Medworxx Solutions Inc. Files Second Quarter 2014 Financial
Management’s Discussion and Analysis
TORONTO--(BUSINESS WIRE)--Medworxx Solutions Inc. (“Medworxx”) (TSXV: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 three month period ending June 30, 2014. These documents may be viewed under the Company’s profile at www.sedar.com.
Highlights of the results for the period ending June 30, 2014 include:
- The Annualized Contract Value of recurring revenue at June 30, 2014 was $4.9M as compared to $4.8M at December 31, 2013, an increase of 2.1%.
- Revenue for the three months ended June 30, 2014 was $1,443,007, representing a decrease of 6.2% over Revenues of $1,538,648 for the three months ended June 30, 2014. Revenue for the six months ended June 30, 2014 was $3,042,312, representing an increase of 1.7% over revenues of $2,991,454 for the six months ended June 30, 2014. The reason for the decrease in revenue for the three months ended June 30, 2014 versus June 30, 2013 was the absence of new licence sales in either the Patient Flow or Compliance and Education platforms primarily due to the delays in the sales/procurement cycle.
- Revenue from the Patient Flow Platform for the three months ended June 30, 2014 decreased to $1,043,200 from revenues of $1,160,951 for the three months ended June 30, 2013 while revenue for the six month ended June 30, 2014 increased to $2,230,638 from revenues of $2,084,726 for the six months ended June 30, 2013, an increase of $145,911 representing a 7.0% growth.
- Revenue from the Compliance and Education Platform for the three months ended June 30, 2014 decreased to $362,765 from revenues of $369,343 for the three months ended June 30, 2013. Revenue for the six months ended June 30, 2014 decreased to $765,742 from revenues of $875,502 for the six months ended June 30, 2013, a decrease of $109,760 representing a decline of 12.5%.
- 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 in June 2013, thirty two PTRs have been delivered in five countries; Australia, Canada, France, the United States and the United Kingdom.
“Although we are disappointed with the quarterly results we remain optimistic that the Patient Throughput Review (PTR) methodology will subsequently lead to embedded use of our Clinical Criteria module. In Q2 we completed PTRs in four countries, Canada, France, the UK and the US, as planned. We are excited to see that healthcare consulting groups in participating countries are affirming the value of the PTR. Consulting firms are utilizing the PTR to provide their clients the necessary baseline metrics, analysis and recommendations to improve patient flow performance,” said Dan Matlow, President and CEO, Medworxx.
Medworxx delivers health information solutions to over 350 hospitals internationally; including Canada, United States and United Kingdom. Medworxx helps hospitals meet patient flow challenges and requirements in compliance and education. Medworxx Clinical Criteria – flagship of Medworxx Patient Flow that includes electronic bed board and independent assessment components – currently serves over 34% of the acute care beds in Canada. Founded in 2004, Medworxx is based in Toronto, ON, and publicly traded on the TSX Venture Exchange: MWX.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or “recurring” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as competition, technological changes, the changing needs of hospitals, the financial condition of the Company’s current and potential customers, foreign currency exchange rates, as well as general economic conditions, which may cause the actual results, performance or achievements of the Corporation and Medworxx to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.