NeuPath Health

What NeuPath Health does

NeuPath Health Inc. (TSXV: NPTH) is a publicly traded Canadian integrated healthcare provider headquartered in Mississauga, Ontario, operating a diversified network of multidisciplinary medical clinics focused on chronic pain, musculoskeletal, spinal, sports injury, and concussion care. The platform is anchored by the NeuPath Centre for Pain & Spine brand with 8 clinics across Ontario (Brampton, Guelph-under-development, Hamilton, London, Mississauga, Oshawa, Ottawa, Scarborough) and the HealthPointe brand with 3 clinics in Alberta (Edmonton, Red Deer, Tofield). The company employs 150+ licensed healthcare providers and serves over 200,000 patient visits annually.

The offering combines in-person and virtual care delivered through an interdisciplinary model that includes fluoroscopy-guided and ultrasound-guided interventional procedures (epidermal steroid injections, nerve blocks, radiofrequency ablation, viscosupplementation), EMG/nerve conduction studies, multi-disciplinary headache clinics, concussion management, regenerative medicine, and Arthrosamid injectable knee osteoarthritis treatment. Adjacent wholly-owned subsidiaries extend the platform into independent medical evaluations (CompreMed), clinical trial site management (Viable Clinical Research Canada, with 30+ sites and operational history since 2005), occupational health services (InMedic), and virtual care technology (KumoCare, acquired June 2021). The technology stack integrates with major Canadian EMR platforms (Telus PS Suite, Accuro, Oscar) and the Ocean eReferral Network to capture physician referrals as the primary patient acquisition channel.

The revenue model is multi-stream. The majority of clinical revenue is billed to provincial health insurance plans (OHIP in Ontario and Alberta Health Care in Alberta) for covered consultations, procedures, and assessments. A second stream consists of fee-for-service private pay for non-covered services such as Botox injections for migraines, viscosupplementation, regenerative medicine, and nutritional counselling. Enterprise revenue is generated through CompreMed (independent medical evaluations billed to insurers, disability managers, government agencies, and corporate employers), VCRC (clinical trial infrastructure billed to pharmaceutical companies and CROs), and InMedic (occupational health services to employers). GTM is referral-driven from the Canadian healthcare ecosystem rather than direct-to-consumer, supplemented by a self-referral program at select Brampton and Scarborough locations. Reported FY2025 revenue was $87.2 million (+20% YoY) with Adjusted EBITDA of $6.0 million, marking 28 consecutive quarters of positive Adjusted EBITDA.

Name

NeuPath Health

Legal name

NeuPath Health Inc.

Website

https://neupath.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

NeuPath Health is a publicly traded Canadian integrated healthcare provider operating one of Canada's largest community-based multidisciplinary pain and musculoskeletal clinic networks across Ontario and Alberta, delivering in-person and virtual chronic pain, spinal, sports injury, and concussion care to over 200,000 patient visits annually, alongside independent medical evaluations and clinical trial services.

Ownership category

akta.pro rank

Product category

Chronic Pain Management Healthcare Services

NAICS

Ambulatory Health Care Services (621), Other Ambulatory Health Care Services (6219), Individual and Family Services (6241), Services for the Elderly and Persons with Disabilities (624120)

SIC

Services-Specialty Outpatient Facilities, Nec (8093), Services-Offices & Clinics Of Doctors Of Medicine (8011), Services-Misc Health & Allied Services, Nec (8090), Services-Health Services (8000)

akta.pro primary industry

Neurorehabilitation Centers (HLAFAFAH)

akta.pro secondary industry

Neurologic Rehabilitation (Stroke, TBI, Parkinson’s, MS) (HSADAIAC)

Keywords

• Chronic pain management
• Musculoskeletal treatment
• Interdisciplinary pain clinics
• Independent medical evaluations
• Clinical trial services

Headquarters

HQ city

Mississauga

HQ country

Canada

HQ region

North America

Offices12 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Provincial Health Insurance (OHIP / Alberta Health Care): The majority of treatments and procedures at NeuPath clinics are covered under provincial health insurance plans (OHIP in Ontario, Alberta Health Care in Alberta). Most physician consultations, interventional procedures, and assessments are billed directly to the provincial health plans.
2. Fee-for-Service / Private Pay: Certain services not covered under provincial health insurance are offered on a fee-for-service basis, including Botox injections for migraines, viscosupplementation injections for arthritis, regenerative medicine treatments, individual nutritional counselling, and most rehabilitation services. These are paid directly by patients or through extended health benefit plans.
3. Third-Party Assessments (CompreMed): CompreMed provides independent medical evaluations (IMEs), cognitive abilities evaluations, physical demands analyses, functional abilities evaluations, and workplace assessments to insurance companies, disability management providers, government agencies, and corporate employers on a fee-for-service basis.
4. Clinical Trial Services (VCRC): Viable Clinical Research Canada generates revenue by providing clinical trial infrastructure and support services to physicians, pharmaceutical companies, and CROs, including study opportunities for patients across Canada.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

NeuPath Health is an integrated healthcare provider operating a nationwide network of community-based multidisciplinary clinics that deliver assessment, treatment, and rehabilitation services for chronic pain, spinal injuries, sports-related injuries, and concussions. The company also offers independent medical evaluations through CompreMed and clinical trial management services through Viable Clinical Research Canada (VCRC), supported by a blended virtual and in-person care model.

