MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the year ended December 31, 2017, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $1,093,239 for the year ended December 31, 2017, an increase of 34% from revenue of $817,055 for the year ended December 31, 2016. Sales from the Company's therapeutic laser line grew by $341,488 during 2017, while revenue from SIAscopy, the Company’s skin assessment technology, was $65,304 lower in 2017 versus 2016. The Company reported a loss for the year ended December 31, 2017 of $1,604,438 or $0.02 per share compared with a loss of $1,335,293, or $0.02 per share for the year ended December 31, 2016.
For the three months ended December 31, 2017, the Company reported revenue of $361,269, more than double the revenue of $176,521 reported in the three-month period in 2016. Revenue from SIAscopy was 16% higher than the prior year and that of therapeutic lasers was up by 156%. The loss for the three months ended December 31, 2017 was $301,946, or $0.00 per share, compared with a loss of $360,245, or $0.00 per share for the three-month period ended December 31, 2016.
“We experienced a strong fourth quarter in 2017,” noted Rob von der Porten, CEO of MedX. “We finished the year with many positive developments to carry into 2018, including strong and growing sales from both our product lines, the development of the first release of our new telemedicine platform that will be completed before the end of Q2, and a SIAscopy order in excess of $100,000 for delivery in early 2018, reflective of increasing interest for our SIAscopy product line in a number of new markets. We have been investing in our technology and business development efforts which should result in growing revenues in 2018.”
The Company also announces that it has granted 7,375,000 share options under the Company’s Stock Option Plan to members of the Board of Directors, management, employees and consultants, subject to the Policies of and Acceptance by the TSX-V. The options have an exercise price of $0.25 per share and expire five years from the date of issue.
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology that 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. These products are Health Canada, FDA (US), ARTG and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union and Turkey. MedX also designs, manufactures and distributes quality laser and light therapy technologies to provide drug free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.