Jun. 29, 2011 (Canada NewsWire Group) --
TORONTO, June 29, 2011 /CNW/ - Medworxx Solutions Inc (the "Company")(TSX VENTURE:MWX) announced today that it recorded record revenue and net income in the quarter ended March 31, 2011, and that it has filed with the Canadian securities authorities its interim consolidated financial statements and management discussion & analysis report for the three month period ended March 31, 2011. These documents may be viewed under the Company's profile at www.sedar.com.
Highlights of the results include:
-
The Company achieved record revenue for the quarter ended March 31, 2011
of $1,189,569, representing an increase of 8% over revenue of
$1,099,246 in the same quarter last year. The increase is attributable
to growth across all areas of the business.
-
The Company generated its highest recorded quarterly net income in the
quarter. First quarter net income was $92,788 vs. net losses of $70,148
for the same quarter in the prior year. This improvement in results of
operations is due to the Company's focus on growing revenue and tightly
controlling expenses.
-
Total expenses before loss/gain on foreign exchange and interest on
long-term debt for the quarter ended March 31, 2011 were $1,044,211,
representing a decrease of 2% from expenses of $1,067,243 in the same
quarter last year. These numbers reflect Management's planned control
of expenses.
-
EBITDA (a non- IFRS measure), is defined as Earnings before Interest,
Depreciation, and Amortization, for the quarter was $147,883 as
compared to EBITDA of ($28,428) in the same quarter last year, an
improvement of $176,311. Adjusted EBITDA (a non-IFRS measure), defined
as Earnings before Interest, Depreciation, Amortization, and Stock
Option Expense, for the quarter was $159,460 as compared to $4,026 in
the same quarter last year, a change of $155,434. Please see section
titled Reconciliation and definition of Non-IFRS measures for more
clarification of these measures.
-
The Company signed their first UK customer in the quarter, Royal
Liverpool and Broadgreen University Hospitals Trust (the Trust). The
Trust will implement the Medworxx Utilization Management System (UMS)
to provide evidence based clinical admission and discharge criteria
across all of their 900 bed Trust. Medworxx will be used to standardize
the admit and discharge decision making for appropriateness of
inpatients in Accident & Emergency and Medical Assessment Units,
ICU/CCU, Medical Surgical Wards and Rehabilitation Wards.
- Hamilton Health Sciences, a long time Medworxx customer, upgraded to an enterprise license for the Learning Management System and Policy Document Management System, showing renewed commitment to the Medworxx solution.
ABOUT MEDWORXX
Medworxx is a Toronto-based software company focused exclusively on solutions for the North American healthcare marketplace. Medworxx provides healthcare solutions for patient flow, compliance and education. Its software comprises an integrated suite of solutions, including content management, learning management, policies and procedures, utilization management, bed optimization, single sign on, portal, and emergency readiness solutions.
Medworxx started business in May 2004 in Ontario with 3 employees and has since grown to over 30 employees. Medworxx' executive team consists of experienced sales, marketing, software development, healthcare, and finance personnel. Medworxx currently has a customer base of approximately 100 healthcare organizations representing more than 300 hospitals and 500,000 end users who are distributed approximately 75% in Canada and 25% in the United States. Medworxx' customers use its software platform to increase competency, reduce redundancy, reduce costs, and simplify distribution of knowledge to staff and patients, creating a net effect of increased efficiency and improved patient safety and care.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors, such
as competition, technological changes, the changing needs of hospitals,
the financial condition of the Company's current and potential
customers, foreign currency exchange rates, as well as general economic
conditions, which may cause the actual results, performance or
achievements of the Corporation and Medworxx to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements contained
in this press release. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
CONTACT INFO:
Medworxx Solutions Inc.
Dan Matlow
President & Chief Executive Officer
(416) 642-1278
Email: dmatlow@medworxx.com