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.
- 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.
- 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.
- 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.”
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.
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