MedX Health Corp. Announces Second Quarter 2018 Results
MISSISSAUGA, Ontario — (Business Wire) —
MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the three and six months ended June 30, 2018, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $405,707 for the three months ended June 30, 2018, a 71.3% increase over revenue of $236,892 for the three months ended June 30, 2017. Revenues from the Company’s SIAscopy technology were $210,951 for the quarter, a 181% increase over the 2017 three-month period. Sales from the Company’s therapeutic laser line of $194,756 represented an increase of 20% over the comparable 2017 period. The Company reported a loss for the three months ended June 30, 2018 of $1,579,245 or $0.01 per share compared with a loss of $403,631, or $0.00 per share for the three months ended June 30, 2017. The second quarter loss includes a $928,576 non-cash expense recorded in respect of share options granted during the period and $252,245 of expenditures related to developing its telemedicine platform and upgrading its SIAscope technology.
For the six months ended June 30, 2018, the Company reported revenue of $631,829, 32.5% higher than revenue of $476,702 for the six months ended June 30, 2017. The Company reported a loss of $2,251,397, or $0.02 per share for the six months ended June 30, 2018, compared with a loss of $751,490, or $0.01 per share for the six months ended June 30, 2017. Included in the six-month expenses are $371,245 of costs related to the telemedicine platform development and SIAscope upgrades, in addition to $933,968 of non-cash expenses recorded in the first half of 2018 in respect to share options granted.
“We are pleased with our progress in the second quarter, with strong revenue from SIAscopy driven by the launch of our product in Spain and a solid 20% increase in sales of our therapeutic lasers,” commented Rob von der Porten, CEO of MedX. “We are currently preparing for the launch of our proprietary telemedicine platform in Ontario and are working with our international marketing partners for telemedicine launches in a number of markets this year. We believe that these initiatives will lead to significant revenue growth going forward. While spending on the development of our telemedicine platform and other product enhancements has impacted our costs in the short-term, we will have the market-leading product for remote scanning and analysis of potentially dangerous moles and lesions, benefitting patients and healthcare systems; and for MedX will provide increased revenue from these recurring-revenue telemedicine initiatives.”
About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology that is imbedded in its products SIAMETRICS™, SIMSYS™, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS™, SIMSYS™, and MoleMate™ include hand-held devices that use patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are Health Canada, FDA (US), ARTG and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union and Turkey. MedX also designs, manufactures and distributes quality laser and light therapy technologies to provide drug free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This Media Release may contain forward-looking statements, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Company’s sales strategies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180823005196/en/
CONTACT
MedX Health Corp.
Rob von der Porten, 905-670-4428 ext 226
CEO
or
Media Relations
Deborah Thompson, 416-918-9551
dthompson@medxhealth.com