Business
Net Medical Revenue and Profitability Continue Strong in Q3; Nine Month Revenue $4.4 million vs $946,000; Net Income $1.3 million vs Loss of ($290,000)
Net Medical Revenue and Profitability Continue Strong in Q3; Nine Month Revenue $4.4 million vs $946,000; Net Income $1.3 million vs Loss of ($290,000).
About this update from Net Medical Xpress Solutions, Inc.
[{"type":"text","content":"ALBUQUERQUE, NM / ACCESSWIRE / November 3, 2022 / Net Medical (OTC PINK:NMXS) Net Medicalreported preliminary unaudited revenue of $1,007,000 for the third quarter of 2022. This compared with total revenue of $341,173 in the third quarter of 2021. Net income was $177,033 versus a net loss of ($122,028) in the third quarter of 2021.For the first nine months of 2022, the company reported revenue of $4,477,000 versus $946,000, a gain of 373% for the first nine months of 2021. Net income was $1,323,000 versus a loss of ($290,000) in the first nine months of 2021.CEO Dick Govatski said, "We recorded another profitable quarter with strong cash flow as our core COVID testing and mobile lab businesses performed well despite a dip in the overall number of tests. At the end of the quarter and at the beginning of Q4 those numbers began to rise again as the flu season kicked in. We continue to see a high number of COVID positives in our daily test results, up to 35% on some days."Our balance sheet was stronger than ever with current assets of $2.9 million including nearly $1.3 million in cash and cash equivalents."Our mobile laboratory vans have now been ungraded to moderate complexity status and have been granted First Net first responder status. The service is important for various statewide services in New Mexico especially when Net Medical is deployed into the rural areas requiring First Net's unique communication capabilities. As well as testing, Net Medical's services include online consults by Net Medical physicians. With our mobile testing capability, we can provide critical testing in rural and remote places where testing would otherwise be impossible. Net Medical has been able to deploy within Taos County with less than a day's notice for multiple days at a time, often testing hundreds of people in vulnerable or underserved populations and with functional and access needs."In Taos, we expect our new laboratory location to be operational by Dec. 1 providing us with an additional testing location."We are currently working on three international FDA clinical trials. Later this month we are sending our co-investigators to MEDICA 2022 in Dusseldorf, Germany, to introduce our clinical research organization (CRO). MEDICA is the world's largest medical trade fair. In 2019 it attracted more than 5,522 exhibitors fr...