MedX Health Corp (CVE:MDX) has announced an increase in first-quarter revenue year-over-year due to higher sales of its SIAscope image-capture technology and corresponding cloud-based telemedicine platform DermSecure.
For the three months ended March 31, the Canada-based company reported revenue of $109,657, versus $95,544 in the year-ago period.
Revenues from the SIAscopy and DermSecure products were up 93% from 2020, while sales for the company's therapeutic laser product line were lower than the prior year, it said.
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“SIAscopy/DermSecure revenue in the first quarter reflects the successful launch in the Netherlands, our first full deployment, where we are seeing the benefits of the recurring revenue model,” said Rob von der Porten, chairman and acting CEO of MedX, in a statement.
“Revenues are expected to increase as further units are installed, and we continue to work in a number of regions, including initiatives in Canada, the United States and additional markets in Europe.”
He noted that the company’s Brazilian initiative was significantly impacted by the severe COVID-19 situation but will generate revenue as that country emerges from its health crisis.
“We are confident these initiatives will result in building a solid revenue base going forward," he said. "In addition, we are integrating a high-definition camera onto DermSecure, which will further enhance our offering. Our success in attracting additional equity investments in excess of $1 million is indicative of the confidence investors have in MedX.”
Sylvain Desjeans, the company’s recently appointed chief revenue officer, added: “Since joining a month ago, I am enthusiastic about the many opportunities for implementing MedX’s DermSecure technology in various markets in North America and internationally resulting in increasing revenue for the Company. MedX is also making progress in preparing the future of teledermatology that features artificial intelligence to support the healthcare system for the benefit of the patient’s well-being.”
MedX's SIAScope can capture perfect clinical images of moles and lesions up to two millimeters (mm) below the skin's surface with 100% image integrity, which makes it ideal for dermatologists wanting to integrate teledermatology into their practices.
Over 200 pharmacies in three countries use the DermSecure platform with regulatory approvals in 35 countries, including the US, Canada, Australia, Brazil, and the EU.
MedX opened two locations in The Netherlands in November 2020 and experienced substantial interest in the skin screening service, completing over 800 assessments on nearly 500 patients by mid-December. MedX now has seven clinics up and running in the country.
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