Medworxx Solutions Inc. Files Year End Financial Statements and Management Discussion and Analysis

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[{"type":"text","content":"\n\n\n\nTORONTO, April 29 /CNW/ - Medworxx Solutions Inc (the "Company")(TSX\nVENTURE:MWX) announced today it has filed with the Canadian securities\nauthorities its year end consolidated financial statements and management\ndiscussion & analysis report for year ended December 31, 2008. These documents\nmay be viewed under the Company's profile at www.sedar.com.\n\n\nQ4 and Fiscal 2008 Highlights:\n\n- Revenue for the year ended December 31, 2008 was $3,348,842 as\n compared to 2,862,146 for the previous year, a 17% increase for the\n year\n\n- Expenses before gain on foreign exchange, SR&ED, and interest on\n long-term debt for 2008 were $5,036,968, representing a 0.4% increase\n in expenses over the prior year. This moderate increase reflects the\n planned cost stabilization as Medworxx drives to profitability.\n\n- Deferred revenue at December 31, 2008 was $1,706,658 as compared to\n $1,278,868 at December 31, 2007, representing a 33% increase. All\n annual renewable license software agreements are sold with a 12 month\n maintenance contract. The Company defers and amortizes the revenue\n over the 12 months commencing at the annual renewal date of the\n contract. Deferred revenue is defined as advance billings or payments\n received for customer contracts where the Company does not have\n vendor-specific objective evidence of fair market value of each\n contract element necessary to recognize the revenue; payments\n received in advance of delivery of services; or advance payments\n received for post contract support (maintenance) services.\n\n- Contract value of recurring revenue at December 31, 2008 with\n existing customers was $2.656 million as compared to $2.000 million\n at December 31, 2007, representing a 33% increase year over year. The\n Company defines contract value of recurring revenue as the contract\n value or agreement amount for the annual renewable agreements which\n at the end of a reporting period management believes there to be a\n high probability of renewal. As the full value of such contracts is\n recognized as revenue over 12 months, the growth in this value is an\n important metric for the Company. This is a non-Generally Accepted\n Accounting Principle (GAAP) measure.\n\n- Revenue from consulting services increased 35% to $558,148 in 2008\n from $410,196 in 2007. This increase is at...

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