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 month period ending March
31, 2014. These documents may be viewed under the Company’s profile at www.sedar.com.
Highlights of the results for the period ending March 31, 2014 include:
-
The Annualized Contract Value of recurring revenue at March 31, 2014
was $4.9M as compared to $4.8M at December 31, 2013, an increase of
2.1%.
-
Revenue for the three months ended March 31, 2014 was $1,599,305,
representing an increase of 10.1% over revenues of $1,452,806 in the
same period last year.
-
Revenue from the Patient Flow Platform for the three months ended
March 31, 2014 increased to $1,187,438 from revenues of $923,775 for
the three months ended March 31, 2013, an increase of $263,663
representing growth of 28.5%.
-
Revenue from the Compliance and Education Platform for the three
months ended March 31, 2014 decreased to $402,977 from revenues of
$506,159 for the three months ended March 31, 2013, a decrease of
$103,181 representing decline of 20.4%.
-
William Osler Health System (Osler) selected the Medworxx Patient Flow
Platform to improve patient flow across its two hospital sites. Osler
will implement the Medworxx Clinical Criteria module for 849 patient
beds at Brampton Civic Hospital and Etobicoke General Hospital. To
support its vision of patient-inspired health care without boundaries,
Osler will introduce the Medworxx Clinical Criteria module to help
monitor, plan and implement processes to improve inpatient resource
utilization.
-
Thunder Bay Regional Health Sciences Health Centre, Ontario, Canada
purchased additional Medworxx Patient Flow modules – Bed Management
and Forms & Assessments.
-
International deployment of the Medworxx Patient Throughput Review
(“PTR”) program (previously referred to as the Appropriate Length Stay
Audit “ALSA”) is underway. Diagnostic patient flow reviews have been
performed in several countries including: St. Joseph's Health Centre,
Ontario, Canada; Memorial Hospital of South Bend, Indiana, US; Capio
Santé, France; and Derby Hospitals NHS Foundation Trust, UK.
-
A number of contracts were signed in the quarter for the Medworxx
Compliance and Education platform including: Lady Dunn Health Centre,
Ontario, Canada; and Transform Shared Service, Ontario, Canada. Blind
River District Health Centre, Ontario, Canada, a client since 2010,
and Kirkland and District Hospital, Ontario, Canada, a client since
2006, also expanded their use of Medworxx and have licensed additional
users.
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Medworxx also agreed on a strategic collaboration with Leidos Health
(formerly part of SAIC and includes the businesses of former maxIT
Healthcare and Vitalize Consulting Solutions) which formalizes their
agreement to leverage each organization’s global expertise in patient
flow optimization. Leidos Health, a wholly-owned subsidiary of Leidos,
employs over 2,000 healthcare consultants globally and specializes in
a variety of healthcare solutions.
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Medworxx appointed Mr. Har Grover and Mr. Steve Garrington to the
Medworxx Board of Directors. The Company also created a Corporate
Advisory Committee to assist with the ongoing expansion strategy into
international markets.
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The company is reporting the grant of 483,027 options to certain
officers, directors and employees of the company, pursuant to the
company’s employee stock option plan at an exercise price of $0.36 per
share.
“Medworxx’ Patient Flow business in Canada and the UK is experiencing
steady growth. This is leading the way for our expansion into the US,
France and Australia. Our sales and marketing initiatives in these other
geographies are progressing as anticipated,” said Dan Matlow, President
and CEO, Medworxx. “We are excited to see our clients have adopted the
Patient Throughput Review (PTR) not just in Canada but in international
markets as well. In Q1 we completed PTRs in four countries—this activity
is strengthening our expansion strategy.”
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 34% 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 2014