SOURCE: MEDX Health Corp.

MedX Health Corp.

August 26, 2016 09:16 ET

MedX Health Corp. Announces Second Quarter 2016 Financial Results, Amendment to Stock Option Plan, and Option Grants

MISSISSAUGA, ON--(Marketwired - August 26, 2016) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the three and six month ended June 30, 2016, which are also available on SEDAR (www.sedar.com).

The Company reported revenue of $209,496 for the three months ended June 30, 2016, compared with revenue of $367,256 for the three months ended June 30, 2015. The Company had a loss for the three months ended June 30, 2016 of $310,869, or $0.00 per share compared with a loss of $50,609, or $0.00 per share for the three months ended June 30, 2015. The loss in 2015 was reduced due to one-time cost reversals of $114,000.

For the six months ended June 30, 2016, the Company reported revenue of $398,197, compared with revenue of $665,875 for the 2015 six-month period. The loss for the six months ended June 30, 2016 was $515,363 or $0.01 per share, compared with a loss for the six months ended June 30, 2015 of $106,641, or $0.00 per share.

"We continue to feel very positive about the progress we are making as second quarter revenue improved over our first quarter and we saw increases in the number of locations in Europe offering skin scanning using our technology. In addition, recently we have made significant progress in Ontario where a number pharmacy locations have agreed to deploy our technology, and we have had a number of initiatives to increase awareness of our technology in the United States," commented Rob von der Porten, MedX CEO. "Revenue for the first half of the year was lower versus prior year as our distribution partner's purchases in 2015 corresponded with their launch in the UK, however, we anticipate that Q3 revenue this year will be higher than last year. In addition, SIAscopy will now be used in Ontario in several settings, which we think will prove our business model in North America, holding promise for the future" continued Mr. von der Porten.

At the Company's Annual and Special Meeting of Shareholders held on August 25, 2016, shareholders approved an amendment to its 2014 Incentive Stock Option Plan, to increase the number of options available in the plan from 12,000,000 to 16,400,000.

On August 25, 2016, the Company granted 1,750,000 options to consultants of the company, which options will be vested before December 31, 2016, and expire five years from the grant date, with exercise prices ranging from $0.10 to $0.14 per share.

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