Medworxx 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 and six month interim
periods ended June 30, 2013. These documents may be viewed under the
Company’s profile at www.sedar.com.
Highlights of the results for the period ended June 30, 2013 include:
-
Revenue for the six months ended June 30, 2013 was $2,991,454,
representing an increase of 12.1% over revenues of $2,669,714 in the
same period last year while for the quarter ended June 30, 2013
revenue was $1,538,648, representing an increase of 8.9% over revenues
of $1,412,647 for the previous year. The increase is attributable
primarily to growth in the Patient Flow platform of 24.6% for the six
months period and 35.0% growth on the prior year quarter.
-
The Company incurred a net loss of $558,135 for the six months ended
June 30, 2013 as compared to a net loss of $127,766 for the six months
ended June 30, 2012. Net loss of $236,319 for the three months ended
June 30, 2013 as compared to a net loss of $57,884 for the three
months ended June 30, 2012. The loss for the quarter is attributable
to the planned investment in building the sales and partner channels
for the Medworxx Patient Flow platform.
-
Adjusted EBITDA (a non-IFRS measure), defined as Earnings before
Interest, Taxation, Depreciation, Amortization, and Stock Option
Expense, for the six months ended June 30, 2013 was a negative
$405,175 as compared to a positive $66,081 for the six months ended
June 30, 2012, representing a decline of $471,256. For the three
months ended June 30, 2013, adjusted EBITDA was a negative $161,110 as
compared to a positive $42,886 for the same period last year,
representing a decline of $203,996.
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In the quarter, the company formalized a new Appropriate Length of
Stay Audit (“ALSA”) program, which helps to unlock unique patient flow
data helping organizations understand patient flow issues, ALSA uses
the proven Medworxx software as an audit and diagnostic solution,
prior to hospitals implementing the solution operationally. Management
consulting companies and hospital support agencies are able to use
Medworxx to rapidly unlock unique patient flow data, providing
visibility into patient flow issues in the hospitals that they provide
services to.
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A large UK Trust has licensed Medworxx Patient Flow – Appropriate
Length of Stay Audit Program for their annual reviews delivered within
their region covering a 4.5 million population and 13,000 beds in
acute or community-based hospitals, or non-hospital environments. They
purchased a perpetual use license, for use of the Patient Flow
software to review audit results for $164,073 plus annual maintenance
and support of $32,815 and have committed to performing up to 11
audits per annum for an annual fee of $90,212.
-
In April 2013, Medworxx was listed as one of the Top 250 Canadian ICT
Companies and Top 20 Movers & Shakers on the Branham300 report. This
is the 5th consecutive year Medworxx has been ranked on the
Branham300, demonstrating the company’s continued growth and
profitability. This is the first time the company has placed on the
Top 20 Movers & Shakers category.
“We continue to see growth in a steady progression, especially with our
patient flow products,” said Dan Matlow, President and CEO, Medworxx.
“This is the second consecutive quarter where our UK unit has
contributed significantly to our revenue results. We are continuing to
see increased pipeline activity within all geographies in which we are
actively marketing.”
About 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 33% 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.
Visit: www.medworxx.com
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Disclaimer
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 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.
Copyright Business Wire 2013