SOURCE: MEDX Health Corp.

MedX Health Corp.

November 27, 2015 18:45 ET

MedX Health Corp. Announces Its Third Quarter 2015 Financial Results and Approval of Share Issuances

MISSISSAUGA, ON--(Marketwired - November 27, 2015) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the three and nine months ended September 30, 2015, which are also available on SEDAR (

MedX reported revenue of $165,977 for the three months ended September 30, 2015, which was 44% lower than revenue of $295,247 in the third quarter of 2014. The Company experienced a loss of $238,578 for the three months ended September 30, 2015, or $0.00 per share, compared with income of $342,733, or $0.00 per share for the three months ended September 30, 2014, which included a gain of $477,000 resulting from the reversal of previously recorded liabilities.

Revenue for the nine months ended September 30, 2015 was $831,852, a 24% increase from the first nine months revenue of $673,038 in 2014. The loss for the nine months ended September 30, 2015 was $345,220, or $0.00 per share, compared with income of $64,029, or $0.00 per share for the nine month period ended September 30, 2014.

"The revenue decline for the quarter was not unexpected as we do experience inconsistent ordering patterns from key customers and distributors over short periods; we had a strong second quarter and expect the fourth quarter to exceed last year's performance, as we grow our customer base," commented Rob von der Porten, MedX CEO. "We remain very positive on our SIAscopy business, anticipating growth in the number of pharmacy/retail locations where our devices are being used, as well as in other clinical applications, and with the introduction of an updated product line, a rebound in the sales of our therapeutic light products."

The Company also announces that at an Annual and Special Meeting of Shareholders held on November 23, 2015, shareholders approved the issuance of 2,550,000 common shares to insiders related to the settlement of $328,956 of indebtedness owing to certain insiders, which agreements were previously announced, along with the issuance of 703,437 shares in settlement of $77,609 of liabilities with non-insiders, which have been approved by the TSX Venture Exchange.

About MedX

MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer; it manufactures and distributes SIMSYS™ and MoleMate™, hand-held devices that use patented technology utilizing light and its remittance to view beneath suspicious moles and lesions in a pain free, non-invasive manner, 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 drugstore settings where the images are sent remotely to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia and Europe. MedX also designs, manufactures and distributes quality low level laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, providing drug free and non-invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit

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.
    905 670 4428