- As part of a planned transition, Stephen Lemieux will succeed Joseph Walewicz as Chief Executive Officer effective April 1, 2026. Joseph Walewicz will continue as a member of NeuPath’s Board of Directors and in a consulting capacity, providing continuity and ongoing strategic guidance to the leadership team.
- Sandee Dela Cruz has been promoted to the new role of Chief Information Officer and has joined NeuPath’s executive leadership team to guide IT strategy in support of growth initiatives.
- Preliminary 2025 revenues of between $86 million and $88 million, with Adjusted EBITDA(1) expected to be in the range of $5.6 million to $6.0 million for the 2025. Audited year-end results are expected to be announced on March 26, 2026.
TORONTO–(BUSINESS WIRE)–NeuPath Health Inc. (TSXV:NPTH) (NeuPath or the “Company”) today announced the timing and details for a planned leadership transition in 2026, as well as preliminary revenue and Adjusted EBITDA expectations for 2025. As part of its long-term succession planning, NeuPath’s President Stephen Lemieux will succeed Joseph Walewicz as Chief Executive Officer effective April 1, 2026. Joseph will continue his role on the Board of Directors and work closely with NeuPath’s leadership team to support NeuPath’s growth initiatives. The Company also announced the promotion of Sandee Dela Cruz to the new position of Chief Information Officer effective January 1, 2026.
Stephen returned to NeuPath as President in May 2025 and brings more than 20 years of experience in finance and operations, including multiple CFO roles and an interim CEO role in public companies in the healthcare sector. Stephen’s experience includes work on many acquisition and licensing transactions, including NeuPath’s successful acquisition of HealthPointe in 2021, which catalyzed NeuPath’s Western Canada expansion.
Sandee joined NeuPath in 2024, as Vice President of Information Technology and brings more than 20 years of experience driving technology innovation and business transformation, and has successfully led major initiatives, including M&As, enterprise implementations and automation projects. Sandee was recognized as a Top 10 Mid-Market Chief Information Officer by Info-Tech in 2015, 2020, and 2023, ranking him amongst Canada’s top IT leaders.
“I am honoured to become NeuPath’s next CEO. I am familiar with our team, the complexity of our business and the opportunities to continue growing NeuPath, which will enable a smooth transition of responsibilities from Joe. I look forward to working with our talented and passionate team, as we continue to grow our business,” said Stephen Lemieux. “As demonstrated by our preliminary 2025 results, the Company continues to perform well heading into 2026. I want to congratulate Sandee on his well-deserved promotion, and thank Joe for his leadership and ongoing guidance.”
“The Board and I would like to thank Joe for his leadership over the past three and a half years and for leading an extensive program of corporate and operational improvements. These efforts addressed key corporate challenges and established a strong foundation for NeuPath, enabling the organization to better serve patients while continuing to grow the business,” said Jolyon Burton, Director, key NeuPath shareholder and co-founder of Bloom Burton & Co. “Importantly, Joe will remain closely involved with NeuPath as a Board member, a significant shareholder, and in a consulting capacity, providing continuity and ongoing strategic guidance to the leadership team. With Stephen as CEO, Jeff Zygouras as CFO, and Sandee as CIO, we are confident in the continued success and execution of NeuPath’s significant growth strategy.”
Preliminary 2025 Results
NeuPath expects to report audited 2025 Results on March 26, 2026. Preliminary numbers for fiscal 2025 demonstrate a continuing trend in NeuPath’s results:
– Total revenue is expected to be in the range of $86 million and $88 million for the year, versus $72.8 million for 2024.
– Adjusted EBITDA is expected to be between $5.6 million to $6.0 million for the year, versus $3.8 million for 2024.
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Non-International Financial Reporting Standard (“IFRS”) and Other Financial Measures defined by the Company below |
Non-IFRS Financial and Other Measures
The Company discloses non-IFRS measures (such as EBITDA and Adjusted EBITDA) 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.
About NeuPath Health Inc.
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 Information
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. Forward-looking statements in this press release includes statements with respect to the anticipated total revenue and Adjusted EBITDA for fiscal year 2025. 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.
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Contacts
For further information, please contact:
Jeff Zygouras
Chief Financial Officer
[email protected]
(905) 858-1368
