SOURCE: MEDX Health Corp.

MedX Health Corp.

April 29, 2016 18:17 ET

MedX Health Corp. Announces a 34% Revenue Increase in Its 2015 Year End Financial Results

MISSISSAUGA, ON--(Marketwired - April 29, 2016) -  MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the year ended December 31, 2015, which are also available on SEDAR (www.sedar.com).

The Company reported revenue of $1,171,421 for the year ended December 31, 2015, a 34% increase over revenue of $877,732 for the year ended December 31, 2014, as a result of revenue growth in its skin assessment technology, SIAscopy, which revenue increased 112% over the prior year to $668,890. The Company showed a loss for the year ended December 31, 2015 of $499,249, or $0.01 per share compared with a loss of $204,577, or $0.00 per share for the year ended December 31, 2014. The loss in 2014 was reduced due to one-time cost reversals of $460,345.

For the three months ended December 31, 2015, the Company reported revenue of $339,569, 66% higher than $204,694 in the three month period in 2014, with the increase being due to strong SIAscopy revenue. The loss for the three months ended December 31, 2015 was $154,029, or $0.00 per share, compared with a loss of $268,606, or $0.00 per share for the three-month period ended December 31, 2014.

"Our focus remains on building the market and revenues from SIAscopy; we achieved a doubling of revenue in 2015 from this line," noted Rob von der Porten, MedX CEO. "We have seen expansion into new markets by our European partner, who are adding pharmacies to its skin assessment service; this benefits MedX from a sale and recurring revenue basis. Furthermore, we continue to work on adding new sales verticals internationally and are now targeting an increase in our presence in North America," continued Mr. von der Porten.

About MedX

MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology. This technology is imbedded in its products SIAMETRICS™, SIMSYS, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. 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. The devices are sold to physicians and clinics, as well as being deployed in pharmacies and remote clinics from where the images are sent to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia, the European Union and Turkey. SIAMETRICS™ is a unique product used in a specialized market for research into the clinical effectiveness of medical treatments of certain skin conditions. MedX also designs, manufactures and distributes quality laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, to provide drug free and non-invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit 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.

Contact Information

  • For further information:

    Robert von der Porten
    President and CEO
    MedX Health Corp.
    investor@medxhealth.com
    Phone: 905 670 4428