Medworxx Inc. Files Year-End Financial Statements and Management’s Discussion and Analysis

Medworxx files year-end statements with record revenues as the company continues to expand internationally

TORONTO–(BUSINESS WIRE)– Medworxx Inc. (“Medworxx“) (TSXV: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 year ended December 31, 2012. These documents may be viewed under the Company’s profile at www.sedar.com.

Highlights of the results for the year ended December 31, 2012 include:

• Revenue for the year ended December 31, 2012 was $6,071,224, representing an increase of 26.5% over revenues of $4,799,961 for the previous year. The increase is attributable primarily to growth in the Patient Flow platform of 34.4% and the Compliance and Education platform of 29.6%. Revenue for the quarter ended December 31, 2012 was $1,316,548, representing an increase of 5.4% over revenue of $1,249,655, in the same quarter last year.
• The Company incurred a net loss of $103,201 for the year ended December 31, 2012 as compared to net income of $28,144 for the year ended December 31, 2011. The loss this year is well within the Company’s budgeted results and reinforces the Company’s focus on growing revenue and investing in building sales and partner channels for the Medworxx Patient Flow platform.
• EBITDA (a non-IFRS measure), defined as Earnings before Interest, Taxation, Depreciation, and Amortization, for the year ended December 31, 2012 was $260,190 as compared to EBITDA of $355,533 for the same period last year, representing a decrease of $95,343. The losses are a direct result of the company’s plan to invest in building sales and partner channels for the Medworxx Patient Flow platform.
• Adjusted EBITDA (a non-IFRS measure), defined as Earnings before Interest, Taxation, Depreciation, Amortization, and Stock Option Expense, for the year ended December 31, 2012 was $467,096 as compared to $460,283 for the same period last year, representing an improvement of $6,813.
• On May 24, 2012, the Company completed a brokered private placement that yielded gross proceeds of $3,106,496. Net proceeds from the issuance were $2,715,379. The Company proposes to use the proceeds of the private placement for general working capital purposes, to build sales and partner …read more
  Source: FULL ARTICLE at DailyFinance