Medworxx Solutions 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 nine month interim
periods ended September 30, 2013. These documents may be viewed under
the Company’s profile at www.sedar.com.
Highlights of the results for the period ended September 30, 2013
include:
-
The Annualized Contract Value of recurring revenue at September 30,
2013 with existing clients was $4,748,587 as compared to $4,387,215 at
September 30, 2012, an increase of 8.2%.
-
Revenue from the Patient Flow Platform for the nine months ended
September 30, 2013 increased to $3,004,162 from revenues of $2,558,804
for the nine months ended September 30, 2012, an increase of $445,358
representing growth of 17.4%.
-
Revenue from the Compliance and Education Platform for the nine months
ended September 30, 2013 decreased to $1,315,166 from revenues of
$2,079,682 for the nine months ended September 30, 2012, a decrease of
$764,516 representing decline of 36.8% (mostly due to a USD $800,000
sale of a worldwide, non‐exclusive, non‐transferrable license of the
Policy and Document Management Software to a major US software company
in Q3 2012).
-
Revenue for the nine months ended September 30, 2013 was $4,377,982,
representing a decrease of 7.9% over revenues of $4,754,676 in the
same period last year. The decrease is attributable primarily to a
36.8% decrease in the Compliance and Education platform, and offset by
the growth in the Patient Flow Platform of 17.4%. Excluding the
one-time USD $800k sale, the Compliance and Education Platform
decreased by 0.6% over the same period last year.
-
Continuing with our success in the UK market, Medworxx announced the
agreement with Greater East Midlands Commissioning Support Unit (GEM)
to license Medworxx Patient Flow 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.
GEM will have access to the Medworxx Appropriate Length of Stay Audit
Program capability in undertaking their reviews.
-
In the quarter, Medworxx also signed an agreement with a large
healthcare CPOE (Computerized Physician Order Entry) vendor to market
the Medworxx Patient Flow Platform. The CPOE vendor has a significant
footprint; it is used by about 40,000 clinical and healthcare
professionals in Canada, primarily in the Quebec and Ottawa regions,
as well as the US and Australia. Medworxx Patient Flow is a natural
integration point with CPOE; Medworxx will bring value to their
customers through the synergistic technology.
-
Nova Scotia Department of Health, NS, Canada purchased additional
Medworxx Patient Flow module of Forms and Assessments for the entire
province of Nova Scotia.
-
Two contracts were signed in the quarter for the Medworxx Compliance
and Education platform with Woodstock General Hospital ON, Canada and
Almonte General Hospital ON, Canada.
-
In the quarter, Medworxx was listed as one of the Top 10 Companies
$10M and Under on the 2013 Software 500.
“Medworxx’ Patient Flow business in Canada and the UK continues to
increase as illustrated by our 17.4% growth in revenue for the nine
month period ending September 30, 2013. Our sales and marketing
expansion initiatives in other geographies are progressing as
anticipated,” said Dan Matlow, President and CEO, Medworxx. “We continue
to be optimistic with respect to our growth strategy, and are seeing
increased pipeline activity.”
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 35% 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 “recurring” 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