MedX Health Corp. Announces First Quarter 2022 Results

MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX), a global leader in teledermatology, announced its financial results for the three-months ended March 31, 2022, which are also available on SEDAR (www.sedar.com).

“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 CEO Naman Demaghlatrous. “The paid pilot-to-commercial agreement sales model for the Company’s SIAscopy^® / DermSecure^® product line has been implemented and has shown significant promise. We have signed two new commercial agreements, consisting of confirmed sales of 80 units currently being deployed, with an option for 40 more units to be confirmed by Q4 of 2022. We continue to execute on our global commercialization strategy, expanding DermSecure’s presence both nationally and internationally, where we have added partners in the United Kingdom, Italy, Turkey and the Middle East. Completion of deliveries and an ongoing paid pilot program at a large health care provider should build a solid revenue base and drive improved growth through the remainder of the year.”

Demaghlatrous, who was appointed CEO on March 21, 2022, continued, “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.”

First Quarter 2022 Financial Results Summary:

The Company reported revenue of $64,632 for the three-months ended March 31, 2022, compared with revenue of $109,657 for the three-months ended March 31, 2021. Revenues from the Company’s SIAscopy^®/DermSecure^® products were lower by 20% from the first quarter of 2021, and sales for the therapeutic laser product line were also lower than the comparative period in the prior year. The Company reported a loss for the three-months ended March 31, 2022 of $1,225,499, or $0.01 per share compared with a loss of $1,024,719, or $0.01 per share for the three-months ended March 31, 2021.

Additional First Quarter Highlights:

• March 23, 2022: MedX Health Appoints New CEO
  MedX Board of Directors names Naman Demaghlatrous as President and Chief Executive Officer. “Naman brings extensive knowledge of, and experience in, the global medical technology market,” said Ken McKay, Chairman of the MedX Board of Directors. “His knowledge and experience in the European and North American marketplace will be a valuable asset in developing and expanding the Company’s growth plans in North America and internationally.”
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• March 22, 2022: MedX Announces First Closing of $1 Million in Non-Brokered Private Placement of Convertible Loan Notes and Warrant Extension
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• March 2, 2022: MedX Health and Health Partners Announce Agreement to Launch MedX’s Teledermatology Screening Platform in the United Kingdom
  Health Partners, the UK’s largest non-hospital private healthcare services provider, with more than two million patients across 500+ corporate, insurance and government clients, announces partnership with MedX Health to launch a pilot program of MedX’s DermSecure^® Screening Platform.
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• February 17, 2022: MedX Health Announces Clinic and Mobile Dermatological Screening Services Partnership in New Brunswick
  MedX Health with Sheppard Chiropractic opens in New Brunswick, with expansions initiatives underway for Atlantic Canada.
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• January 27, 2022: MedX Health Announces Addition of Two New Screening Services Locations in Ottawa
  MedX Health with ProMed Pharmacy and Dura Wellness Clinic launches Dermsecure^® Screening.
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• January 17, 2022: MedX Health Corp. Announces Addition of Three New Screening Services Locations Across Ontario
  MedX Health, in partnership with Empower Clinics and The Medi-Collective, launches DermSecure^® Screening Platform Services in London, Kitchener, and Etobicoke.
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Subsequent Events Following March 31, 2022:

• May 12, 2022: MedX Health Corp. Signs Commercial Distribution Agreement with Makromed/Arhan Global A.Ş to Launch MedX's Teledermatology Screening Platform in Turkey
  After a successful pilot, MedX Health and Makromed/Arhan Global A.Ş have entered into a long-term commercial distribution agreement with an immediate commitment to purchase 40 SIAscope units.
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• April 4, 2022: MedX Health Corp. Signs Commercial Distribution Agreement With Vitamed Biomedical to Launch MedX’s Teledermatology Screening Platform in Italy
  After a successful pilot program MedX Health and Vitamed Biomedical have entered into a long-term commercial distribution agreement with an immediate commitment to purchase 40 SIAscope units.
  READ FULL RELEASE

About MedX

MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy^® on DermSecure^® telemedicine platform, utilizing its SIAscopy^® technology. SIAscopy^® is also imbedded in its products SIAMETRICS^®, SIMSYS^®, and MoleMate^®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS^®, SIMSYS^®, and MoleMate^® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. For more information, visit www.medxhealth.com.

Forward-Looking Statements

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220530005436/en/

Bill Mitoulas, Investor Relations
MedX Health Corp
+1.416.479.9547
[email protected]