MedX Health Corp. (“MedX” or the “Company”) (TSX-V:MDX) announced its
results for the year ended December 31, 2018, which are also available
on SEDAR (www.sedar.com).
The Company reported revenue of $1,087,426 for the year ended December
31, 2018, compared with revenue of $1,093,239 for the year ended
December 31, 2017. Sales from the Company’s SIAscopy skin assessment
technology increased by 26.5% during 2018, while the sales from the
therapeutic laser line were down by 8.7%. The Company reported a loss
for the year ended December 31, 2018 of $4,186,573 or $0.03 per share
compared with a loss of $1,604,438, or $0.02 per share for the year
ended December 31, 2017.
For the three months ended December 31, 2018, the Company reported
revenue of $275,193, compared with revenue of $361,269 reported in the
three-month period in 2017. Revenue from SIAscopy was lower than in the
prior year period, and sales of therapeutic lasers were down 9.3% year
over year. The loss for the three months ended December 31, 2018 was
$1,015,240, or $0.01 per share, compared with a loss of $301,946, or
$0.00 per share for the three-month period ended December 31, 2017.
“The higher loss for 2018 was largely driven by the significant
investment of $0.9 million we made in our new DermSecure™ telemedicine
platform, as well as the $1.3 million of non-cash expenses resulting
from share option grants, expensed in 2018,” noted Scott Spearn, CEO of
MedX. “The investment in DermSecure™ allows us to launch this exciting
new product both in Canada and in international markets in 2019. This is
a major initiative opening access to markets and opportunities in a way
that has not been possible in the past and will help save lives and
lower costs to health care systems. We are re very positive about our
future,” Mr. Spearn continued.
MedX, headquartered in Mississauga, Ontario, is a leading medical device
and software company focused on skin cancer with its DermSecure™
telemedicine platform, utilizing its SIAscopy technology. SIAscopy is
also 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
photobiomodulation therapeutic and dental lasers to provide drug-free
and non-invasive treatment of tissue damage and pain. www.medxhealth.com.
This press release does not constitute an offer of any securities for
sale. This press release contains certain forward-looking statements
within the meaning of applicable Canadian securities legislation. These
forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ, including, without limitation, the
company’s limited operating history and history of losses, the inability
to successfully obtain further funding, the inability to raise capital
on terms acceptable to the company, the inability to compete effectively
in the marketplace, the inability to complete the proposed acquisition
and such other risks that could cause the actual results to differ
materially from those contained in the company’s projections or
forward-looking statements. All forward looking statements in this press
release are based on information available to the company as of the date
hereof, and the company undertakes no obligation to update
forward-looking statements to reflect events or circumstances occurring
after the date of this press release.
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 press release.