First Berlin Equity Research on 28/01/2026 initiated coverage on MedX Health Corp (ISIN: CA5850901037 / Bloomberg: MDX CN). Analyst Christian Orquera placed a BUY rating on the stock, with a CAD 0.28 price target.

Abstract
MedX Health is a Canadian medical technology company transitioning from device sales to a scalable, data-enabled teledermatology services model centred on its DermSecure platform for non-invasive skin screening. DermSecure enables occupational health providers, employers and health insurers to assess skin lesions scanned on site, accelerating their assessment through to diagnosis and supporting the early detection of skin cancer. The platform is built on MedX’s proprietary SIAscopy technology, an FDA-approved spectrophotometric imaging method that visualises subsurface skin molecules such as melanin, blood vessels and collagen. This enables objective, non-invasive lesion assessment beyond standard visual inspection or smartphone photography and differentiates DermSecure from conventional teledermatology solutions. MedX is now entering a key commercial validation phase. Its first DermSecure partner, UK-based Health Partners Group (HPG), one of the country’s leading occupational health providers serving ~3m employees, has signed a multi-year commercial agreement following a successful pilot programme. The contract allows for a phased rollout of DermSecure across HPG’s client base in the UK starting in H1/26 and provides a strong real-world reference for scalability. DermSecure will target further markets with long waiting times for dermatology appointments, notably Canada and the US. In our view, the combination of regulatory validation and commercial proof-of-concept with HPG materially de-risks broader adoption. We expect further partner wins, particularly in North America, and see 2026 as the first year of meaningful recurring revenue growth, supporting a re-rating of the shares. Based on our DCF valuation, we initiate coverage of MedX Health with a BUY rating and a price target of CAD 0.28 (upside: 331%).