospital medical facilities overseen by provincial colleges. The operating model is built around improving physician efficiency and patient throughput.

“Most of what we do has to be done in person,” said Stephen Lemieux, NeuPath’s President and incoming Chief Executive Officer. “These are skilled, image-guided procedures.”

By absorbing facility and administrative costs, NeuPath allows physicians to focus on clinical work while treating more patients per day than hospital settings typically allow.

The main constraint on growth is not demand or space, but specialist availability.

“Unfortunately, there’s no shortage of patients,” Lemieux said. “The constraint is recruiting specialists who can perform these procedures.”

NeuPath’s operating model is now translating into accelerating financial performance.

In the third quarter of 2025, the company reported:

Revenue of $22.1 million, up 26% year over year
Adjusted EBITDA of $1.5 million, up 98% year over year
Its 27th consecutive quarter of positive Adjusted EBITDA

For the first nine months of 2025, revenue reached $65.0 million, up 21% year over year, with Adjusted EBITDA of $5.0 million, representing 71% growth compared with the prior year.

“Our strong growth and improved cash flows demonstrate the work that our team has done to optimize our medical facility footprint and increase the time our medical professionals are available to treat patients,” Walewicz said.

In a preliminary release ahead of audited results expected in March 2026, NeuPath reported:

Preliminary 2025 revenue of $86 million to $88 million, compared with $72.8 million in 2024
Adjusted EBITDA expected between $5.6 million and $6.0 million, up from $3.8 million in 2024.

Complementing the clinic network are NeuPath’s Independent Medical Assessment business, which provides employer services, insurer-directed evaluations, and medical-legal assessments, and its Clinical Research Services business, which supports pharmaceutical and biotechnology companies through contract research and clinical trials.

Together, these businesses diversify revenue, serve different demand cycles, and leverage shared clinical expertise and infrastructure, reinforcing NeuPath’s positioning as a scalable healthcare platform rather than a single-service clinic operator.

Backed by a multi-part National Bank facility, NeuPath enters 2026 with the liquidity and acquisition capacity to expand its platform without relying on equity dilution.

“We spent the last three years fixing the fundamentals, now that work is showing up in the numbers,” said Jeff Zygouras, NeuPath’s Chief Financial Officer.

Charting NeuPath Health Inc.

TSXV: NPTH

💰

$24.8M
Market Cap

🔷

$0.44
Price¹

🎉

$0.51
Picked²

As of market open on February 18, 2026.
As of market open on Monday, January 19 after being selected as a Top Pick at the CEM AlphaNorth Capital Event.

Following its Top Pick recognition at the AlphaNorth Capital Event in the Bahamas, NeuPath’s leadership team shared perspective on the company’s outlook and growth strategy.

How should investors think about your business today?

“Our network of specialized medical facilities is the foundation, but NeuPath is better understood as a multi-line healthcare platform. The core business is regulated medical facility operations delivering publicly funded interventional pain, musculoskeletal, concussion, and rehabilitation services. Around that, the company has built an independent medical assessment business serving employers and insurers, as well as a clinical research services arm that supports pharmaceutical and biotech companies through trials conducted within NeuPath medical facilities. Together, those businesses share infrastructure and expertise, diversify revenue, and allow the platform to scale more efficiently than a single-service operator.”

Where is growth coming from in the near to medium term?

“Growth is coming from both inside and outside the existing footprint. Internally, NeuPath continues to drive higher utilization by onboarding physicians, improving scheduling, and expanding services within medical facilities already in operation. Externally, the company is expanding through new medical facility openings and selective acquisitions that appeal to physicians who want to remain clinically independent while offloading administrative and operational complexity. This year we will be looking to add new locations and looking at M&A where physicians want to sell their practices but keep working under the NeuPath umbrella.”

How much runway does NeuPath still have in Canada?

“Management sees meaningful growth potential even before entering new provinces. Ontario and Alberta remain underpenetrated relative to demand, with opportunities to add physicians, increase capacity, and open additional locations. Beyond that, other provinces represent a longer-term expansion opportunity rather than a near-term requirement for growth. There’s still significant white space for us even within Ontario and Alberta, before you even look at markets like British Columbia, Saskatchewan or Quebec.”

Our View

NeuPath is no longer a turnaround story. The recent financial results suggest the heavy lifting has been done, and the company is now operating from a position of improving utilization, rising margins, and balance-sheet flexibility.
The key variables to watch are physician recruitment, capacity utilization, and disciplined capital deployment. If those continue to move in the right direction, NeuPath’s role inside a stressed healthcare system could translate into durable growth and steady cash generation.
NeuPath is delivering essential, regulated care faster than hospitals can, in a system where wait times continue to worsen. With organic growth in the high single to low double digits and additional upside from new clinics and acquisitions, the story increasingly shifts from fixing fundamentals to scaling a proven model.

Upcoming: Scottsdale Capital Event

April 10–12, 2026

Set in the Arizona desert, the 13th Annual Scottsdale Capital Event brings CEM’s relationship-driven format back this spring, pairing high-quality growth companies with capital that is actively looking for opportunity. In this setting, growth-stage companies across resources, technology, biotech, and special situations engage capital directly through a full day of scheduled one-on-one meetings and focused networking.

Warm Regards and Happy Investing,
Fabian Dawson

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Each week, CEM Partner and Portfolio Manager Ryan Iverson spotlights the ideas and companies sparking investor interest from emerging growth stories to the Top Picks featured across CEM’s Capital Events. This series brings real insights from the innovators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.