Medworxx Solutions Inc. ("Medworxx")(TSX VENTURE: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 year ended December 31, 2014.
These documents may be viewed under the Company's profile at www.sedar.com.
http://www.medworxx.com
“In May 2012, we leveraged our market leader position in Canada and
raised $3M to evaluate whether our unique Patient Flow IP would
successfully translate to international geographies. We used these funds
to update our IP and build sales and partner channels,” said Dan Matlow,
President and CEO, Medworxx. “Two and a half years later, and with $1.9M
of cash still on hand, we are happy to report that we have returned to
profitability in Q4, with operational license sales in France and the
UK, and PTRs in the USA and Australia.” Matlow adds, “Our expense levels
are generally in place at this point and our recurring revenue is
growing. When we combine these factors with our international pipeline
opportunities we look forward to realizing on the investments we have
made to date.”
Highlights for the quarter ended December 31, 2014 include:
-
The Company was profitable with net income of $55,634 for the three
months ended December 31, 2014 as compared to a net loss of $330,721
for the three months ended December 31, 2013.
-
Revenue from the Patient Flow Platform for the three months ended
December 31, 2014 increased to $1.3M from revenues of $1.1M for the
three months ended December 31, 2013 an increase of $0.3M representing
a growth of 23.8%.
-
Revenue from the Compliance and Education Platform for the three
months ended December 31, 2014 decreased to $0.4M from revenues of
$0.5M for the three months ended December 31, 2013, a decrease of 8.0%.
-
Groupe hospitalier Paris Saint-Joseph and Capio Group has selected
Medworxx as their Patient Flow software provider in France. Groupe
hospitalier Paris Saint-Joseph is the first hospital in France to
license the Medworxx Clinical Criteria module for operational use. The
hospitals’ decision to implement the Medworxx solution for operational
use comes as a result of conducting the PTR program.
Highlights for the year ended December 31, 2014 include:
-
The Company defines Annualized Contract Value (“ACV”) of recurring
revenue as the contracted annual renewable software licence fees,
maintenance services and hosting fees. The ACV of recurring revenue at
December 31, 2014 was $5.4M as compared to $4.8M at December 31, 2013,
an increase of 12.5%.
-
Revenue for the year ended December 31, 2014 was $6.2M, representing
an increase of 4.1% over revenues of $5.9M for the year ended December
31, 2013. Revenue for the three months ended December 31, 2014 was
$1.8M, representing an increase of 14.0% over revenues of $1.5M for
the same period last year.
-
Revenue from the Patient Flow Platform for the year ended December 31,
2014 increased to $4.5M from revenues of $4.1M for the year ended
December 31, 2013 an increase of $0.5M representing a growth of 11.4%.
-
Revenue from the Compliance and Education Platform for the year ended
December 31, 2014 decreased to $1.6M from revenues of $1.8M for the
year ended December 31, 2013, a decrease of $0.2M or 12.1%.
-
Average revenue generated per bed for the three months ended December
31, 2014 was $135.37, representing a 10.7% increase from average
revenue per bed of $122.24 for the same period last year.
-
International deployment of the Medworxx Patient Throughput Review
(“PTR”) program (previously referred to as the Appropriate Length Stay
Audit “ALSA”) is underway. Since the official launch of the program,
forty three PTRs have been delivered in several hospital in five
countries; Australia, Canada, France, the United States and the United
Kingdom. For the year ended December 31, 2014, twenty four PTR’s were
delivered: twelve were in the United Kingdom, six in Canada, three in
the United States, and three in France.
-
William Osler Health System (Osler) selected the Medworxx Patient Flow
Platform to improve patient flow across its two hospital sites to
support its vision of patient-inspired health care without boundaries
and to help monitor, plan and implement processes to improve inpatient
resource utilization.
-
NHS England introduced a substantial Commissioning for Quality and
Innovation scheme (CQUIN) to support providers in adopting clinical
utilisation review (CUR) technology for specialised admitted patient
care and critical care in 2015/16. The CQUIN demonstrates NHS
England’s commitment to CUR as an essential tool to effective patient
flow within provider organisations and across local health economies
and provides NHS Hospital Trusts with set-up funding and ongoing
financial support and incentives to develop and embed recognised
Clinical Utilisation Review systems. The goal is to improve patient
flow, enhance quality and ensure patients are treated in the most
appropriate clinical settings, freeing up staff time and hospital
resources. Medworxx contributed to the event by showcasing user
experience from acute care providers using the Medworxx clinical
utilisation solution. Over the last 12 months more than 20 UK
hospitals and their commissioners have used the Medworxx Clinical
Utilisation Review capability through embedded and diagnostic
applications. Medworxx is the leading clinical utilization vendor in
the UK and Canada with a combined total of over 28,500 licensed beds
using Medworxx patient flow software.
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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.
About Medworxx
Medworxx delivers health information technology solutions to over 350
hospitals internationally, including Canada, United States, United
Kingdom, France and Australia. Medworxx helps hospitals meet patient
flow challenges and requirements for compliance and education. Medworxx
Clinical Criteria —the flagship component of Medworxx Patient Flow,
which also includes electronic bed management and independent assessment
components—is currently used to manage 32% of the acute-care beds in
Canada as well as acute-care beds in a rapidly increasing number of
Trusts and CCGs in the UK. Founded in 2004, Medworxx Inc. is based in
Toronto, Canada, and publicly traded on the TSX Venture Exchange: MWX
Visit: www.medworxx.com
The TSX Venture Exchange has not reviewed this press release and
neither approved nor disapproved the information contained in this press
release.
Forward Looking Statements 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 Medworxx’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 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this released.
www.medworxx.com
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