MedX Health Corp. results for the Second Quarter of fiscal 2013

TSX Venture Symbol: MDXCUSIP #:?? 585090MISSISSAUGA, ON, Aug.迷你倉 27, 2013 /CNW/ - MedX Health Corp. ("MDX" or the "Company") reported today its financial and operational results for the Second Quarter of fiscal 2013. All amounts are in Canadian dollars unless otherwise stated.Second Quarter Financial HighlightsThe highlights for MDX, on a consolidated basis, are:-- Consolidated revenue increased by 20% to $190,000 in Q2 2013 compared to $158,000 in Q2 2012; -- Consolidated Gross Profit increased 22% to $111,920 in Q2 2013 compared to $92,000 in Q2 2012; -- Consolidated operating expenses decreased by 37% to $287,000 in Q2 2013 compared to $458,000 in Q2 2012; -- 52% decrease in consolidated net loss before income taxes to a loss of $175,000 in Q2 2013 compared to net loss of $365,000 in Q2 2012;Steven Guillen, CEO, said:? "The Second Quarter of Fiscal 2013 continued to present many challenges while we were in the process of changing many aspects of our business strategy.? We have significantly developed and re-aligned our strategic approach to marketing which we believe will lead to major developments during the latter part of fiscal 2013 as we bring our products, especially the MoleMate(TM) units, to the market through new channels."A summary of the Results for the Second Quarters of fiscal 2013 and 2012 (in thousands of dollars, except per share earnings) is included in the Table below:_______________________________________ | |2013 - Q2|2012 - Q2| |___________________|_________|_________| |Revenues | 190 | 158 | |___________________|_________|_________| |Cost of goods sold | 78 | 65 | |___________________|_________|_________| |Gross profit (loss)| 112 | 93 | |___________________|_________|_________| |Comprehensive loss | (175) | (365) | |___________________|_________|_________| |Per share | (0.01) | (0.01) | |___________________|_________|_________| |Total assets | 469 | 681 | |___________________|_________|_________|Consolidated Unaudited Interim Financial StatementsNOTE TO READER: The following unaudited interim financial statements are extracted from the complete unaudited interim financial statements of the Company for the Three and Six Months ended June 30, 2013, which have been filed on SEDAR together with the Management's Discussion and Analysis. References to "accompanying Notes" refer to the Notes to the unaudited interim financial statements for the Three and Six Months ended June 30, 2013 and 2012, which are filed with the Company's documents, and can be found on .sedar.com to which the reader is referred.Neither 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 release.Certain information set out in this News Release constitutes forward-looking information.? Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of MDX as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements.? Although MDX believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct.? The forward-looking statements of MDX contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in MDX's current annual information form available at .sedar.com.MEDX HEALTH CORP.Consolidated Statement of Financial Position(Expressed in Canadian dollars)(unaudited)December 31, As at, June 30, 2013 2012ASSETS $ $CURRENT ASSETSCash 7,420 16,051Trade and other receivables (note 5) 109,828 127,450Inventory (note 6) 121,736 97,677Prepaid expenses and deposits 10,283 11,150249,267 252,328PROPERTY, PLANT AND EQUIPMENT 42,320 (note 7) 33,158INTANGIBLE ASSETS (note 8) 177,217 190,217468,804 475,703LIABILITIESCURRENT LIABILITIESTrade and other payables (note 9) 4,228,952 3,985,297Demand loans (note 10) 929,394 779,394Convertible debentures 177,406 171,1185,335,752 4,935,809SHAREHOLDERS' DEFICIENCYCAPITAL STOCK (note 11) 12,693,913 12,577,279EQUITY PORTION OF CONVERTIBLE 16,906 DEBENTURES 16,906WARRANTS 1,388,124 1,388,124SHARE BASED PAYMENTS 1,171,224 1,171,224DEFICIT (20,137,115) (19,613,639)(4,866,948) (4,460,106)468,804 475,703Approved by the Board of Directors on August 27, 2013The accompanying notes are an integral part of these consolidated financial statements.NOTICE TO READER: These unaudited interim financial statements have not been reviewed by the Company's Auditors?MEDX HEALTH CORP.Consolidated Statement of Comprehensive Loss For the Three and Six Month periods ended June 30, 2013 and 2012(Expressed in Canadian dollars)(Unaudited)Three months ended Six months endedJun 30, Jun 30, Jun 30, Jun 30, 2013 2012 2013 2012$ $ $ $SALES 190,366 158,042 309,794 