MedX Health Corp, the emerging global teledermatology leader, has started to generate revenue from its cloud-based telemedicine platform and patient management system and expects “increasing activity” during the rest of the year.
The Mississauga, Ontario-based medical device and software company is focused on skin health, with its SIAscopy on DermSecure telemedicine platform, utilizing its SIAscopy technology.
The SIAscope is the only image-capture technology on the market that provides clinical, dermoscopic, and spectrophotometric views of moles and lesions up to 2 millimeters (mm) below the skin's surface. The company’s software creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds.
In a results statement, CEO Sylvain Desjeans told shareholders: “We have begun generating revenue from scanning by customers using our SIAscopy/DermSecure telemedicine platform after the launch in the Netherlands earlier in the year and expect increasing activity.”
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Desjeans, who was recently appointed president and CEO of MedX continued: “From my initial work to date, I see a number of opportunities where our efforts should result in an increasing number of units sold, and more importantly, the recurring revenue from DermSecure."
DermSecure, is the firm’s secure, cloud-based telemedicine platform and patient management system for dermatologists. Over 200 pharmacies in three countries use the platform with regulatory approvals in 35 countries, including the US, Canada, Australia, Brazil, and the EU. The firm uses a software-as-a-service recurring revenue model.
“We have made good progress in the integration of a high-definition camera onto DermSecure, which will further enhance our offering, and will be ready to launch before the end of the year,” said Desjeans. “The broadened offering will provide a multiple to the potential revenue growth with the focus now on teledermatology.”
For its second quarter ended June 30, 2021, MedX reported revenue of $146,532, compared with revenue of $69,452 for the second quarter of 2020.
“Revenues from the company’s SIAscopy/DermSecure products were lower than in 2020, while sales for the therapeutic laser product line was three times the revenue from the 2020 second quarter,” said the company.
The firm reported a loss for the 2Q of $1,234,836, or $0.01 per share, compared with a loss of $708,212, or $0.00 per share for the 2Q a year earlier.
MedX reported revenue of $256,189 for the six-month period ended June 30, 2021, compared with revenue of $164,996 for the six months ended June 30, 2020.
“Revenues from the company’s SIAscopy/DermSecure products increased 19% from the 2020 six-month period, and sales for the therapeutic laser product line were 73% higher than the prior year,” said the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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