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Parallax Health Sciences flashes surging revenue in 3Q results

The Santa Monica-based healthcare company posted revenue of $25,855, well ahead of its 2018 third quarter revenue of $990

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"We are continuing to make progress, and our third quarter shows improvement in revenues and a reduction in expenses," CEO Paul Arena

Parallax Health Sciences Inc (OTCMKTS:PRLX) posted third-quarter results before the bell Monday that revealed substantial revenue gains year over year and a narrowing operating loss. 

The Santa Monica-based healthcare company posted revenue of $25,855, well ahead of its 2018 third-quarter revenue of $990. Its operating loss shrunk to $5.1 million, $0.02 per diluted share, from $5.1 million, $0.03 per diluted share. 

"We are continuing to make progress, and our third quarter shows improvement in revenues and a reduction in expenses, while we reduced our shareholders deficit to under $5 million from more than $28 million in less than two years since December 31, 2017,” CEO Paul Arena said. We have positioned Parallax and its operating subsidiaries for accelerated growth, and upon completion of additional financial engineering, we expect the Company’s financial performance to demonstrate marked improvement in the future.”

READ: Parallax Health Sciences subsidiary achieves vertical market integration

Parallax saw a net loss of $2.4 million, $0.01 per diluted share, compared to a $25 million net profit, $0.12 per diluted share, a year earlier. The reason for the disparity, the company said, is due primarily to significant gains from the disposal of a subsidiary, and related extinguished debt, recognized during the 2018 fiscal year.

In the third quarter of that year, Parallax deconsolidated RoxSan Pharmacy, recognizing a gain of $5,079,416, as well as a gain of $22,781,281 from the debt extinguished in connection with the subsidiary.

Looking ahead, Arena said the company is in a strong position.

“We are getting ready to launch our service offerings across a number of verticals with a Software-as-a-Service (SaaS) business model to provide recurring revenues,” Arena said. We also continue to execute strategic intellectual property licenses that are highly profitable to us, and give us a further upside through royalty revenues in the future.”

Parallax is a data-driven telehealth company focused on developing technology to make remote health care a more reliable, cost-effective option for patients.

“Our platform is ubiquitous, connecting to all [Internet of Things] devices, and is the only platform that enables legacy and non-IoT diagnostic and biometric measurement devices to deliver data to the cloud,” Arena added. “Our Good Health Outcomes platform has been developed to address the nearly US$1 trillion in waste in the US medical system by addressing patients’ adherence to medical and pharmaceutical regimens.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Parallax Health Sciences Inc.

Price: 0.035 USD

Market: OTCQB
Market Cap: $9.48 m

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