MedX Health Corp.
TSX VENTURE : MDX

MedX Health Corp.

November 26, 2014 19:28 ET

MedX Health Corp. Announces Third Quarter 2014 Financial Results and the Granting of Stock Options

MISSISSAUGA, ONTARIO--(Marketwired - Nov. 26, 2014) -

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MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE:MDX), dedicated to the early detection of skin cancer, announced its results for the three and nine months ended September 30, 2014, which are also available on SEDAR (www.sedar.com).

The Company reported revenues of $295,247 for the third quarter of 2014, or 270% of the prior year's sales level of $109,296 in 2013, an increase of $185,951. Of the increase, $108,358 was from the Company's SIAscopy product line, with the rest of the increase from its therapeutic laser products. The Company reported income for the three months ended September 30, 2014 of $342,733, or $0.00 per share, compared with a loss of $362,456, or $0.01 per share for the three months ended September 30, 2013. Income for the quarter was due to higher sales, and also from the reversal of previously recorded liabilities.

For the nine month period to September 30, 2014, the Company reported income of $64,029, or $0.00 per share, compared with a loss of $885,935 or $0.02 per share for the 2013 period. Revenues of $673,038 for the first nine months of 2014 were 60% higher than revenue of $419,090 in 2013.

"We believe we have made substantial progress in the business. Our focus on building sales and developing longer-term opportunities for our skin cancer screening technology is starting to show results," said Rob von der Porten, MedX CEO. "Our SIAscopy devices are now employed in well over 100 pharmacies in Norway and Sweden, and with our business partners we are working to grow this channel, as it allows consumers easier access to skin assessment, and yields recurring revenue based on each consumer assessment. In addition, we continue to build our distribution channels to medical practitioners, including Australia where we recently gained certification. We are also committed to improving the Company's financial stability as we continue to seek additional capital."

The Company also announces that it has granted a total of 7,150,000 incentive stock options to management and consultants, of which 4,697,693 are vested, with the remainder vesting over a period of eighteen months. The options are exercisable at $0.10 for a period of five years from the date of the granting of the options.

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, 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 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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