MedX Reports Year End Financials and Record Fourth Quarter Sales
Skin Cancer Detection Product, MoleMate, Accounts for Over 60% of Q4 Revenues
MISSISSAUGA, ON, May 7, 2012 /CNW/ - MedX Health Corp., (TSXV: MDX) a global leader in drug free, non-invasive low level laser light therapy and light imaging systems, today announced financial results for the year ending December 31, 2011. Sales showed a strong overall growth of 33%, with a large Q4 contribution from MoleMate. Revenues for fiscal 2011 were $872,584, representing a 33% increase over the revenues of $657,358 in fiscal 2010. Earnings losses were reduced to $868,089 or $0.03 per share compared to a loss of $992,574 or $0.03 per share for fiscal 2010.
In June 2011, MedX Health acquired the worldwide assets of MoleMate and related products and sales of these products amounted to $254,815 or 29% of fiscal 2011 sales. MoleMate is available in the European Union, Canada, Australia, and the UK, and was launched in Q4 2011 in the US. Q4 revenues for fiscal 2011, the largest revenue quarter in over 6 years, were 51% higher than Q4 fiscal 2010, and MoleMate contributed over 60% of that total.
"In the last quarter of 2011 we began to see the potential contribution that our breakthrough technology, MoleMate, can have on the financial condition of MedX, and our efforts worldwide will continue to be focused on expanding the commercialization of this advancement in the early detection of skin cancer," said Steve Guillen, President & CEO.
About MoleMate Imaging and Skin Cancer
MoleMate recently received approval from Health Canada, and is immediately available and in stock for all Canadian physicians, joining their colleagues in Europe, the UK, Australia, and the US, who have been utilizing this new pain-free, non-invasive imaging system to 'See More', approximately 2mm below the surface of suspicious moles, and provide additional information and images related to every mole and all types of melanomas and non-melanomas.
MoleMate uses a patented device and technology that features a hand-held scanner designed for office use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating never seen before images for physicians to evaluate all types of moles and lesions within seconds, providing images that can reveal if a mole is benign, or something more serious, often eliminating the need for skin biopsies, resulting in less pain, scarring, and expense. Physicians and patients interested in learning more should contact MedX Health Corp. at www.simsys-molemate.com.
Recent competitive product entries are more costly to acquire and use, and do not offer the range of feedback on all moles that is possible with MoleMate, including the ability to store and make side-by-side comparisons of images to track changes, which are advantages of the MoleMate system and will continue to differentiate the MedX products in this new emerging market.
Proctor & Gamble, LenioMed Ltd., and ScreenCancer, Inc., are research and commercial partners that are funding the expansion of the underlying technology, into new consumer and wound care markets.
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. MedX Health acquired the worldwide assets of MoleMate, for early detection of skin cancer, in June, 2011. For a complete profile of MoleMate and the core technologies visit www.simsys-molemate.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.
For further information:
President and Chief Executive Officer
MedX Health Corp. firstname.lastname@example.org
Phone: (905) 670-4428