MISSISSAUGA, ON--(Marketwired - May 01, 2017) - MedX Health Corp. ("MedX" or the "Company") (
The Company reported revenue of $817,055 for the year ended December 31, 2016, 30% lower than revenue of $1,171,421 for the year ended December 31, 2015. Sales from the Company's therapeutic laser line remained flat for the year, and revenue from its skin assessment technology, SIAscopy, declined in 2016. The Company reported a loss for the year ended December 31, 2016 of $1,335,293, or $0.02 per share compared with a loss of $499,249, or $0.01 per share for the year ended December 31, 2015. The loss in 2015 was reduced by $433,000 due to one-time cost reversals and gains from debt settlements.
For the three months ended December 31, 2016, the Company reported revenue of $176,521, 48% lower than $339,569 in the three month period in 2015, with the decrease impacted by very strong SIAscopy revenue in the prior year fourth quarter. The loss for the three months ended December 31, 2016 was $360,245, or $0.00 per share, compared with a loss of $154,029, or $0.00 per share for the three-month period ended December 31, 2015.
"2016 was a year of building as we committed resources and significant efforts to opening new markets and approaches to our markets which we expect to show positive results from this activity in 2017. We developed new distribution channels for SIAscopy in Ontario and recently added Quebec," said Robert von der Porten, CEO of MedX. "In addition, we have introduced new distribution initiatives in the Netherlands, Turkey and Australia as well as positioned ourselves for growth in the US and Europe. Furthermore, in late 2016 we upgraded our therapeutic light products and are now seeing strong demand in our new offering. We are confident we have built a business approach that is compelling to our channel partners and this will allow MedX to accelerate market penetration which is our focus for 2017."
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology. This technology is imbedded in its products SIAMETRICS™, SIMSYS™, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS™, SIMSYS™, and MoleMate™ include hand-held devices that use 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 its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. The devices are sold to physicians and clinics, as well as being deployed in pharmacies and remote clinics from where the images are sent to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia, the European Union and Turkey. SIAMETRICS™ is a unique product used in a specialized market for research into the clinical effectiveness of medical treatments of certain skin conditions. MedX also designs, manufactures and distributes quality laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, to provide drug free and non-invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit www.medxhealth.com.
Rob von der Porten
President & CEO
MedX Health Corp
905-670-4428 ext 226