MedX Health Corp. (“MedX” or the “Company”) (TSX-V:MDX) announced its results for the three and six-months ended June 30, 2021, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $146,532 for the three-months ended June 30, 2021, compared with revenue of $69,452 for the three-months ended June 30, 2020. Revenues from the Company’s SIAscopy®/DermSecure® products were lower than in 2020, while sales for the therapeutic laser product line was three times the revenue from the 2020 second quarter. The Company reported a loss for the three-months ended June 30, 2021, of $1,234,836, or $0.01 per share compared with a loss of $708,212, or $0.00 per share for the three-months ended June 30, 2020.
The Company reported revenue of $256,189 for the six-months ended June 30, 2021, compared with revenue of $164,996 for the six-months ended June 30, 2020. Revenues from the Company’s SIAscopy®/DermSecure® products increased 19% from the 2020 six-month period, and sales for the therapeutic laser product line were 73% higher than the prior year. The Company reported a loss for the six-months ended June 30, 2021, of $2,267,178, or $0.01 per share compared with a loss of $1,448,396, or $0.01 per share for the six-months ended June 30, 2020.
“We have begun generating revenue from scanning by customers using our SIAscopy®/DermSecure® telemedicine platform after the launch in the Netherlands earlier in the year, and expect increasing activity,” noted Sylvain Desjeans, the recently appointed President and CEO of MedX. “From my initial work to date, I see a number of opportunities where our efforts should result in an increasing number of units sold, and more importantly, the recurring revenue from DermSecure®. We have made good progress in the integration of a high-definition camera onto DermSecure®, which will further enhance our offering, and will be ready to launch before the end of the year. The broadened offering will provide a multiple to the potential revenue growth with the focus now on teledermatology.”
About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in SIAMETRICS®, a well-regarded research system used to assess treatment effectiveness of a variety of skin conditions, including burns. The Company’s SIAscope® and other devices are manufactured in its ISO 13485 certified facility. The SIAscope® is a hand-held device that uses patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with the Company’s software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are Health Canada, FDA, TGA and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union, Turkey and Brazil. DermSecure® meets all privacy, security and relevant regulatory requirements in Canada, the US, Brazil, and the EU. MedX also designs, manufactures and distributes quality photobiomodulation therapeutic and dental lasers to provide drug-free and non-invasive treatment of tissue damage and pain. www.medxhealth.com.
Forward-looking Statements
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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