Business
MedX Health Corp Reports First Quarter 2009 Financial Results
MISSISSAUGA, ON, Aug. 20 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-...
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\n\nMISSISSAUGA, ON, Aug. 20 /CNW/ - MedX Health Corp., (TSXV.MDX) a global\nleader in drug free, non-invasive low level laser and light therapy for tissue\nrepair and pain relief, today announced its results for the quarter ended June\n30, 2009.\n\n\nRevenue for the quarter ended June 30, 2009 was $106,624, a 58.9%\ndecrease over the same period in 2008 where revenue was $259,235. Revenue for\nthe 6 month period ending June 30, 2009 was $458,200, a 17.4% decline from the\n6 month period in the prior year. Standard gross margins on sales were\nconsistent with previous quarters, but they were unfavorably impacted by high\nunabsorbed overhead and labour variances due to extremely low production\nvolumes in the quarter. MedX incurred a loss from continuing operations for\nthe quarter of $538,971 or $0.02 per share compared to a loss of $823,190 or\n$0.04 per share for the same period in the prior year. The loss for the 6\nmonth period was $1,007,334 in 2009 compared to loss for the 6 month period\nlast year of $1,510,334.\n\n\n"MedX continues to establish a new base of business through its strategic\npartners in North America and Internationally, however the second quarter was\na transition quarter as these partners began to launch their new operations\nwithin their existing distributor networks," said Steven Guillen, chief\nexecutive officer and president of MedX Health. "This quarter's results\nreflect the temporary drop in sales as new distributors internationally\nregister products and order demo equipment, while our key partner in the North\nAmerican market, Rich-Mar, is busy preparing for the launch of our integrated\ntechnology into their existing Therasound and Winner series of electrical\nstimulation and ultrasound lines."\n\n\nRecent Company Highlights:\n\n- Established European Distribution Center, with new Director of\n European Sales, Frank Raymakers, to oversee unit, located in The\n Netherlands. Following receipt of the CE Mark approval to market and\n sell the family of MedX laser and light products in all 25 European\n Union (EU) and the European Free Trade Association Member (EFTA)\n states, MedX can now better serve its growing EU and EFTA customers.\n April 22, 2009\n\n- Announced Private Placement through a formation of MedX Health\n Financing Limited Partnership, for the purpose of rais...