MISSISSAUGA, ON--(Marketwired - November 28, 2016) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the three and nine months ended September 30, 2016, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $317,420 for the three months ended September 30, 2016, a 91% improvement over revenue of $165,977 for the three months ended September 30, 2015, and a 52% increase over revenue in the previous quarter. The Company had a loss for the three months ended September June 30, 2016 of $459,685, or $0.01 per share compared with a loss of $238,578, or $0.00 per share for the three months ended September June 30, 2015. The higher loss was impacted by share-based compensation from option grants during the quarter, and the loss in 2015 was reduced due to one-time cost reversals of $78,000.
For the nine months ended September 30, 2016, the Company reported revenue of $714,667, compared with revenue of $831,852 for the 2015 nine-month period. The loss for the nine months ended September 30, 2016 was $975,048 or $0.01 per share, compared with a loss for the nine months ended September 30, 2015 of $345,220, or $0.00 per share.
"We experienced continued growth in the third quarter, with revenue from our SIAscopy line more than double the prior year, and an increase over Q2," noted Rob von der Porten, CEO. "As we begin the deployment of several initiatives in Ontario in clinics and pharmacies, we are seeing continuing interest in the concept of multiple points of service, combined with centres of excellence to provide timely results for patients. Also encouraging, sales from our therapeutic laser line were the highest quarterly sales in almost two years," continued Mr. von der Porten.
The Company also announced that it has obtained Acceptance from the TSX-V for the issuance of 100,000 common shares, to be issued in connection with the amendment in December 2015 of a term loan agreement entered into in July 2015, to amend the terms related to the security, allowing for the completion of an additional term loan in December 2015.
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.
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