MedX Health Corp. Announces Second Quarter 2014 Financial Results
MISSISSAUGA, ONTARIO--(Marketwired - Aug 27, 2014) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE:MDX), dedicated to the early detection of skin cancer, announced its results for the three and six months ended June 30, 2014, which are also available on SEDAR (www.sedar.com).
"The commercial rollout of our skin cancer screening technology, our SIAscopy product line, continues to build a strong footprint across European pharmacies," said Rob von der Porten, CEO of MedX. "Now installed in more than 100 locations in Norway, we expect distribution and revenue to continue growing as we add new distributors and receive certifications in new jurisdictions, such as Australia."
The Company reported a loss of $9,972, or $0.00 per share for the three months ended June 30, 2014, compared with a loss of $174,807 or $0.00 per share for the three months ended June 30, 2013. The lower loss resulted from a debt settlement gain of $261,363 during the second quarter. Revenues of $220,019 for the second quarter of 2014 were higher than revenue of $190,366 in 2013, due to increased revenue from the Company's SIAscopy product line.
For the six month period, the Company reported a loss of $278,704, or $0.00 per share for the six months ended June 30, 2014, compared with a loss of $523,477 or $0.01 per share for the 2013 period. Revenues of $377,791 for the first half of 2014 were higher than revenue of $309,794 in 2013.
"Skin cancer is the most common cancer in the world and regrettably, someone dies every hour in the U.S. alone from melanoma," added Mr. von der Porten. "The sad part is, it doesn't have to be this way. When detected early, the vast majority of skin cancer is preventable. That is why we are committed to our strategy of having state of the art and proven screening technology conveniently and broadly located in accessible locations, such as in neighbourhood pharmacies."
About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer; it manufactures and distributes SIMSYS™ and MoleMate™, hand-held devices that use patented technology utilizing light and its remittance to view beneath suspicious moles and lesions in a pain free, non-invasive manner, creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. The devices are sold to physicians, clinics as well as being deployed in Norway in drugstore settings where the images are sent remotely to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US) and CE approved for use in Canada, the US and Europe. MedX also designs, manufactures and distributes quality low level laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, providing 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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
