Thank you everyone for joining us. We're just going to go through a brief presentation on the quarter, and then we'll open the floor up to questions.

Just a quick recap about NuPath, we are one of Canada's largest operators of community-based medical facilities, focusing on treating chronic and MSK pain. We have approximately 160 healthcare professionals in our network that see roughly 200,000 patients annually, and majority of our patients are referred to us from a network of over 5,000 referring physicians.

We operate 12 facilities in Canada, mostly in Ontario and Alberta, and we continue to have a high patient satisfaction rating. In our second quarter highlights, to note here in our Q2 of 2025, we had a material one-time payment.

It impacted revenue by $1.9 million and adjusted EBITDA by $0.6 million. We've revised the numbers you'll see in this presentation to reflect excluding that impact.

Excluding that impact, our revenue grew 7% to $23.2 million, and adjusted EBITDA grew 3% to $1.7 million. We continue to be underlevered, we're at 0.4 times, which gives us a lot of capacity to work on some of the business development transactions we're looking at.

Capacity utilization increased to 56% from 52%, and we had record patient visits in the quarter that grew 6%. I'll now turn it over to Jeff to walk through our financial numbers.

Thank you, Stephen. Good morning everybody, and thank you Martin for having us here today, to be with you.

Turning to our financial results for the quarter ended June 30th, 2026, and again just a reminder to the audience that we previously disclosed the one-time award that Stephen just mentioned, which had a positive impact of $1.9 million to revenue in Q2 of 2025, as well as a positive impact on adjusted EBITDA and gross margin. Removing that one-time event, revenue grew by 7% to $23.2 million for the three months ended June 30th, 2026, and adjusted EBITDA grew by 3% to $1.7 million for the same quarter.

During the quarter, adjusted EBITDA was lower than expected due to some professional fees that were incurred in order to recruit some additional physicians and healthcare professionals that we anticipate will drive revenue in future quarters and future years. We also had an operational issue with one of our fluoroscopy suites at one of our clinics, which led to some downtime during the second quarter and had a negative impact on revenue and adjusted EBITDA.

Next slide, please. On a year-to-date basis, we continue to see strong revenue growth and continued strength to the bottom line and adjusted EBITDA, with revenue growth of 9% to $44.7 million and adjusted EBITDA growth of approximately 8% to $3.2 million when adjusted for the one-time payment.

Back to you.

Great, thanks Jeff. As we talk through our growth strategy, I just want to highlight some of the success we've had to date, really as we focus on growing physician hours.

We mentioned our press release, we've onboarded six new physicians: three in Alberta, three in Ontario in late July, early August. This is good for the business because not only does it bring in new doctors in to see patients, but we've added an anesthesiologist and a neurologist that also brings new service lines to us to focus on migraines and some new areas that we are not currently treating.

We can use that to educate some of our physicians as well. We continue to utilize technology and have been piloting Heidi in some of our clinics and have seen great success in that.

We're starting to roll that out across our organization. One of the areas we worked on, too, is building out our academic affiliation, we're able to affiliate with an Ontario university.

We're going to start seeing upwards of 40 medical students are going to come through our facilities to train and everything from sports medicine, image guided, but it helps build that long-term pipeline of potential physicians as well that can join the company. We're very proud of the accomplishments our team has made from that perspective.

As we turn to our capitalization, we continue to have strong institutional ownership and good inbound [unclear] our stock through the NCIB program, and we're just under 1.4 million shares have bought and canceled in the past 18 months, and board and management continue to actively buy when we have available windows open to us. Overall, we continue to have several pathways to growth, the growth we're seeing lately and in the quarters, that's from Q2 growth was no new doctors, that was just the doctors that we onboarded historically building their practices up to scale and some of our doctors that joined us in the past adding new days to see more patients.

Chronic pain is a growing market, and it is fragmented across the country, we are building out our network and starting relationships with more clinics in more markets. We continue to see this as a low valuation versus our peers, and we continue to build out.

Overall, we're very excited with what we saw in the quarter, the growth that we're seeing, and then the continued interest from new doctors that want to come and join our team and help treat all the patients, provide great patient experiences for all our patients. With that, Martin, I'll turn it back to you for questions.

Sure. The Guelph facility, we had a couple week delay on some of the construction build-out, it's slated to open the first week of October, very early in Q4.

It does not. No.

It's three physicians in Ontario. When Guelph opens, we will have three physicians joining that facility as well, and then a few more.

In addition to the six, we should be able to onboard another probably two to five throughout Q3 and Q4.

We're probably around 105 or six physicians in our roster now, and we would have been high 90s at this time last year.

It is fully resolved. It happened earlier in Q2, our June numbers were good and kind of showed the consistent growth rate.

