Net Medical 2022 Gross Revenue $5.2 Million vs. $1.768 Million; Net Income $885,000 vs. $10,000 in 2021
Net Medical (OTC PINK:NMXS) reported robust financial results for 2022, achieving gross revenue of $5.2 million, up significantly from $1.768 million in 2021. Net income increased to $885,000, compared to $10,000 the previous year. The company noted growth in total assets, rising to $3 million from $1.4 million in 2021, and maintained cash reserves exceeding $1 million. While the demand for COVID testing has waned, Net Medical plans to focus on clinical trials for companies seeking FDA approvals for medical devices, as well as expanding its mobile health services.
- Increased gross revenue to $5.2 million in 2022 from $1.768 million in 2021.
- Net income rose to $885,000 compared to $10,000 in 2021.
- Total assets grew to nearly $3 million from $1.4 million in 2021.
- Maintained cash reserves of over $1 million.
- Decline in demand for COVID testing fees as the pandemic tapers off.
ALBUQUERQUE, NM / ACCESSWIRE / March 31, 2023 / Net Medical (OTC PINK:NMXS) announced today that it recorded gross revenue of
Net Medical CEO Dick Govatski said, "2022 was a strong year for Net Medical bolstered by robust COVID testing fees. We were pleased with the results that included an increase in total assets to nearly
"The national COVID pandemic has dramatically tapered off," Govatski said, "along with the corresponding demand for large scale public COVID testing. To counter this, we are now heavily focused on clinical trials in aid of companies seeking FDA approvals for medical devices and other applications. We have strengthened our relationship with companies like Accorto to meet the growing need for clinical studies for international and domestic medical product developers. While Accorto handles the regulatory aspect of streamlining the process of filing with the FDA to demonstrate product safety and efficacy, Net Medical's role is to conduct the clinical studies under the guidance of Accorto and other companies throughout the state of New Mexico. We believe this is going to be an important bottom-line producer going forward."
Govatski said, "We also have expanded our viral disease testing capabilities with our fleet of mobile health vans in New Mexico continuing to provide COVID, FLU, and RSV PCR respiratory testing.
"In the meantime, we have launched our new operating unit Immunity Science, which is offering an exciting product and supplement line to help boost immune systems. The COVID pandemic highlighted the need for individuals to take additional responsibility for strengthening their bodies against illness. While basic lifestyle steps such as a healthy diet, regular exercise, no smoking and a limited intake of alcohol are important, it is clear that defense against disease can also be supported with supplementation, air filtration, testing and more. Our exciting new line of products can be found at www.immunityscience.store.
"The Immunity Science store features the Immune Defense Kit - designed as an entry point for the public to add supplementation, vitamins, testing and hygiene to their daily lifestyle. It also offers delicious vitamin-packed gummies, jellybean vitamins, antigen tests and products to help enhance immunity. This includes products that align with our vision of a healthier future such as energy drinks, sugar free cough drops, the pain-relieving KailoÔPatch, XlearÔ Nasal Spray to relieve nasal congestion and air purifiers from NuwaveÔ to protect the family from airborne viruses.
For more information, call 505-255-1999 X 320. Visit www.netmedical.com. Email ir@netmedical.com
About Net Medical - publicly traded (OTC Pink:NMXS) since 1999. Net Medical operates Net Medical Labs, a moderate complex CLIA certified lab that specializes in virus testing and diagnostics. The company's mobile fleet of vans provide COVID and flu testing in New Mexico for schools, companies, homeless shelters, and nursing homes. The company provides a unique Test-To-Treat program for home and office care that is particularly valuable in rural communities. The lab also serves as a reference lab for physician offices and other facilities that lack services for complex virus diagnostics. Immunity Science provides immunity boosting supplements, vitamins and other products to help boost immune systems and promote immune health. Net Medical Xpress provides telemedicine solutions for hospitals, nursing homes, specialty hospitals and other medical facilities. The company maintains a 24/7/365 call center, software developers and its proprietary Telemed telemedicine platform. No other telemedicine company offers the same extensive and integrated menu of telemedicine services as Net Medical.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are the company's current expectations about future events and can be identified by terms such as "plans," "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "believes," and similarexpressions referring to future periods. The company believes any expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements.
SOURCE: Net Medical Xpress Solutions, Inc.
View source version on accesswire.com:
https://www.accesswire.com/746974/Net-Medical-2022-Gross-Revenue-52-Million-vs-1768-Million-Net-Income-885000-vs-10000-in-2021
FAQ
What was Net Medical's revenue in 2022?
How much net income did Net Medical generate in 2022?
What were Net Medical's total assets in 2022?
What impact did the decline in COVID testing have on Net Medical?
What new initiatives did Net Medical launch?
