MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the three and nine months ended September 30, 2017, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $255,269 for the three months ended September 30, 2017, a 5% increase over revenue of $243,287 for the three months ended September 30, 2016. Sales from the Company's therapeutic laser line showed continued strength; revenue from its SIAscopy products were relatively unchanged for the recent quarter. The Company reported a loss for the three months ended September 30, 2017 of $551,002, or $0.01 per share, compared with a loss of $459,685, or $0.01 per share for the 2016 three-month period, with the increase the result of spending of $153,461 on the development of its telemedicine platform for the Company’s SIAscopy products.
For the nine months ended September 30, 2017, the Company reported revenue of $731,970, 14% higher than revenue of $640,534 for the nine months ended September 30, 2016. The Company reported a loss of $1,302,492, or $0.01 per share for the nine months ended September 30, 2017 compared with a loss of $975,048, or $0.01 per share for the nine months ended September 30, 2016.
“We continued to increase revenue in the third quarter, a trend we see continuing in the fourth quarter. Sales of our therapeutic laser products have shown continued strength, resulting in our highest quarterly sales in almost two years, and while revenue from our SIAscopy products was flat to Q2, it was more than double the SIAscopy revenue that we had in the first quarter of 2017. Furthermore, we are making great progress in developing new distribution channels as well as the development of our telemedicine platform which we expect will provide for more rapid revenue growth when it is completed and on the market in 2018," noted Rob von der Porten, MedX CEO. "We are building for the future as we invest in launching our telemedicine platform as well as updating our scanning technology to allow for a much more seamless and effective scanning and follow up processes, improving adoption and patient care."
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. SIAMETRICS™, 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.