MedX Health Corp. ("MedX" or the "Company") (TSXV: MDX) announced its results for the three and nine months ended September 30, 2021, which are also available on SEDAR ( www.sedar.com).
"This has been a year of transition and focus for MedX. In a short period of time since new leadership took the helm in early Q3, the MedX team has quickly effected changes and implemented a number of critical initiatives to ensure a strong corporate, operational, and financial foundation for our Company and its future," stated MedX President and CEO, Sylvain Desjeans.
"We have been able to attract the necessary professional talent to grow the company and improved the technological capabilities of our MedX DermSecure ® Platform with the addition of our HD Camera offering," Mr. Desjeans continued. "We have expanded our footprint in existing and new targeted markets with a number of new commercial pilots now underway and we expect this growth to accelerate with greater adoption by the global dermatology community. We are confident that we have positioned MedX for a strong 2022 and look forward to updating our investors with our progress in the months ahead."
Third Quarter 2021 Financial Highlights:
The Company reported revenue of $94,146 for the three months ended September 30, 2021, compared with revenue of $172,889 for the three months ended September 30, 2020. Revenues from the Company's SIAscopy®/DermSecure® products ($34,133) and for the therapeutic laser product line ($60,013) were respectively 54% and 39% lower than the revenue from the 2020 third quarter. The Company reported a loss for the three-month period ended September 30, 2021, of $1,551,669, or $0.01 per share compared with a loss of $1,083,772, or $0.01 per share for the three months ended September 30, 2020.
The Company reported revenue of $350,335 for the nine months ended September 30, 2021, compared with revenue of $337,885 for the nine months ended September 30, 2020. Revenues from the Company's SIAscopy®/DermSecure® products ($96,811) decreased 23% from the 2020 nine-month period, and sales for the therapeutic laser product line ($253,524) were 20% higher than the prior year. The Company reported a loss for the nine months ended September 30, 2021, of $3,811,224, or $0.02 per share compared with a loss of $2,532,171, or $0.02 per share for the nine months ended September 30, 2020.
Third Quarter 2021 Highlights:
- MedX Health Corp. and Vitamed Biomedical s.r.l. to Pilot Leading-Edge Teledermatology Screening Platform in Italy (September 27, 2021)The Company announced a Memorandum of Understanding to pilot MedX's leading-edge DermSecure® Screening Platform at select pharmacies and general practitioner (GP) clinics in Italy. The MedX and Vitamed pilot program in Italy is expected to be in-market for 60 days from October to November 2021. Pending its successful completion, the MedX DermSecure® Screening Platform will become more widely available at pharmacies, GP clinics and insurance companies across Italy, as the next step in the commercialization strategy in this market. (Read Full Press Release)
- MedX Announces Board Changes (August 23, 2021)The Company announces changes to its Board of Directors. Ken McKay was appointed as Chairman of the Board. In addition, Sylvain Desjeans, recently promoted to President and CEO of MedX, has been appointed to the Board to fill an existing vacancy. (Read Full Press Release)
- MedX Health Corp. Appoints Sylvain Desjeans as Chief Executive Officer (August 12, 2021)The Company announced that Sylvain Desjeans had been appointed as President and Chief Executive Officer. With more than 30 years of healthcare and pharmaceutical industry experience, Mr. Desjeans served in successively senior roles at organizations such as Aspen Pharmacare Canada, Accucaps Industries Limited and Biovail Pharmaceuticals. He has a long track record of successfully executing large-scale growth plans and global product licensing initiatives. (Read Full Press Release)
Events Subsequent to the Third Quarter 2021:
- MedX Health Corp. Consulting with Medical Advisory Boards Across North America (November 22, 2021)The Company recently convened a Medical Advisory Board of leading dermatologists across Canada and the United States to explore clinical application opportunities for its image capture technology, SIAscopy® and patient management system, DermSecure®. A similar Medical Advisory Board consultation process is also underway in the United Kingdom, which will be shortly followed by the formation of a European-based Medical Advisory Board. (Read Full Press Release)
- MedX Health Corp. and Al Zahrawi Medical Supplies LLC Announce Distribution Agreement for Leading-Edge Teledermatology Screening Platform in United Arab Emirates (November 18, 2021)The Company announced an MOU and agreement to begin a two-phased commercialization pilot and distribution agreement for MedX's leading-edge DermSecure® Screening Platform at select United Arab Emirates ("UAE") oncology and dermatology clinics beginning this month. The three-month pilot will involve an estimated 1,000 patients at four dermatology and oncology clinics in Abu Dhabi and Dubai. Upon the successful completion of the two phases, the MedX DermSecure Screening Platform will become more widely available at clinics and health care facilities across the UAE. (Read Full Press Release)
- MedX Health Corp. Announces Inaugural Clinical Trial of Leading-Edge Teledermatology Screening Platform in Turkey (November 17, 2021)The Company announced a clinical trial of its leading-edge DermSecure® Screening Platform with three university hospitals across Turkey. The clinical trials are scheduled to commence in early 2022, and will run for 6 months and involve an estimated 300 patients throughout Turkey. Following its successful completion, MedX and its distribution partner Makromed/Arhan Global A.Ş, anticipate the technology will become more widely available in clinics, pharmacies and insurance companies across the country. (Read Full Press Release)
- MedX Health Corp. and Makromed/Arhan Global Announce Distribution Agreement for Leading-Edge Teledermatology Screening Platform in Turkey (November 16, 2021)The Company announced a distribution partnership with Makromed/Arhan Global AŞ. Makromed is headquartered in Izmir, Turkey, founded in 2002 with a mission to provide caregivers and patients across Turkey with state-of-the-art products for better outcomes and to improve patients' quality of life. Makromed has since been the distributor of many reputable multinational suppliers such as Evrenler, Johnson & Johnson, Smith & Nephew, Stryker, BBraun, Covidien and Medtronic. (Read Full Press Release)
- MedX Health Corp. Appoints Lesley Bourget as Chief Financial Officer (October 21, 2021)The Company announced that seasoned pharmaceutical finance executive Lesley Bourget has been appointed as the Company's Chief Financial Officer ("CFO"), effective November 8th, 2021. Ms. Bourget most recently served as CFO of Aspen Pharmacare Canada, where she was instrumental in achieving company-record profit levels, and optimizing inventory and wholesaler processes. Ms. Bourget's appointment will further support MedX's global commercialization strategy, as the Company seeks to build on the momentum of current commercial and product distribution pilots underway across North America and Europe, with additional pilots anticipated in the coming months. (Read Full Press Release)
- MedX Health Corp. Announces Resignation of Anthony Milonas from Its Board of Directors (November 29, 2021)The Company also announces that the Board of Directors has accepted the resignation of Anthony Milonas, who joined the Board as a non-executive director in October, 2020, and both thanks him for his contribution during his service as a director and wishes him every success in the future.
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
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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