MedX Health Corporation (CVE:MDX) (OTCMKTS:MDXHF) (FRA:9MH) reported a 37% increase in revenues for its skin health products in 2020, compared to 2019 as the medtech group continued to expand its international footprint.
The coronavirus (COVID-19) challenge however significantly hit sales of its laser product range, which were down 54% in the year to December 31, 2020, compared to 2019.
Overall, the group reported 2020 revenue of C$530,066, compared to C$860,248 in 2019, but in the fourth quarter, revenue came in at $192,181 versus C$181,362 reported in 4Q, 2019.
WATCH: MedX Health to provide its DermSecure Screening Platform for two Ontario-based Empower Clinics
The year saw MedX focused on its dermatological services and products SIAscopy and DermSecure - which combines technology with a cloud-based patient management system to capture clinical, dermascopic and spectrophotometric views of moles and other skin conditions.
Notably, last year, regulatory approval for SIAscopy on DermSecure was received in Brazil and an exclusive distribution agreement was agreed to launch the platform and obtain regulatory approval in Mexico.
The company also rolled out DermSecure in the Netherlands and targeted the North American market and strengthened its leadership and management teams.
"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," Rob von der Porten, the chairman and acting CEO of MedX, told investors.
"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."
von der Porton added: "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."
The loss for the year came in at C$3,199,476 compared to a loss of C$3,276,350 for 2019.
Contact the author at giles@proactiveinvestors.com