"MedX had a difficult third quarter with a substantial decline in revenue over the same period last year. This quarter's results reflect the temporary drop in sales due to the recovering worldwide economy, as well as our new distributors internationally registering products and ordering demonstration 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 products," said Steven Guillen, chief executive officer and president of MedX Health. "These new partnerships will begin to generate revenue in the final quarter of 2009 and increasingly so in 2010."
Revenue for the quarter ended September 30, 2009 was $82,594, a 75.4% decrease over the same period in 2008 where revenue was $335,567. Revenue for the 9 month period ending September 30, 2009 was $540,794, a 39.3% decline from the 9 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 $379,026 or $0.01 per share compared to a loss of $651,026 or $0.03 per share for the same period in the prior year. The loss for the 9 month period was $1,391,455 in 2009 compared to loss for the 9 month period last year of $2,165,415.
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About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level laser and light medical devices for the drug free and non-invasive treatment of tissue damage and pain in numerous medical settings including dental, rehabilitation and wound care. MedX is the world's only company focusing on developing and delivering a broad cross-section of technologies and products involved in healing using light therapy. MedX is committed to advocating for, the bringing of non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments.
MedX's strategy is to build upon its success in bringing relief of conditions in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage(TM)", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. The Company intends to license this new technology to one or more major wound care companies for further development of marketing and sales.
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