CompuMed, Inc. Announces Fiscal 2022 First Quarter Results

Rhea-AI Summary

CompuMed, Inc. (CMPD) reported its fiscal 2022 first-quarter results with revenues of $1.54 million, up 4.6% year-over-year and 5.9% sequentially. Operating income increased to $121,000, a 12% rise from the previous year, although down from $495,000 in Q4 2021. Cash and accounts receivable totaled $2.8 million, reflecting an 8.5% decline from Q4 2021 due to timing of payments and equipment purchases. CompuMed emphasizes its long-term growth strategy despite short-term cash fluctuations.

Positive

• Revenue increased by 4.6% year-over-year and 5.9% from the previous quarter.
• Operating income rose by 12% compared to the same period last year.

Negative

• Operating income decreased significantly from $495,000 in Q4 2021.
• Cash and accounts receivable decreased by 8.5% from the previous quarter.

LOS ANGELES, CA / ACCESSWIRE / February 14, 2022 / CompuMed, Inc. (OTC PINK:CMPD) ("CompuMed" or the "Company") is pleased to announce fiscal 2022 1st quarter results:

FISCAL 2022 FIRST QUARTER RESULTS

• Revenue for the 1^st quarter was $1.54 million compared to $1.47 million a year ago and $1.45 million in the fiscal 4^th quarter of 2021 (increases of 4.6% and 5.9% respectively).
• Operating income in the quarter was $121,000 compared to $108,000 a year ago and $495,000 in the fiscal 4^th quarter of 2021 (increasing 12% year over year.) The expense of the shareholder's meeting, increased spending on sales and marketing, and our continued commitment to technology development impact our level of operating and net profit margin in this and future quarters. We remain confident that these are the right investments for the long-term future of the business and shareholder value. Over time, as we grow the top line, we believe our operating margin will scale to a higher level.
• As of December 31, 2021, CompuMed had a cash + accounts receivable position of $2.8 million, down 8.5% from September 30, 2021, and up 7.6% from one year ago. Lower cash balances in the quarter reflect the timing of payment of staff bonuses as well as purchases of equipment. Considering the global supply chain disruptions, CompuMed purchased additional ECG device inventory but not yet deployed. This impacted cash in the 1^st quarter.

As of this writing, CompuMed's proxies are in the mail and available online. We ask for your vote in favor of our proposals which we believe will add significantly to shareholder value over time. The many compelling reasons for these proposals are outlined in our previous press release.

We look forward to sharing the results of the vote with you at our upcoming meeting March 15, 2022. Please be aware that the meeting will be a formal shareholders meeting only, where we will announce the vote and adjourn the meeting. There will not be an opportunity for investors to ask questions of CompuMed leadership. However, as most of you are aware, we are available to address investor questions at: investorrelations@compumedinc.com. Please feel free to reach out to us.

About CompuMed, Inc.

CompuMed, Inc. (OTCPink: 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-Certified specialists through cloud-based technology and integrated medical devices to medical facilities anywhere in the world. The company has been in business over 26 years and services over 1,000 clinical settings. CompuMed is headquartered in Los Angeles, CA. Visit CompuMed at www.compumedinc.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding future events and the future performance of CompuMed, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company's unaudited financial results. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) the global impact of the pandemic outbreak of coronavirus (COVID-19) and its impact on our operations and the operations of our suppliers and clients, staffing levels and labor costs; (2) the timing and volume of business activity from our clients, our ability to continue to provide those services, and our liquidity and cash position; (3) our ability to protect the Company's net operating losses and tax benefits; (4) volatility and changes in our stock price, corporate or other market conditions; (5) the loss of, or reduction of business from, substantial clients; (6) changes in government policy or economic conditions; (7) increased competition; and (8) other factors contained in the Company's filings posted on the OTC Markets website.

David W. Pointer
Chairman of the Board of CompuMed
(509) 226-0846

SOURCE: CompuMed, Inc.

View source version on accesswire.com:
https://www.accesswire.com/688686/CompuMed-Inc-Announces-Fiscal-2022-First-Quarter-Results

FAQ

What were CompuMed's fiscal 2022 first-quarter revenue results?

CompuMed reported revenues of $1.54 million for the fiscal 2022 first quarter.

How much did CompuMed's operating income change in the first quarter of 2022?

Operating income increased to $121,000, up 12% year-over-year but down from $495,000 in the prior quarter.

What is the current cash position of CompuMed as of December 31, 2021?

CompuMed's cash and accounts receivable position was $2.8 million, down 8.5% from the previous quarter.

When is the next shareholder meeting for CompuMed?

The next shareholder meeting is scheduled for March 15, 2022.