MedX Health Corp. Announces 2020 Year End Results

MISSISSAUGA, Ontario– (BUSINESS WIRE) - MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its results for the year ended December 31, 2020, which are also available on SEDAR (www.sedar.com).

The Company reported revenue of $530,066 for the year ended December 31, 2020, compared with revenue of $860,248 for the year ended December 31, 2019. Revenues from the Company’s SIAscopy®/DermSecure® products were up 37% from 2019, while sales for the therapeutic laser product line was 54% lower than the prior year, impacted significantly by COVID-19. The Company reported a loss for the year ended December 31, 2020 of $3,199,476 or $0.02 per share compared with a loss of $3,276,350, or $0.02 per share for the year ended December 31, 2019.

For the three months ended December 31, 2020, the Company reported revenue of $192,181, compared with revenue of $181,362 reported in the three-month period in 2019. Revenue was higher than 2019 for the SIAscopy® product line in the fourth quarter, while sales of therapeutic lasers were lower for the three-month period. The loss for the three months ended December 31, 2020 was $667,305 or $0.00 per share, compared with a loss of $1,189,458, or $0.00 per share for the three-month period ended December 31, 2019.

“While 2020 revenue was negatively impacted by COVID-19 due to restrictions on travel and some marketing activities, we have made significant and important progress in a number of facets of our business,” noted Rob von der Porten, Chairman and acting CEO of MedX. “We secured a distribution partner in Brazil, launched a DermSecure® platform in Europe and made progress in negotiations for a test program with medical centers in the US. We also started working with a patient-paid clinic in Canada which unfortunately has been primarily closed due to governmental mandated lockdowns. Furthermore, we strengthened our operations with experienced team additions, and we commenced a financing initiative late in 2020 which we successfully closed in the first quarter of 2021. We see that as an indication of the confidence that investors have in our telemedicine technology. We believe that we are now in a position to execute on scaling our DermSecure® telemedicine platform in our existing markets and seeing its implementation in new ones. We are encouraged by the growing level of awareness of DermSecure® and are seeing more opportunities to integrate the platform with recognized leading companies around the world,” Mr. von der Porten continued.

Operationele hoogtepunten 2020:

During 2020, MedX focused on the Company’s dermatological services and products, DermSecure® and SIAscopy®. The Company strengthened its leadership and management teams, adding medical device and healthcare growth company expertise with the appointments of Wayne Cockburn and Anthony Milonas to its Board of Directors. Nationally renowned dermatologist Dr. Trevor Champagne was selected as Chair of the Company’s Scientific Medical Advisory Board to advise MedX on product development and innovation initiatives including assessing the use of SIAscopy® images in an Artificial Intelligence application. Skin care and medical aesthetic equipment and technology professional, Chantal Ward was added as Director, Dermatological Services. Additionally, the Company made leadership appointments to augment revenue growth and build MedX’s global partnership network; Damon Goodwin was named as Global Director of Sales, Nick Hoffman as Director, Business Development overseeing Regulatory and Operations, and Naman Demaghlatrous as Managing Director, Europe, Middle East & Africa (“EMEA”).

Regulatory approval for the Company’s SIAscopy® on DermSecure® was received in Brazil and an exclusive distribution agreement was signed to launch the platform and obtain regulatory approval in Mexico. The Company’s international footprint further expanded with the rollout of DermSecure® in the Netherlands. Targeting the North American market, MedX also announced a sales agency agreement with specialty medical device distribution group Ziemer Professional Corp., which installed the SIAscopy® on DermSecure® telemedicine platform in a number of clinics in Ontario and Saskatchewan; this initiative has been heavily, though temporarily impacted by COVID-related lockdowns.

Subsequent Events to the Fourth Quarter & Year End 2020:

In February 2021, the Company announced the closing of a non-brokered private placement of convertible debenture loan notes for gross proceeds of $4 million. The Company will continue to invest in the DermSecure® platform and to further the development of its sales initiatives and advance the DermSecure® platform to a wider global network.

The Company continued to increase its presence in North America by entering a Memorandum of Understanding (“MOU”) with Empower Clinics. The MOU involves a four-month pilot program at two Empower clinics in Ontario with plans for a broader North American roll-out pending the pilot’s anticipated successful completion.

Over MedX

MedX, met het hoofdkantoor in Mississauga, Ontario, is een toonaangevend bedrijf op het gebied van medische apparatuur en software dat zich richt op de gezondheid van de huid met zijn SIAscopy® op DermSecure® telegeneeskundeplatform, gebruikmakend van zijn SIAscopy®-technologie. SIAscopy® is ook ingebed in SIAMETRICS®, een gerenommeerd onderzoekssysteem dat wordt gebruikt om de effectiviteit van de behandeling van een verscheidenheid aan huidaandoeningen, waaronder brandwonden, te beoordelen. De SIAscope® en andere apparaten van het bedrijf worden vervaardigd in de ISO 13485-gecertificeerde fabriek. De SIAscope® is een draagbaar apparaat dat gebruik maakt van gepatenteerde technologie die gebruik maakt van licht en de overdracht ervan om op een pijnvrije, niet-invasieve manier tot 2 mm onder verdachte moedervlekken en laesies te kijken, waarbij de software van het bedrijf vervolgens realtime beelden maakt voor artsen en dermatologen om alle soorten moedervlekken of laesies binnen enkele seconden te evalueren. Deze producten zijn goedgekeurd door Health Canada, FDA, TGA en CE voor gebruik in Canada, de VS, Australië, Nieuw-Zeeland, de Europese Unie, Turkije en Brazilië. DermSecure® voldoet aan alle privacy-, beveiligings- en relevante wettelijke vereisten in Canada, de VS, Brazilië en de EU. MedX ontwerpt, produceert en distribueert ook hoogwaardige fotobiomodulatie therapeutische en tandheelkundige lasers voor een medicijnvrije en niet-invasieve behandeling van weefselschade en pijn. www.medxhealth.com.

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