MedX Health Corp. (TSX-V:MDX) has said its SIAscopy and DermSecure products have shown significant promise with the signing of commercial agreements for their deployment, which should provide a solid revenue base for the rest of the year.
The paid pilot-to-commercial agreements consist of confirmed sales of 80 units, currently being deployed, and an option for 40 more units to be confirmed by the fourth quarter of 2022.
"We are encouraged by seeing the results of our efforts over the previous quarters come to fruition in the form of confirmed unit orders," said MedX Health CEO Naman Demaghlatrous in a statement accompanying the company’s results for the three months ended March 31, 2022.
READ: MedX Health says revenue in 2021 rose from previous year despite tough conditions
“Completion of deliveries and an ongoing paid pilot program at a large healthcare provider should build a solid revenue base and drive improved growth through the remainder of the year," he added.
MedX Health said revenue for the three months ended March 31, 2022 was $64,632 compared to $109,657 a year earlier as revenues from the SIAscopy and DermSecure lines fell 20% while sales for the therapeutic laser product line were also lower.
This resulted in a net loss of $1,225,499, or $0.01 per share, for the first quarter compared with a loss of $1,024,719, or $0.01 per share, for the same period in 2021.
"While supply-chain delays impacted our ability to deliver on purchase orders for therapeutic laser products during the first quarter and resulted in lower than expected revenues, those issues have now been resolved and placements are beginning to rapidly build,” said Demaghlatrous.
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