Product overview

NeuPath Health operates a diversified healthcare services platform consisting of multiple interconnected brands. The core offering is NeuPath Centre for Pain & Spine (NCPS), Ontario's largest interdisciplinary pain clinic network providing chronic pain, spinal, and injury rehabilitation services. This is complemented by HealthPointe (Alberta-based pain clinics), InMedic (occupational health), CompreMed (independent medical evaluations), and VCRC (clinical research). The acquired KumoCare virtual care platform enables telemedicine capabilities across the network. Arthrosamid injectable treatment is offered at HealthPointe clinics. The company leverages EMR integration (Telus PS Suite, Accuro, Oscar, Ocean eReferral) to facilitate referrals from healthcare providers.

Differentiator

Problem solved

Functional benefit

Products and services

• NeuPath Centre for Pain & Spine (NCPS) NeuPath's flagship multidisciplinary pain management clinic network offering comprehensive assessment and rehabilitation services for chronic pain, spinal injuries, sports-related injuries, and concussions across Ontario locations.
• HealthPointe Alberta-based subsidiary operating chronic pain and musculoskeletal treatment clinics in Edmonton, Red Deer, and Tofield, offering advanced diagnostic and therapeutic services including concussion management and sport medicine.
• InMedic Ontario-based occupational health services brand providing workplace health assessments, injury management, and independent medical evaluations for employers and insurance providers.
• CompreMed National network of independent medical evaluation services providing assessments for physical and psychological impairments, serving insurance companies, disability management providers, government agencies, and corporate employers.
• Viable Clinical Research Canada (VCRC) Canada's leading research management organization providing clinical trial infrastructure and support services to physicians, pharmaceutical companies, and CROs across 30+ clinical sites.
• KumoCare Virtual care platform acquired in 2021 to enhance NeuPath's telemedicine offerings and enable remote patient care capabilities across the clinic network.
• Arthrosamid Injectable hydrogel treatment for knee osteoarthritis pain, offered as a procedure at HealthPointe Alberta clinics with self-referral available for patients.

Quantifiable outcome

• 28th consecutive quarter of positive Adjusted EBITDA
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

One partnership is on record.

• Ocean eReferral NetworkcoreTechnology or IntegrationNeuPath integrates with the Ocean eReferral Network, a digital health platform enabling healthcare providers to submit electronic referrals directly to NeuPath clinics. This streamlines the referral process and enhances patient access to NeuPath's services.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• ATI Physical Therapy: ATI Physical Therapy is one of the largest US outpatient physical therapy and pain management clinic operators. Comparable multidisciplinary musculoskeletal care delivery, employer/insurer relationships, and referral-driven GTM.
• Lifemark Health Group: Lifemark operates one of Canada's largest networks of physiotherapy, rehabilitation, and pain management clinics with hundreds of locations. Directly comparable to NeuPath's multidisciplinary chronic pain and musculoskeletal treatment model.
• CBI Health Group: CBI Health is a Canadian national network of rehabilitation, physiotherapy, and multidisciplinary pain clinics serving patients, insurers, and employers. Comparable service breadth, payor mix, and Canadian geographic footprint to NeuPath.
• Centric Health / WELL Health Clinics: Centric Health (acquired by WELL Health) operated a network of specialty medical clinics across Canada including pain, rehab, and assessment services. Closely aligned specialty-clinic platform comparable to NeuPath's NCPS, HealthPointe, and InMedic brands.
• US Physical Therapy (USPH): US Physical Therapy operates a network of outpatient physical and occupational therapy clinics in the US, including industrial injury and pain management services. Comparable interdisciplinary outpatient model though US-market focused.

Broad incumbents

• WELL Health Technologies: WELL Health is a large Canadian digital health and outpatient clinic operator with a broad portfolio overlapping NeuPath's interdisciplinary clinic model, including chronic care, telehealth, and provider enablement. Comparable at a portfolio level though WELL is much larger and more diversified.
• Jack Nathan Health: Jack Nathan Health operates a network of medical and allied healthcare clinics inside Canadian Walmart locations and standalone sites. Comparable multi-site Canadian clinic operator though broader in scope (primary care, allied health) than NeuPath's pain specialty focus.
• LifeWorks (formerly CloudMD): LifeWorks (now TELUS Health) acquired CloudMD and offers a broad Canadian health and wellness platform including virtual care and disability management. Overlaps with NeuPath's KumoCare virtual care and CompreMed IME/assessment capabilities.

Others

• Bayshore HealthCare: Bayshore is a Canadian provider of home health, community care, and specialty pharmacy services with national reach. Adjacent rather than directly competitive, but comparable in providing specialized health services across provinces and serving similar payor segments.

Emerging players

• Cleveland Clinic Canada: Cleveland Clinic Canada operates a multidisciplinary specialty clinic in Toronto offering pain management and sports medicine. Comparable specialty clinical offering to NeuPath's NCPS clinics though with a distinct US-Cleveland Clinic brand and parent backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NeuPathHealth
• LinkedInlinkedin.com/company/neupath-health

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NeuPath Health