MISSISSAUGA, ON, Aug. 20 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief, today announced its results for the quarter ended June 30, 2009.
Revenue for the quarter ended June 30, 2009 was $106,624, a 58.9% decrease over the same period in 2008 where revenue was $259,235. Revenue for the 6 month period ending June 30, 2009 was $458,200, a 17.4% decline from the 6 month period in the prior year. Standard gross margins on sales were consistent with previous quarters, but they were unfavorably impacted by high unabsorbed overhead and labour variances due to extremely low production volumes in the quarter. MedX incurred a loss from continuing operations for the quarter of $538,971 or $0.02 per share compared to a loss of $823,190 or $0.04 per share for the same period in the prior year. The loss for the 6 month period was $1,007,334 in 2009 compared to loss for the 6 month period last year of $1,510,334.
"MedX continues to establish a new base of business through its strategic partners in North America and Internationally, however the second quarter was a transition quarter as these partners began to launch their new operations within their existing distributor networks," said Steven Guillen, chief executive officer and president of MedX Health. "This quarter's results reflect the temporary drop in sales as new distributors internationally register products and order demo equipment, while our key partner in the North American market, Rich-Mar, is busy preparing for the launch of our integrated technology into their existing Therasound and Winner series of electrical stimulation and ultrasound lines."
Recent Company Highlights: - Established European Distribution Center, with new Director of European Sales, Frank Raymakers, to oversee unit, located in The Netherlands. Following receipt of the CE Mark approval to market and sell the family of MedX laser and light products in all 25 European Union (EU) and the European Free Trade Association Member (EFTA) states, MedX can now better serve its growing EU and EFTA customers. April 22, 2009 - Announced Private Placement through a formation of MedX Health Financing Limited Partnership, for the purpose of raising $2,500,000. The company plans to use the proceeds to fund the manufacture and sale of light-related products through MedX Corp.'s newly created strategic partnerships and international sales channels. July 14, 2009. ------------------------------------------------------------------- Canadian $ Q2 2009 Q2 2008 ------------------------------------------------------------------- Revenue 106,624 259,235 ------------------------------------------------------------------- Gross Margin % 27.2% 88.4% ------------------------------------------------------------------- Loss from continued operations (538,971) (823,190) ------------------------------------------------------------------- Income from discontinued operations 0 5,725 ------------------------------------------------------------------- Loss for the period (538,971) (817,465) ------------------------------------------------------------------- Weighted Average no. of shares outstanding - basic 27,128,527 22,222,776 ------------------------------------------------------------------- Loss per Common Share - basic and diluted ($0.02) ($0.04) -------------------------------------------------------------------
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level laser and light medical devices for the drug free and non-invasive treatment of tissue damage and pain in numerous medical settings including dental, rehabilitation and wound care. MedX is the world's only company focusing on developing and delivering a broad cross-section of technologies and products involved in healing using light therapy. MedX is committed to advocating for, the bringing of non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments.
MedX's strategy is to build upon its success in bringing relief of symptoms in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage(TM)", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. The Company intends to license this new technology to one or more major wound care companies for further development of marketing and sales.
Brand products are US FDA approved, Health Canada cleared, and CE Marked 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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This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information may include statements regarding the Company's future plans, objectives, performance, growth, profits, operating expenses or its underlying assumptions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedX to be materially different from those expressed or implied by such forward-looking information, including uncertainty of successful development of new products, uncertainty of successful manufacturing or marketing of products, uncertainty of commercial acceptance of products, uncertainty concerning governmental regulation, dependency on key employees and relationships, rapid technological changes, foreign currency fluctuations. MedX does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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