MedX Health Corp. Announces 2018 Year End Results
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.
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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.
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