Compumed, Inc. Announces Fiscal 2022 Annual and Fourth Quarter Results

Rhea-AI Summary

CompuMed, Inc. (OTC PINK:CMPD) reported fiscal 2022 fourth quarter revenue of $1.59 million, a 9.8% increase from last year, and annual revenue of $6.37 million, up 0.8%. However, net income decreased to $231,000 in Q4, down from $480,000 in the prior year. The company’s cash and accounts receivable position was $2.85 million, down 6.9% year-over-year. Despite customer attrition, CompuMed aims to accelerate adoption of new products. Adjusted for one-time costs, recurring net income stands at $726,000. Book value increased to $3.85 million, reflecting a 14.6% rise.

Positive

• 4th quarter revenue increased by 9.8% year-over-year.
• Annual revenue grew by 0.8% compared to the previous year.
• Book value rose to $3.85 million, a 14.6% increase.
• Recurring net income adjusted for one-time costs is $726,000.

Negative

• Net income fell to $231,000 in Q4 from $480,000 previously.
• Cash and accounts receivable decreased by 6.9% year-over-year.
• 2023 expected impact of customer attrition from 2022.

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 4^th 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-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.

Contact:

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

SOURCE: CompuMed, Inc.

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FAQ

What were CompuMed's fiscal 2022 fourth quarter results?

CompuMed reported fourth quarter revenue of $1.59 million, a 9.8% increase from the previous year.

How did CompuMed's net income change in fiscal 2022?

Net income decreased to $231,000 in the fourth quarter, down from $480,000 in the prior year.

What is CompuMed's book value as of fiscal year-end 2022?

CompuMed reported a book value of $3.85 million, an increase of 14.6% from the previous year.

What is CompuMed's outlook for 2023?

The company anticipates growth through the acceleration of new product adoption despite expected customer attrition.