MedX Health Corp. Announces Third Quarter 2018 Results

MISSISSAUGA, Ontario–(BUSINESS WIRE)–MedX Health Corp. (“MedX” or the “Company”) (TSX-V: MDX) announced its
results for the three and nine months ended September 30, 2018, which
are also available on SEDAR (

MedX launched the Company’s ground-breaking DermSecureTM telemedicine
platform during the third quarter. “DermSecureTM makes MedX’s
rapid skin cancer assessment solution commercially scalable on a global
basis,” commented Scott Spearn, CEO of MedX. “For example, the
Netherlands has a population of 17 million people and every year more
than 51,000 people are diagnosed with skin cancer, one of the highest
rates in Europe. The MOU we announced to work with a Dutch consortium of
companies that specialize in cancer screening, and through their network
have access to more than 4,500 physicians enables our DermSecureTM platform
as a natural fit for them to offer skin cancer screening services with
their existing portfolio. We expect significant annual revenue from this
partnership over the ensuing years.” Mr. Spearn continued, “Revenue was
lower in the quarter due to the lumpiness of orders, which is common
with new products when sales are growing, and we expect significant ramp
up in the coming quarters as the DermSecureTM implementation
ramps up. We are continuing to invest in further product development, as
we think DermSecureTM is a market-leading product for remote
scanning and analysis of potentially dangerous moles and lesions, and
our recurring-revenue model will result in significant revenue growth in
the near future.”

The Company reported revenue of $180,404 for the three months ended
September 30, 2018, compared with revenue of $255,269 for the three
months ended September 30, 2017. Revenues from the Company’s SIAscopy
technology were $54,234 for the quarter, compared with $69,609 in the
prior year quarter, and sales from the Company’s therapeutic laser line
amounted to $126,170 compared with $185,659 in 2017. The Company
reported a loss for the three months ended September 30, 2018 of
$919,935 or $0.01 per share, compared with a loss of $551,002, or $0.01
per share for the three months ended September 30, 2017. The third
quarter loss includes a $272,961 non-cash expense recorded in respect of
share options granted during 2018 and $184,890 of expenditures related
to developing its telemedicine platform and upgrading its SIAscope

For the nine months ended September 30, 2018, the Company reported
revenue of $812,233, an increase over revenue of $731,970 for the nine
months ended September 30, 2017. The Company reported a loss of
$3,171,333, or $0.02 per share for the nine months ended September 30,
2018, compared with a loss of $1,302,492, or $0.01 per share for the
nine months ended September 30, 2017. The 2018 year to date loss
included $556,135 of costs related to the telemedicine platform
development and SIAscope upgrades, and $1,206,929 of non-cash expenses
recorded in respect to share options granted.

About MedX

MedX, headquartered in Mississauga, Ontario, is a leading medical device
and software company focused on skin cancer with its 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 up to 2 mm beneath
suspicious moles and lesions in a pain free, non-invasive manner, with
its software then creating real-time images for physicians and
dermatologists to evaluate all types of moles or lesions within seconds.
These products are Health Canada, FDA (US), ARTG and CE cleared for use
in Canada, the US, Australia, New Zealand, the European Union and
Turkey. MedX also designs, manufactures and distributes quality
photobiomodulation therapeutic and dental lasers to provide drug-free
and non-invasive treatment of tissue damage and pain.

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 release.

This Media Release may contain forward-looking statements, which
reflect the Company’s current expectations regarding future events. The
forward-looking statements involve risks and uncertainties.