MedX Health aggressively advances the global rollout of its skin cancer detection platform
Detecting malignant melanoma early is a game-changer for saving lives in the world of skin cancers. That is because melanoma is relatively common with a lifetime exposure risk of about 2.6% (1 in 38) for whites, 0.1% (1 in 1,000) for blacks, and 0.6% (1 in 167) for hispanics. In 2020, an estimated 57,043 people worldwide died from melanoma.
MedX Health Corp. (TSXV: MDX) (‘MedX’) is a medical device and software company focused on skin health (notably skin cancer detection) with its SIAscopy® and DermSecure® telemedicine platform. MedX designs, develops and distributes innovative imaging and software technologies that have been tested for safety and effectiveness and have been approved for use in 35 countries including Australia, Brazil, Canada, the European Union, New Zealand, Norway, Turkey, and the USA.
The MedX SIAscopy® has a competitive advantage due to its advanced technology. It can 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.
MedX commercialization pilot project with Health Partners Limited in the UK
On March 2, 2022 MedX announced some very exciting news. The news is that MedX will partner with Health Partners (OH) Limited (“HP”) in a “new commercialization pilot project” across the UK. The project involves each party testing out the arrangement with the goal of advancing to a commercialization contract as the next step.
The announcement stated: “The pilot will span three to six months and involve an estimated 600 patients across two of HP’s sites. Upon the successful completion of the pilot, the MedX DermSecure® Screening Platform will be made available to Health Partners’ two million-plus patients. The agreement is the latest initiative in MedX’s global commercialization strategy and follows pilots recently launched across the Europe and Middle East region……Health Partners brings our technology to a population of more than two million workers across the United Kingdom, thus expanding our footprint in the EMEA region considerably. We continue to execute on our strategy to identify strategic partnerships in the region that will allow us to grow our business and save lives simultaneously.”
More commercialization rollouts in Canada and another pilot project in the UK
In other recent news, MedX announced their services will now be offered in New Brunswick Canada , two screening centers in Ottawa, Canada, three screening centers in Ontario, Canada, and the Medicure Clinic in Mississauga, Canada.
MedX also recently announced another UK pilot commercialization. This time with London Medical Laboratory Ltd. MedX stated: “Upon the successful completion of the pilot, the MedX DermSecure® Screening Platform will be made available at a number of new centers across the UK and Ireland.”
MedX is continuing its program of global pilot projects and commercialization. Just in the past 2 years, the Company has commenced commercialization rollouts/pilots of their MedX DermSecure® Screening Platform in Canada, the UK, the Netherlands, Italy, Turkey, Mexico, Brazil and the United Arab Emirates.
The challenge ahead for MedX is to convert pilot programs into commercialization contracts and revenues. Certainly, the business model of upfront revenue for the hardware and recurring revenue for the scans has excellent potential. Q3 2021 revenue was disappointing at C$$94,146 so there is still plenty of work ahead to convert pilots into well-paying contracts. The recent UK pilot with Health Partners and their two million-plus potential patients offers considerable hope for shareholders that MedX is about to turn the corner.
MedX Health trades on a market cap of ~C$15 million.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>