NeuPath Health : Presentation

Investor Presentation

April 2023

(all figures in C$ unless otherwise indicated)

Forward looking statements

Certain statements in this presentation are forward looking statements which may include, but are not limited to, statements with respect to the future financial or operating performance of NeuPath and its projects, the market conditions, business strategy, corporate plans and objectives and goals. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward- looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of NeuPath to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to, the factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2022 dated March 29, 2023 ("AIF"). Although NeuPath has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and, other than as required by law, NeuPath disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

This presentation also includes market data and forecasts with respect to the chronic pain, sports medicine, concussion, and workplace health services markets. Although NeuPath is responsible for all of the disclosure contained in this presentation, in some cases NeuPath relies on and refers to market data and certain industry forecasts that were obtained from third-party surveys, market research, consultant surveys, publicly available information and industry publications and surveys that it believes to be reliable. Unless otherwise indicated, all market and industry data and other statistical information and forecasts contained in this presentation are based on independent industry publications, reports by market research firms or other published independent sources and other externally obtained data that NeuPath believes to be reliable. Any such market data, information or forecast may prove to be inaccurate because of the method by which it was obtained or because it cannot always be verified with complete certainty given the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties, including those discussed in the AIF under the heading "Risk Factors". As a result, although NeuPath believes that these sources are reliable, it has not independently verified the information.

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Non-IFRS Financial Measures

This presentation makes reference to certain financial measures, including non-IFRS financial measures that are historical and non-GAAP or non-GAAP ratios. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and, are therefore, unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. The Company uses the following non-GAAP financial measures: EBITDA, adjusted EBITDA, gross margin, adjusted gross margin and loss from operations, and the following non-GAAP ratios: gross margin % and adjusted gross margin %, to provide supplemental measures of operating performance and thus highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS financial measures in order to prepare annual operating budgets and to determine management compensation. See Selected Financial Information and Results of Operations for a quantitative reconciliation of gross margin, adjusted gross margin and loss from operations to its most directly comparable financial measure disclosed in the Condensed Consolidated Interim Financial Statements for the three and twelve months ended December 31, 2022 to which the measure relates.

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Investment Highlights

Private / Public

Strong Platform

Multiple

Avenues for

Growth

Attractive

Valuation

Canada's largest provider of category leading chronic pain management and other services in support of, and complementary to, the public system

Annual revenue run rate of >$60 million, adjusted EBITDA positive for 16 straight quarters. New leadership is implementing operational improvements to drive EBITDA growth.

Significant opportunities to grow both organically and inorganically - consistent with recent provincial and federal government initiatives

Currently trading at a highly discounted EV/Revenue and EV/EBITDA vs. peers

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NeuPath Health at a Glance

+$60M

Revenue

200k

patients visits

Canada's Largest

Provider of Chronic Pain

Management

Licensed Health Care

Providers

130

Licensed professional

15k

Referring physicians

Patient Visits

5