MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the three months ended March 31, 2018, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $226,122 for the three months ended March 31, 2018, compared with revenue of $239,810 for the three months ended March 31, 2017. Revenues from SIAscopy of $39,236 were 18% higher than the 2017 three-month period, while sales from the Company's therapeutic laser line of $186,886 were lower than in the prior year. The Company reported a loss for the three months ended March 31, 2018 of $672,154 or $0.01 per share compared with a loss of $347,859, or $0.00 per share for the three months ended March 31, 2017.
“Our revenue for the first quarter was lower than we had been anticipating, as the shipment of a $120,000 order that we received mid-quarter ended up being shipped just after quarter end due to delays by our customer,” noted Rob von der Porten, CEO of MedX. “We are adding to our marketing efforts to build the laser sales and preparing for the launch of our new telemedicine platform that will be ready for marketing this summer. Through the collaborations with our well respected Advisory board members, such as U.S. based Dr. Dan Siegel and UK based Dr. Joe Walls and Dr. Per Hall, we are increasingly encouraged that our SIAscopy technology integrated into a telemedicine platform will move the company into the forefront of remote scanning and analysis of potentially dangerous moles and lesions. The investment in our technology and business development efforts have increased costs for the quarter, however non-recurring expenses represent approximately half of the increase in the loss for the quarter over last year.”
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.