MISSISSAUGA, ON, June 2 /CNW/ - MedX Health Corp., a leader in the development, manufacture and distribution of innovative phototherapy devices, announces its results for the three months ended March 31, 2008.
Revenue for the three months ended March 31, 2008 was $295,582 compared to $312,712 for the three months ended March 31, 2007 a 5.5% decrease versus the same period last year.
MedX incurred a net loss of $688,604 in Q1 2008 compared to a net loss of $545,368 for the same period in the prior year.
------------------------------------------------------------------------- Canadian $ Q1 2008 Q1 2007 ------------------------------------------------------------------------- Revenue 295,582 312,712 ------------------------------------------------------------------------- Gross Margin % 69% 74% ------------------------------------------------------------------------- Income (Loss) from continued operations (687,144) (544,462) ------------------------------------------------------------------------- Income (Loss) from discontinued operations (1,460) (906) ------------------------------------------------------------------------- Net Income (Loss) for period (688,604) (545,368) ------------------------------------------------------------------------- Weighted Average no. of shares outstanding - basic and diluted 19,892,743 15,043,937 ------------------------------------------------------------------------- Loss per Common Share-basic and diluted ($0.04) ($0.00) -------------------------------------------------------------------------
"Sales in the quarter were significantly higher than the previous quarter, but slightly lower than last year. The US dollar continued to impact comparative results with the prior period, however progress is being made to increase volume in existing and the new dental markets. The completion of the Company's IPO on January 31, 2008 is allowing the Company to embark on a more aggressive marketing strategy and continue with its product development strategy." said Steven Guillen, President of MedX Health.
Significant achievements during the quarter were as follows: - Completion of IPO for gross proceeds of $4,088,000. - Continued development of new light therapy products and intellectual property associated thereto. - Continued development of the Company's program for entry into the dental and wound care markets.
About the Company - MedX, the phototherapy experts, are leaders in the development, manufacture and distribution of innovative phototherapy medical devices. MedX products offer effective treatment through a powerful and proven modality - giving patients a rapid, drug free and non-invasive healing solution. MedX products are used by practitioners in clinics, academic facilities, and hospitals as well as by professional athletes and sports teams to improve quality of life through accelerating healing and reducing pain. MedX brand products are US FDA and Health Canada cleared and are produced in an ISO 9001 and 13485 certified manufacturing and testing facility. For a complete profile of MedX Health Corp. and its products visit www.medXhealth.com
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