Business
MedX(R) Health Corp. Announces Year-end Financial Results
MISSISSAUGA, ON, April 30 /CNW/ - MedX Health Corp. (TSXV: MDX) ("MedX" or the "Company") today a...
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\n\nMISSISSAUGA, ON, April 30 /CNW/ - MedX Health Corp. (TSXV: MDX) ("MedX"\nor the "Company") today announced its results for the year ended December 31,\n2007.\n\n\nRevenue for 2007 was $1,055,792 compared to $2,596,381 in 2006, a\ndecrease of 59%, reflecting a deteriorating US dollar, a declining demand in\nthe Company's primary rehab market and a lack of capital to pursue market\nopportunities.\n\n\nMedX's gross margins were at 65%, compared to 78% in 2006, a decrease of\n13%, a reflection of lower sales and the deteriorating US dollar.\n\n\nNet loss in 2007 was $2,096,021 or $0.14 per share compared to a net loss\nof $1,558,787 or $0.10 per share from a year earlier, an increase of 34%. The\nCompany reduced selling, general & administrative expenses by over $471,034\nfrom 2006, primarily reflecting reduced salary costs as compared to the\nprevious year. Nonetheless, 2007 net results were adversely affected by\nreduced gross margins and higher research and development costs.\n\n\n"Prior to the successful public offering that closed in February 2008,"\nsaid Steve Guillen, President of MedX Health, "MedX had reduced expenses in an\neffort to conserve the company's resources, and this had a negative effect on\nthe demand from the rehab sector; however, we are now in a position to\ncapitalize on the market opportunities. In fiscal 2008, we plan to do just\nthat. Our new line of dental products, Oralase, has the potential to generate\nsignificant levels of sales, and our wound-care technology, Photobandage,\noffers the prospect of strong partnerships delivering recurring revenues. With\nthe right commercial and product development strategies, there is no reason\nwhy the Company should not have a strong growth year."\n\n\nAbout MedX Health Corp.\n\n\nMedX is a leading North American developer and manufacturer of\nphototherapy medical devices, including dental, rehabilitation and wound care\nproducts. MedX is using the proceeds from its recent public offering to expand\nits distribution network; support its marketing program; continue development\nof new dental, rehabilitation and wound care products; undertake research and\ndevelopment for wound care products; and for working capital purposes. In\nparticular, MedX plans to accelerate the development of a new product aimed at\nthe rap...