MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the three and six-months ended June 30, 2019, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $259,108 for the three months ended June 30, 2019, compared with revenue of $405,707 for the three months ended June 30, 2018. Revenues from the Company’s therapeutic laser line of $233,395 were 20% higher than in the prior year. SIAscopy revenues of $25,713 were lower than the 2018 three-month period. The Company reported a loss for the three months ended June 30, 2019 of $721,142 or $0.01 per share compared with a loss of $1,579,245, or $0.01 per share for the three months ended June 30, 2018.
The Company reported revenue of $443,909 for the six months ended June 30, 2019, compared with revenue of $631,829 for the six months ended June 30, 2018. Revenues from the Company’s therapeutic laser line were up 3% for the six-month period, while SIAscopy revenues were lower than the prior year. The Company reported a loss for the six months ended June 30, 2019 of $1,509,243 or $0.01 per share compared with a loss of $2,251,397, or $0.01 per share for the six months ended June 30, 2018.
“We are pleased to report that we experienced strong sales of our therapeutic laser products in the most recent quarter over the prior year, and up 40% over Q1,” noted Scott Spearn, CEO of MedX. “Sales of our lasers have also moved ahead of last year for the six-month period. As regards our SIAscopy™ products, our Brazilian distribution partners are expecting regulatory clearance in the near future and have initiated a premarketing campaign with the education of 45 sales representatives on our SIAscopy™ on DermSecure™ platform. We are also seeing opportunities for our DermSecure™ telemedicine platform moving closer to test programs and soft launches in a number of markets in 2019, which could provide significant revenue growth going forward, as well as deliver the benefits of shortening wait times, saving lives and lowering costs to the health care system.”
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.
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