TORONTO--(BUSINESS WIRE)--Medworxx Solutions Inc. ("Medworxx")(TSX VENTURE:MWX), a leader in clinical patient flow, and compliance and education solutions, announced today it has filed with the Canadian securities authorities its Consolidated Financial Statements and Management's Discussion and Analysis report for the year ended December 31, 2014. These documents may be viewed under the Company's profile at www.sedar.com.
“In May 2012, we leveraged our market leader position in Canada and raised $3M to evaluate whether our unique Patient Flow IP would successfully translate to international geographies. We used these funds to update our IP and build sales and partner channels,” said Dan Matlow, President and CEO, Medworxx. “Two and a half years later, and with $1.9M of cash still on hand, we are happy to report that we have returned to profitability in Q4, with operational license sales in France and the UK, and PTRs in the USA and Australia.” Matlow adds, “Our expense levels are generally in place at this point and our recurring revenue is growing. When we combine these factors with our international pipeline opportunities we look forward to realizing on the investments we have made to date.”
Highlights for the quarter ended December 31, 2014 include:
- The Company was profitable with net income of $55,634 for the three months ended December 31, 2014 as compared to a net loss of $330,721 for the three months ended December 31, 2013.
- Revenue from the Patient Flow Platform for the three months ended December 31, 2014 increased to $1.3M from revenues of $1.1M for the three months ended December 31, 2013 an increase of $0.3M representing a growth of 23.8%.
- Revenue from the Compliance and Education Platform for the three months ended December 31, 2014 decreased to $0.4M from revenues of $0.5M for the three months ended December 31, 2013, a decrease of 8.0%.
- Groupe hospitalier Paris Saint-Joseph and Capio Group has selected Medworxx as their Patient Flow software provider in France. Groupe hospitalier Paris Saint-Joseph is the first hospital in France to license the Medworxx Clinical Criteria module for operational use. The hospitals’ decision to implement the Medworxx solution for operational use comes as a result of conducting the PTR program.
Highlights for the year ended December 31, 2014 include:
- The Company defines Annualized Contract Value (“ACV”) of recurring revenue as the contracted annual renewable software licence fees, maintenance services and hosting fees. The ACV of recurring revenue at December 31, 2014 was $5.4M as compared to $4.8M at December 31, 2013, an increase of 12.5%.
- Revenue for the year ended December 31, 2014 was $6.2M, representing an increase of 4.1% over revenues of $5.9M for the year ended December 31, 2013. Revenue for the three months ended December 31, 2014 was $1.8M, representing an increase of 14.0% over revenues of $1.5M for the same period last year.
- Revenue from the Patient Flow Platform for the year ended December 31, 2014 increased to $4.5M from revenues of $4.1M for the year ended December 31, 2013 an increase of $0.5M representing a growth of 11.4%.
- Revenue from the Compliance and Education Platform for the year ended December 31, 2014 decreased to $1.6M from revenues of $1.8M for the year ended December 31, 2013, a decrease of $0.2M or 12.1%.
- Average revenue generated per bed for the three months ended December 31, 2014 was $135.37, representing a 10.7% increase from average revenue per bed of $122.24 for the same period last year.
- International deployment of the Medworxx Patient Throughput Review (“PTR”) program (previously referred to as the Appropriate Length Stay Audit “ALSA”) is underway. Since the official launch of the program, forty three PTRs have been delivered in several hospital in five countries; Australia, Canada, France, the United States and the United Kingdom. For the year ended December 31, 2014, twenty four PTR’s were delivered: twelve were in the United Kingdom, six in Canada, three in the United States, and three in France.
- William Osler Health System (Osler) selected the Medworxx Patient Flow Platform to improve patient flow across its two hospital sites to support its vision of patient-inspired health care without boundaries and to help monitor, plan and implement processes to improve inpatient resource utilization.
- NHS England introduced a substantial Commissioning for Quality and Innovation scheme (CQUIN) to support providers in adopting clinical utilisation review (CUR) technology for specialised admitted patient care and critical care in 2015/16. The CQUIN demonstrates NHS England’s commitment to CUR as an essential tool to effective patient flow within provider organisations and across local health economies and provides NHS Hospital Trusts with set-up funding and ongoing financial support and incentives to develop and embed recognised Clinical Utilisation Review systems. The goal is to improve patient flow, enhance quality and ensure patients are treated in the most appropriate clinical settings, freeing up staff time and hospital resources. Medworxx contributed to the event by showcasing user experience from acute care providers using the Medworxx clinical utilisation solution. Over the last 12 months more than 20 UK hospitals and their commissioners have used the Medworxx Clinical Utilisation Review capability through embedded and diagnostic applications. Medworxx is the leading clinical utilization vendor in the UK and Canada with a combined total of over 28,500 licensed beds using Medworxx patient flow software.
- Medworxx appointed Mr. Har Grover and Mr. Steve Garrington to the Medworxx Board of Directors.
- The Company also created a Corporate Advisory Committee to assist with the ongoing expansion strategy into international markets.
Medworxx delivers health information technology solutions to over 350 hospitals internationally, including Canada, United States, United Kingdom, France and Australia. Medworxx helps hospitals meet patient flow challenges and requirements for compliance and education. Medworxx Clinical Criteria —the flagship component of Medworxx Patient Flow, which also includes electronic bed management and independent assessment components—is currently used to manage 32% of the acute-care beds in Canada as well as acute-care beds in a rapidly increasing number of Trusts and CCGs in the UK. Founded in 2004, Medworxx Inc. is based in Toronto, Canada, and publicly traded on the TSX Venture Exchange: MWX Visit: www.medworxx.com
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