49% Gain In Last Half of 2008 Compared To Last Half of 2007
MISSISSAUGA, ON, April 30 /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 year ended December 31, 2008
Revenue for the year ended December 31, 2008 was $1,149,478, an 8.9 per cent increase over 2007 year end revenue of $1,055,792. This revenue also represents a 49% gain in the last six months of 2008 versus the last six months of 2007. MedX incurred a loss from continuing operations for the year of $2,759,627 or $0.11 per share compared to a loss of $2,091,170 or $0.14 per share for the same period in the prior year.
"For the first time in many years, MedX continues to post strong increases versus the previous period in 2007," said Steven Guillen, chief executive officer and president of MedX Health. "This is a direct result of two new strategic partnerships with Technology4Medicine and Richmar/Naimco, which are beginning to generate revenue. We are pleased with the revenue growth over the last six months of 49% versus the previous year, especially in light of the difficult market conditions. We expect to continue this trend of revenue growth in 2009."
Recent Company Highlights:
- Received CE mark for all products, which allows MedX to begin selling
in 27 countries associated with the European Community (MedX Health
Receives CE Mark for Laser and Light Products, March 4, 2009).
- Launched IRB (Investigational Review Board) approved program for
treating addictions; smoking, alcohol, and drug abuse. This
incorporates the MedX acupuncture laser with expert training with the
goal of expanding the scope of an individual practice to a full
franchise opportunity (MedX Health Announces Initiation of Laser
Acupuncture Study for Controlling Addiction, January 22, 2009).
- Achieved ISO re-certification, demonstrating to outside regulatory
bodies that the highest quality standards are in place (MedX Health
Receives CE Mark for Laser and Light Products, March 4, 2009).
- Announced a newly allowed wound healing patent covering a laser and
light therapy apparatus and method for bone healing, bone growth
stimulation, and bone cartilage regeneration (MedX Health Announces
Patent Allowance for Use of Laser and Light Probe for Bone Healing,
February 23, 2009)
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Canadian $ 2008 2007
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Revenue 1,149,478 1,055,792
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Gross Margin % 72.6% 64.8%
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Loss from continued operations (2,759,627) (2,091,170)
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Loss from discontinued operations (7,109) (4,851)
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Loss for the period (2,766,736) (2,096,021)
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Weighted Average no. of shares outstanding
- basic 24,096,044 15,057,098
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Loss per Common Share-basic and diluted ($0.11) ($0.14)
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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 and bringing the 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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
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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