Parallax Health Sciences books first licensing deal for its patented Parallax Care technology
Monday, 13 May 2019 Parallax Health Sciences Inc (OTCQB: PRLX) posted first-quarter earnings Monday that showed it completed the first cash licesing deal for its proprietary data and outcome-driven technology platform. The Santa Monica, California-based telehealth company offers an integrated digital health care network with products and services that provide remote diagnosis, treatment, and monitoring of patients on its proprietary platform. It provides personalized patient care through cost-effective and remote health care services, behavioral health systems, and Point-of-Care diagnostic testing. WATCH: Parallax Health Sciences making headway with its remote point-of-care testing platform "During the first quarter, we completed our first cash license agreement of our patented data-driven outcomes technology and we are beginning to aggressively pursue a number of revenue generating opportunities," said Parallax Health Sciences CEO Paul Arena. "The technology development of our Fotodigm data capture and Parallax Care outcomes optimization platform are on target, and we anticipate a full launch of these capabilities during the third quarter.” Strong customer demand Arena said that during the quarter the company saw “strong customer demand” for its Parallax Care outcomes-optimization platform from hospitals, doctors and community health organizations. “They are responding with enthusiasm to our ability to capture data, report vital information, and manage and track interactive remote patient monitoring through wearables and other analog devices," said Arena. For the quarter ended March 2019, the company posted a near-tenfold jump in revenue to $50,990, from revenue of $4,890 in the same quarter a year ago. Gross margin for the first quarter was 90%, reflecting revenue from the technology license, net of costs, said the company. The company improved its performance dramatically with a net loss of $1,674,115, compared with a net loss of $3,856,469 for the same period in the prior year. The $2,182,354 difference, or 56% decrease in net loss was the result of lowered expenses. Business outlook Parallax is developing an improved remote patient monitoring platform that deploys software-as-a-service (SaaS) licensing through hospital and doctor groups and other channel partners. The new SaaS software license model and mobile applications is expected to launch during the third quarter of 2019, said the company. Contact Uttara Choudhury at [email protected] Follow her on Twitter: @UttaraProactive
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