Business
Compumed, Inc. Announces Fiscal 2022 Annual and Fourth Quarter Results
Compumed, Inc. Announces Fiscal 2022 Annual and Fourth Quarter Results.
About this update from Compumed, Inc.
[{"type":"text","content":"LOS ANGELES, CA / ACCESSWIRE / December 27, 2022 / CompuMed, Inc. (OTC PINK:CMPD) ("CompuMed" or the "Company") is pleased to announce fiscal 2022 4th quarter and annual results.FISCAL 2022 FOURTH QUARTER AND ANNUAL HIGHLIGHTS:Revenue for the 4th quarter was $1.59 million compared to $1.45 million a year ago and $6.37 million for the full year compared to $6.31 million a year ago (increases of 9.8% and 0.8% respectively). There was notable growth in new products and further market penetration in corrections and OPO services, but this was offset by some customer attrition, resulting in minimal overall sales growth. Further, in 2023 we expect to see the full year impact of customer attrition from 2022. However, we anticipate offsetting this with further growth through accelerating the adoption of our new products and services to both current and new customers. We have excellent technology and are excited to bring it to market more actively in 2023 and beyond.Net income in the fourth quarter was $231,000 compared to $480,000 in the prior year and $502,000 for the full year compared to $1,067,000 in the previous year.A few comments regarding net income:During the year we experienced $129,000 in one-time legal costs and $94,800 in one-time costs associated with our shareholder's meeting. While still down significantly from a year ago, adjusting for these one-time costs results in net income on a recurring basis of $726,000.During the year we added additional development resources.Insurance costs rose significantly compared to 2021. Some of this is a result of higher prices across the insurance industry, and some due to increasing our doctor network, in anticipation of growing our business.At year end CompuMed enjoyed a cash + accounts receivable position of $2.85 million, 6.9% lower than at year end 2021. During the year CompuMed retired more than $240,000 of long-term capital lease obligations (rather using cash to replace and upgrade equipment).At year end CompuMed reported a book value of $3.85 million as compared to $3.36 million the prior year (an increase of 14.6%).About CompuMed, Inc.CompuMed, Inc. (OTC PINK:CMPD) Diagnostic Telemedicine services provide patients with the highest level of clinical care at reduced costs. Its telecardiology and teleradiology offerings provide real-time access to U.S. Board-Ce...