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 quarter ended March 31, 2015.
These documents may be viewed under the Company's profile at www.sedar.com.
Highlights for the quarter ended March 31, 2015 include:
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The Company was profitable with net income of $171,356 for the three
months ended March 31, 2015 as compared to a net loss of $311,948 for
the three months ended March 31, 2014.
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Revenue for the three months ended March 31, 2014 was $2,010,503,
representing an increase of 25.7% over revenues of $1,599,305 in the
same period last year.
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Revenue from the Patient Flow Platform for the three months ended
March 31, 2015 increased to $1,589,997 from revenues of $1,187,438 for
the three months ended March 31, 2014, an increase of $402,559
representing growth of 33.9%.
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Revenue from the Compliance and Education Platform for the three
months ended March 31, 2015 increased to $411,860 from revenues of
$402,977 for the three months ended March 31, 2014, an increase of
$8,882 representing growth of 2.2%.
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The Company defines Annualized Contract Value (“ACV”) of recurring
revenue as the contracted annual renewable software license fees,
maintenance services and hosting fees. The ACV of recurring revenue at
March 31, 2015 was $5.6M as compared to $5.4M at December 31, 2014, an
increase of 4.7%.
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Community Regional Medical Center, based in Fresno, California, is the
first hospital to select the Medworxx Patient Flow Solution for
Operational use in the United States after completing a diagnostic
Patient Throughput Review (PTR). Community Regional Medical Center,
the region's largest health care provider with over 800 beds
(including their behaviour and extended care facilities) and has one
of the nation’s busiest Emergency Departments with 106,500 patient
visits in 2013, licensed the Medworxx Patient Flow Platform to improve
patient flow and specifically reduce Emergency Department crowding.
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Crouse Hospital, based in Syracuse, New York has selected to invest in
the implementation of the Medworxx solution after completing a
diagnostic Patient Throughput Review (PTR). Crouse Hospital is an
acute care provider with more than 500 beds, serving Central and
Northern New York. Crouse has licensed the Medworxx Clinical Criteria
module to deliver necessary improvements in patient throughput to
continue their delivery of high quality care.
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For the quarter ended March 31, 2015, seven Patient Throughput Review
(“PTR”)’s were delivered: four were in the United Kingdom, one in
Australia, one in France, and one in the United States. As part of the
PTR program, management consulting companies, Medworxx clinical
consultants and hospital process improvement groups are able to use
the Medworxx Clinical Criteria Module to rapidly identify patient flow
data, providing visibility into patient flow issues in the hospitals
that they provide services. Since the official launch of the program,
fifty one PTRs have been delivered in several hospital in five
countries; Australia, Canada, France, the United States and the United
Kingdom.
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A number of contracts were signed in the quarter for the Medworxx
Compliance and Education platform including: Cornwall Community
Hospital, ON, Canada; Evergreen Home for Special Care NS, Canada; and
Muskoka Algonquin Healthcare, ON, Canada.
“The increased profits and revenue are a result of our international
market expansion program,” said Dan Matlow, President and CEO, Medworxx.
“What is really encouraging is that our expansion program has not, as of
yet, started to see impact from the UK’s NHS CQUIN funding scheme that
came into effect April 1 of this year.”
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.
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