If you backed out the impact on gross margin, it would have had gross margin more in line, a little bit above where we were last year, once you adjusted out the noise, and a few percentage points on adjusted EBITDA.

The majority was driven by patient volumes. I think our patient volumes were up 7% or 8% in the quarter, and I'd say a few percent is probably mix in different services that the patients are seeing.

Sure. Different facilities will be at different ranges around our utilization, we use it as a tool.

For example, in our Brampton and Oshawa clinics, they're both working evenings and weekends. We renovated Brampton in 2025, renovated Oshawa this year, added more treatment rooms as well as fluoroscopy in our Oshawa clinic.

As we see the numbers approaching probably in that 80% range or 90, we'll look at either adding evenings or looking at expanding into adjacent space to create more treatment rooms, which would lower our capacity utilization as we bring more rooms on board. Where we've seen the growth is from two main things: it's our doctors that have joined in the past who are adding more days of service to expand into either new space or to see new patients, and as well as the doctors that we added in 2025 building their practices to scale and then some of them adding days with us as well.

That's a good question. We continue to see great interest in Arthrosamid, and we're getting great feedback from the patients that have treated it.

We're getting a lot of word-of-mouth referrals that are coming in as well as the marketing piece. We're probably at about a $1.5 million run rate on that product, for a service that we started about a year ago.

It can probably grow at the inquiries we're seeing somewhere north of $2 million in the next 6 to 12 months, probably. The growth rate on that, what we're doing is it's a combination of bringing new patients in.

We also continue to roll out, we've had more doctors starting to provide the service, and we continue to have doctors that are getting trained on the procedure, we have more people that can offer the service. It's a good product for us, great feedback, and we're very excited about the growth that it could generate.

As we approach 100 million, it could be 2% to 4% of our business in the future.

It's a very expensive material product, it's a slightly lower gross margin, and it's roughly about a 10% EBITDA margin.

Right now on the non-insured, prolotherapy, PRP, and some of the sports medicine are areas that we do offer in some clinics, and we are working with some sports med doctors to roll those services out to other clinics. We're seeing good interest in those programs.

Other services such as vitamin infusions, ketamine infusions, we started piloting at certain clinics, and we've had pretty good interest on those to date. Then we continue to work with a few partners and some psychologists on the mental health side, which is not a covered service.

A typical ramp-up to scale is probably about six months. When they first come in, they will work through our waitlist, see consults to try to start building their practice.

When they get to scale six months in, if a doctor gave us three to four days a week, it would probably generate roughly around $1 million of new revenue for the business.

It's probably in the three to five-year horizon. If you think of this program at scale, like in our Edmonton facility, they see residents coming through, and those residents get hired every year.

This is a new program at TMU, and TMU is a new med school. As their students go through, we're seeing anyone from the postgraduate years one, two, this year's training, probably having an ability to recruit some probably in two to three years.

Sure. Jeff, do you want to take that one?

Sure. Thank you.

The tax impact in the quarter really related to the amalgamation of a tax-paying legal entity and a legal entity that has tax loss carryforwards. The recognition of a deferred tax asset of $0.9 million was relating to the cash tax that we expect that business to realize over roughly a three-year period.

It's looking good. We've got conversations that we continue to advance, we're still like would like to be able to announce like at least one transaction in the back half of this year.

Then we've got a range of everything from like looking at established clinic groups to partnering with doctors to offer pain services in and new markets in new areas that we're not in, such as like give you like the the Maritimes, different provinces, and so on. We're very happy with the number of conversations we're getting, and some of the we're starting to get some good inbound reach from some medical communities as well to help offer pain services in their region.

We still have the share buyback program ongoing. We're starting to, like you see in our numbers, more of the capital that we're allocating is a little bit less to the NCIB, but we're starting to put more into growth capital in the facilities.

I think we spent about $400,000 the first half of this year, and that was to expand Oshawa, some new fluoroscopy, and start Guelph. We're starting to put more towards the growth in BD pipeline.

Those expenses were some of the doctors that we're onboarding are from the US and Europe, it was costs related to the immigration paperwork and going through the immigration process with the Government of Canada. Those costs were incurred in the first half of the year, and it should be nominal to no costs in the back half of the year for that, and now start to get the return on the investments as those doctors build their practice.

Sure, yeah. I'll just wrap up.

Thank everyone for joining. I think from our perspective, we're very happy with how the quarter went.

There was some noise in it, but when you back that out, you can see great organic growth, and with the new doctors coming in, and where we look at our growth pipeline, we're very excited about where NuPath's going to grow over the next couple years, and we're going to look forward to keeping you updated in future quarters.