361,213COST OF SALES 78,446 65,263 133,505 146,879GROSS PROFIT 111,920 自存倉2,779 176,289 214,334EXPENSESSelling, general and administrative 243,241 440,962 597,568 867,792Research and development costs - - - 6,410Interest accretion on convertible debentures 3,144 - 6,288 -Interest on demand loans and convertible debentures 35,588 - 64,461 -Foreign exchange loss (gain) (4,268) 6,164 (2,556) 2,383Depreciation of property, plant and equipment 2,522 2,057 4,371 4,040Amortization of intangible assets 6,500 8,500 13,000 17,000Loss on debt settlement with common shares - - 16,634 39,402286,727 457,683 699,766 937,027COMPREHENSIVE LOSS (174,807) (364,904) (523,477) (722,693)Comprehensive loss per common shares - basic and diluted (0.01) (0.01) (0.02) (0.02)Weighted average number of Common Shares outstanding - basic and fully diluted 41,345,511 36,341,513 40,651,558 36,022,180The accompanying notes are an integral part of these consolidated financial statements.NOTICE TO READER: These unaudited interim financial statements have not been reviewed by the Company's AuditorsMEDX HEALTH CORP.Consolidated Statement of Cash Flows For the Three and Six Month periods ended June 30, 2013 and 2012(Expressed in Canadian dollars)(Unaudited)Three months ended Six months endedJun 30, Jun 30, Jun 30, Jun 30, 2013 2012 2013 2012$ $ $ $CASH FLOWS FROM OPERATING ACTIVITIESComprehensive loss (174,807) (364,904) (523,477) (722,693)Adjustments for non-cash items:Depreciation of property, plant and equipment 2,522 2,057 4,371 4,040Amortization of intangible assets 6,500 8,500 13,000 17,000Foreign exchange gain (4,268) - (2,556) -Loss on debt settlement with common shares - - 16,634 39,402Interest accretion on convertible debentures 3,144 3,144 6,288 6,288Accrued interest on demand loans and convertible debentures 35,588 30,694 64,461 61,124Trade debt settled with common shares - - 100,000 98,506Net change in non-cash operating working capital itemsTrade and other receivables (30,084) 1,200 17,622 40,543Inventory (17,003) 4,267 (24,059) 14,828Prepaid expenses and deposits (942) (5,925) 867 (17,380)Deferred revenue - (6,925) - (13,850)Trade payables and other payables 44,037 304,588 181,633 427,590Cash flow (used in) from operating activities (135,313) (23,304) (145,216) (44,602)CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property, plant and equipment (13,415) (1,493) (13,415) (5,380)Purchase of intangible assets - 6,227 - (21,972)Cash flow used in investing activities (13,415) 4,734 (13,415) (27,351)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from other loans 150,000 23,165 150,000 23,165Cash flow used in financing activities 150,000 23,165 150,000 23,165NET INCREASE (DECREASE) IN CASH 1,272 4,595 (8,631) (48,788)Cash, beginning of period 6,148 5,322 16,051 58,705CASH, END OF PERIOD 7,420 9,917 7,420 9,917The accompanying notes are an integral part of these consolidated financial statements.NOTICE TO READER: These unaudited interim financial statements have not been reviewed by the Company's AuditorsMEDX HEALTH CORP.Consolidated Statements of Changes in Shareholders' Deficiency For the Three and Six Month periods ended June 30, 2013 and 2012 (Expressed in Canadian Dollars) (Unaudited)Capital StockEquity portion of Share convertible based Number Amount debentures Warrants payments Deficit Total# $ $ $ $ $ $Balance, January 1, 2012 35,356,453 12,150,281 25,676 1,370,725 1,029,424 (19,074,415) (4,498,309)Common shares issued for debt settlement 3,862,693 335,228 - 17,399 141,800 - 494,427Convertible debenture exercise 332,000 83,000 - - - - 83,000Value transfer on convertible debenture exercise - 8,770 (8,770) - - - -Comprehensive loss - - - - - (539,224) (539,224)Balance, December 31, 2012 39,551,146 12,577,279 16,906 1,388,124 1,171,224 (19,613,639) (4,460,106)Common shares issued for debt settlement 1,794,365 116,634 - - - - 116,634Comprehensive loss - - - - - (523,477) (523,477)Balance, June 30, 2013 41,345,511 12,693,913 16,906 1,388,124 1,171,224 (20,137,115) (4,866,948)The accompanying notes are an integral part of these consolidated financial statements.NOTICE TO READER: These unaudited interim financial statements have not been reviewed by the Company's Auditors??MedX Health Corp.CONTACT: please contact Louie Canitano, President and Chief OperatingOfficer at(905) 670-4428 Email inquiries should be madeto canitano@medxhealth.com and the company website is locatedat .medxhealth.com. Inquiries by direct mail should be addressedto; MedX Health 220 Superior Blvd., Mississauga, Ontario, L5T 2L2迷你倉新蒲崗