Toronto, Ontario, May 13, 2015 - 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 March 31, 2015. These documents may be viewed under the Company's profile at www.sedar.com.
Highlights for the quarter ended March 31, 2015 include:
· The Company was profitable with net income of $171,356 for the three months ended March 31, 2015 as compared to a net loss of $311,948 for the three months ended March 31, 2014.
· Revenue for the three months ended March 31, 2014 was $2,010,503, representing an increase of 25.7% over revenues of $1,599,305 in the same period last year.
· Revenue from the Patient Flow Platform for the three months ended March 31, 2015 increased to $1,589,997 from revenues of $1,187,438 for the three months ended March 31, 2014, an increase of $402,559 representing growth of 33.9%.
· Revenue from the Compliance and Education Platform for the three months ended March 31, 2015 increased to $411,860 from revenues of $402,977 for the three months ended March 31, 2014, an increase of $8,882 representing growth of 2.2%.
· The Company defines Annualized Contract Value (“ACV”) of recurring revenue as the contracted annual renewable software license fees, maintenance services and hosting fees. The ACV of recurring revenue at March 31, 2015 was $5.6M as compared to $5.4M at December 31, 2014, an increase of 4.7%.
· Community Regional Medical Center, based in Fresno, California, is the first hospital to select the Medworxx Patient Flow Solution for Operational use in the United States after completing a diagnostic Patient Throughput Review (PTR). Community Regional Medical Center, the region's largest health care provider with over 800 beds (including their behaviour and extended care facilities) and has one of the nation’s busiest Emergency Departments with 106,500 patient visits in 2013, licensed the Medworxx Patient Flow Platform to improve patient flow and specifically reduce Emergency Department crowding.
· Crouse Hospital, based in Syracuse, New York has selected to invest in the implementation of the Medworxx solution after completing a diagnostic Patient Throughput Review (PTR). Crouse Hospital is an acute care provider with more than 500 beds, serving Central and Northern New York. Crouse has licensed the Medworxx Clinical Criteria module to deliver necessary improvements in patient throughput to continue their delivery of high quality care.
· For the quarter ended March 31, 2015, seven Patient Throughput Review (“PTR”)’s were delivered: four were in the United Kingdom, one in Australia, one in France, and one in the United States. 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 one PTRs have been delivered in several hospital in five countries; Australia, Canada, France, the United States and the United Kingdom.
· A number of contracts were signed in the quarter for the Medworxx Compliance and Education platform including: Cornwall Community Hospital, ON, Canada; Evergreen Home for Special Care NS, Canada; and Muskoka Algonquin Healthcare, ON, Canada.
“The increased profits and revenue are a result of our international market expansion program,” said Dan Matlow, President and CEO, Medworxx. “What is really encouraging is that our expansion program has not, as of yet, started to see impact from the UK’s NHS CQUIN funding scheme that came into effect April 1 of this year.”
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 Visit: www.medworxx.com
The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
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