MedX Health Corp has released its results for the financial year ended December 31, 2021, showing revenue came in at $563,101, higher than the $530,066 recorded in 2020.
Revenues from sales of therapeutic laser products were 16% higher than the prior-year while revenues from its SIAscopy/DermSecure products decreased by 9.7% from 2020, the company said.
"After a very difficult two-year period caused principally by the severe restrictions following lockdowns caused by the COVID pandemic which cut back on our ability to move our technology into the marketplace, we believe that, as lockdowns and restrictions are being eased, 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," Naman Demaghlatrous, CEO of MedX said in a statement.
READ: MedX signs distribution agreement with Vitamed Biomedical to launch its teledermatology screening platform in Italy
Losses for the year ended December 31, 2021, widened to $5,323,540 or $0.03 per share compared with a loss of $3,199,476, or $0.02 per share for the year ended December 31, 2020.
For the three months ended December 31, 2021, the company reported revenue of $212,766, compared with revenue of $192,181 reported in the same three-month period in 2020. Revenue from the SIAscopy product line increased by 10.7% and sales of therapeutic lasers increased by 8.3% compared with the comparative quarter in 2020.
The loss for the three months ended December 31, 2021, was $1,676,035 or $0.01 per share, compared with a loss of $677,305, or $0.00 per share for the three-month period ended December 31, 2020.
The company said during the first quarter of 2022, it continued to increase its presence in Europe by entering into a Memorandum of Understanding with Health Partners Limited, a privately owned corporate health, treatment and primary care services company in the UK. Also in the same quarter, MedX entered into a distribution and services agreement with VitaMed Biomedical Srl of Italy.
MedX Health is a global leader in teledermatology through its high-definition image capture technology, SIAscopy, and its secure, cloud-based patient management system, DermSecure, which transmits and stores patient data throughout the assessment process.
The company’s leading telemedicine platform allows healthcare practitioners to quickly and accurately assess suspicious moles, lesions and other skin conditions via its image-capture technology.
Contact the author at jon.hopkins@proactiveinvestors.com