MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief, today announced its results for the quarter ended June 30, 2009.
Revenue for the quarter ended June 30, 2009 was $106,624, a 58.9% decrease over the same period in 2008 where revenue was $259,235. Revenue for the 6 month period ending June 30, 2009 was $458,200, a 17.4% decline from the 6 month period in the prior year. Standard gross margins on sales were consistent with previous quarters, but they were unfavorably impacted by high unabsorbed overhead and labour variances due to extremely low production volumes in the quarter. MedX incurred a loss from continuing operations for the quarter of $538,971 or $0.02 per share compared to a loss of $823,190 or $0.04 per share for the same period in the prior year. The loss for the 6 month period was $1,007,334 in 2009 compared to loss for the 6 month period last year of $1,510,334.
"MedX continues to establish a new base of business through its strategic partners in North America and Internationally, however the second quarter was a transition quarter as these partners began to launch their new operations within their existing distributor networks," said Steven Guillen, chief executive officer and president of MedX Health. "This quarter's results reflect the temporary drop in sales as new distributors internationally register products and order demo equipment, while our key partner in the North American market, Rich-Mar, is busy preparing for the launch of our integrated technology into their existing Therasound and Winner series of electrical stimulation and ultrasound lines."