TORONTO, ONTARIO -- (Marketwired) -- 08/27/15 -- Medworxx Solutions Inc. ("Medworxx")(TSX VENTURE: MWX), a leader in clinical patient flow, and compliance and education solutions, announced today it has filed with the Canadian securities authorities its Consolidated Financial Statements and Management's Discussion and Analysis report for the quarter ended June 30, 2015. These documents may be viewed under the Company's profile at www.sedar.com.
Highlights for the quarter ended June 30, 2015 include:
- The Company was profitable with net income of $148,508 for the three months ended June 30, 2015 as compared to a net loss of $430,238 for the three months ended June 30, 2014. Net income for the six months ended June 30, 2015 was $319,864 as compared to a loss of $742,188 for the six months ended June 30, 2014, a record high for Medworxx for the first half of the year.
- Revenue for the three months ended June 30, 2015 was $2,018,438, representing an increase of 39.9% over revenues of $1,443,007 in the same period last year. Revenue for the six months ended June 30, 2015 was $4,028,941, representing an increase of 32.4% over revenues of $3,042,312 in the same period last year, a record high for Medworxx for the first half of the year.
- Revenue from the Patient Flow Platform for the three months ended June 30, 2015 increased to $1,553,549 from revenues of $1,043,200 for the three months ended June 30, 2014, an increase of $510,349 representing growth of 48.9% while revenue for the six months ended June 30, 2015 increased to $3,143,546 from revenues of $2,230,638 for the six months ended June 30, 2014, an increase of $912,908 representing a 40.9% growth.
- Revenue from the Compliance and Education Platform for the three months ended June 30, 2015 increased to $456,000 from revenues of $362,765 for the three months ended June 30, 2014, an increase of $93,235 representing growth of 25.7%. Revenue for the six months ended June 30, 2015 increased to $867,859 from revenues of $765,742 for the six months ended June 30, 2014, an increase of $102,117 representing growth of 13.3%.
- The Company defines Annualized Contract Value ("ACV") of recurring revenue as the contracted annual renewable software licence fees, maintenance services and hosting fees. The ACV of recurring revenue at June 30, 2015 was $5.8M as compared to $5.6M at March 31, 2015, an increase of 3.0%, and an increase of 8.0% as compared to $5.3M at December 31, 2014.
- NHS England has selected Medworxx and three other patient flow solution providers as CUR Preferred Bidders. In 2014 NHS England introduced a Commissioning for Quality and Innovation scheme (CQUIN) to require mandatory adoption of CUR as a core capability to ensure the provision of safe and cost effective care. After an extensive RFP process, NHS England named four vendors to support CUR technology for specialised services and critical care. The Framework Agreement confirms that only products from these four vendors will be recognized for CQUIN funding. The Framework can also be used by all other NHS provider and commissioner organisations in England.
- Community Regional Medical Center, based in Fresno, California, has secured additional Medworxx Patient Flow Platform licenses of the Clinical Criteria module. In addition, the Community Regional Medical Center has also decided to license the Bed Management module across the entire hospital. The decision to purchase the additional Clinical Criteria licenses and implement the Bed Management module expands the hospital's multi-unit rollout across the entire CRMC campus. Community Regional Medical Center is the region's largest health care provider with over 800 beds.
- Basildon and Thurrock University Hospitals NHS Foundation Trust, based in the United Kingdom, licensed the Medworxx Clinical Criteria Module after completing a Patient Throughput Review (PTR). The module is to be installed in a multi-phase Clinical Utilisation Review (CUR) deployment across the Acute Trust and ultimately into neighbouring community based services, covering close to 700 beds across several locations. The hospitals have been successfully appointed by NHS England as an early Implementer of the National CUR CQUIN Scheme and provides an extensive range of acute services for 405,000 people living in south-west Essex.
- Gloucestershire Care Services (GCS) NHS Trust, based in the United Kingdom, licensed the Medworxx Clinical Criteria Module and Forms and Assessments Module after completing a Patient Throughput Review (PTR). This is to be deployed across seven community hospitals, covering 260 beds. GCS provides a range of in-patient and out-patient services to Gloucestershire's population of approximately 600,000 people, including nursing, physiotherapy, reablement and adult social care services.
- The Royal Surrey County Hospital NHS Foundation Trust, based in the United Kingdom licensed the Medworxx Clinical Criteria Module after completing a diagnostic Patient Throughput Review (PTR). The hospital has been successfully appointed by NHS England as an early Implementer of the National CUR CQUIN Scheme to deliver the necessary improvements in patient flow to support the hospital's Patients 1st Program delivering safe, high quality care. The Royal Surrey County Hospital is a 600-bed district General Hospital, located outside of Guildford serving a population of 320,000 for general services and 1,200,000 for cancer services. Royal Surrey County Hospital has opted for a two-year, three-phase software procurement and implementation roll-out across acute-care wards.
- For the quarter ended June 30, 2015, four Patient Throughput Reviews were delivered: one was in the United Kingdom, one in Australia, one in Canada, and one in France. As part of the PTR program, management consulting companies, Medworxx clinical consultants and hospital process improvement groups are able to use the Medworxx Clinical Criteria Module to rapidly identify patient flow data, providing visibility into patient flow issues in the hospitals that they provide services. Since the official launch of the program, fifty five PTRs have been delivered in several hospital in five countries; Australia, Canada, France, the United States and the United Kingdom.
- Eastern Health, NL, Canada purchased the Learning Management System from the Medworxx Compliance and Education platform this quarter.
Medworxx delivers health information technology solutions to over 350 hospitals internationally, including Canada, United States, United Kingdom, France and Australia. Medworxx helps hospitals meet patient flow challenges and requirements for compliance and education. Medworxx Clinical Criteria -the flagship component of Medworxx Patient Flow, which also includes electronic bed management and independent assessment components-is currently used to manage 32% of the acute-care beds in Canada as well as acute-care beds in a rapidly increasing number of Trusts and CCGs in the UK. Founded in 2004, Medworxx Inc. is based in Toronto, Canada, and publicly traded on the TSX Venture Exchange: MWX
The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or "recurring" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as competition, technological changes, the changing needs of hospitals, the financial condition of Medworxx's current and potential customers, foreign currency exchange rates, as well as general economic conditions, which may cause the actual results, performance or achievements of Medworxx to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this released.
Medworxx Solutions Inc.
1.800.321.1591 or 416.642.1278 x317
Medworxx Solutions Inc.
President & Chief Executive Officer
1.800.321.1591 or 416.642.1278 x311
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