MedX Health Corp. Announces Second Quarter 2020 Results
MedX Health Corp. ("MedX" or the "Company") (TSX-V: MDX) announced its results for the three and six-months ended June 30, 2020, which are also available on SEDAR (www.sedar.com).
The Company reported revenue of $69,452 for the three months ended June 30, 2020, compared with revenue of $259,108 for the three months ended June 30, 2019. Revenue from SIAscopy™ of $31,029 for the second quarter was higher than the prior year three-month period, while revenue from the Company's therapeutic laser line of $38,423 was 84% lower than $233,395 in the prior year period. The Company reported a loss for the three months ended June 30, 2020 of $708,212 or $0.00 per share compared with a loss of $721,142, or $0.01 per share for the three months ended June 30, 2019.
The Company reported revenue of $164,996 for the six months ended June 30, 2020, compared with revenue of $443,909 for the six months ended June 30, 2019. Revenue from SIAscopy™ of $52,807 was 12% higher than in the first half of 2019. Revenue from the Company's therapeutic laser line of $112,189 for the six-month period was 72% lower than $396,633 in the prior year period. The Company reported a loss for the six months ended June 30, 2020 of $1,448,398 or $0.01 per share, compared with a loss of $1,509,243, or $0.01 per share for the six months ended June 30, 2019.
"We saw a significant impact from COVID-19 during the second quarter," noted Rob von der Porten, Executive Chairman, and acting CEO. "The timing of orders slowed in part due to COVID, but the recently announced additions to our leadership team and focussed efforts to build awareness and rapidly expand MedX's each to distribution partners for our SIAscopy™ on DermSecure™ telemedicine platform have yielded notable and encouraging demand and interest. Our laser and light product business saw a large decrease in revenue, as most distributors and customer clinics in North America were closed for most of the quarter. We have seen a modest increase in demand more recently as clinics are re-opening. Despite the lower revenue, we have been able to reduce losses compared to the prior year as we have carefully managed expenses. We maintain our strong belief that telemedicine will have long-term, sustainable growth and that the MedX DermSecure™ platform is the "Gold Standard" in the teledermatological market space."
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 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. These products are Health Canada, FDA, TGA and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union, Brazil and Turkey. 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.
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 release.