MISSISSAUGA, Ontario--(BUSINESS WIRE)--MedX Health Corp. (“MedX” or the “Company”) (TSX-V:MDX) announced its results for the three-months ended March 31, 2019, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $184,801 for the three months ended March 31, 2019, compared with revenue of $226,122 for the three months ended March 31, 2018. Revenues from SIAscopy of $21,563 were lower than the 2018 three-month period, and revenue from the Company's therapeutic laser line of $163,238 were 13% lower than in the prior year. The Company reported a loss for the three months ended March 31, 2019 of $788,101 or $0.01 per share compared with a loss of $672,154, or $0.01 per share for the three months ended March 31, 2018.
“The higher loss for the first quarter of 2019 resulted primarily from additional investment in our new DermSecure™ telemedicine platform,” noted Scott Spearn, CEO of MedX, “in addition to non-cash expenses related to share option grants in 2018. We are still pivoting from marketing SIAscopy from the sales of a single devices to marketing SIAscopy as a telemedicine solutions and are confident that launching DermSecure™ in Canada, the Netherlands, Spain and other major markets in 2019 will provide significant revenue growth as well as deliver the benefits of shortening wait times, saving lives and lowering costs to the health care system.”
MedX also announces that on May 23, 2019, it completed the closing of a private placement, raising $136,000 by issuance of 850,000 Units. Each Unit, sold at $0.16, is comprised of One (1) fully paid common share and One (1) Share Purchase Warrant, exercisable to purchase One (1) further Common Share at the price of $0.25, exercisable for a period of two years from the date of issue. Following this Closing, MedX has 140,632,651 common shares issued and outstanding.
MedX, headquartered in Mississauga, Ontario, is a leading medical device and software company focused on skin cancer with its DermSecure™ telemedicine platform, utilizing its SIAscopy technology. SIAscopy is also 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 photobiomodulation therapeutic and dental lasers to provide drug-free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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