Net Medical Reports Progress on Multiple Fronts. Nine Month Revenue $4.4 million vs $946,000. Q3 Net Income $1.3 million vs Loss of ($290,000).
Net Medical (OTC PINK: NMXS) reported significant growth in its financial performance, with Q3 2022 revenue at $1,008,000, a remarkable increase from $341,173 in Q3 2021. The company's net income also turned positive, reaching $211,000 compared to a net loss of $122,028 the previous year. For the first nine months of 2022, total revenue surged to $4,478,000, up 373% from $946,000 in the same period of 2021, and net income stood at $1,357,000, rebounding from a loss of $290,000. With a cash reserve of $1.3 million, the company is poised for further growth amidst rising COVID-19 cases.
- Revenue increased by 373% in the first nine months of 2022 compared to the same period in 2021.
- Net income turned positive at $1,357,000 for the first nine months of 2022, reversing a previous loss.
- Strong Q3 2022 revenue of $1,008,000, up from $341,173 in Q3 2021.
- Cash and equivalents of $1.3 million provide a solid financial foundation for growth.
- None.
ALBUQUERQUE, NM / ACCESSWIRE / November 14, 2022 / Net Medical (OTC PINK:NMXS) Net Medical final revenue was
For the first nine months of 2022, the company revenue was
Net Medical CEO Dick Govatski said, "The final numbers for the third quarter turned out to be slightly better than we reported on November 3rd. In the meantime, I am pleased to report our company is successfully moving forward on important multiple fronts.
"Our fourth quarter is off to a robust start. Our COVID testing numbers are strong even as we are expanding our coverage of homeless shelters at the request of the state of New Mexico. We will also be adding coverage of assisted living facilities in Albuquerque. This coincides with the expansion of our medical fleet enabling greater reach throughout the state. We will have more to say later about even further additional extensions of testing coverage. We now have a new permanent location in Taos, which strengthens our operations in northern New Mexico. "We are entering what we call 'Sneezin' Season,' which will increase demand for testing services. Press reports reveal growing cases of COVID and flu not only in New Mexico, but throughout the country.
A recent report from the University of New Mexico said, ‘The confluence of RSV, Flu, and COVID is filling up pediatric beds in hospitals in New Mexico.' (https://www.kunm.org/local-news/2022-10-29/confluence-of-rsv-flu-and-covid-is-filling-up-pediatric-beds-in-hospitals-in-new-mexico). Earlier this month the New Mexico Department of Health said, "Flu activity is on the rise throughout the U.S., particularly in the east and southeast parts of the country where flu-like illness is above average compared to prior years. A triple threat of respiratory illnesses this year is very concerning because all are very contagious,' said David R. Scrase M.D, acting DOH cabinet secretary. ‘We're seeing three things nationally: a rise in respiratory syncytial virus (RSV), particularly among infants, a rise of influenza cases and the continuation of COVID-19.'
"The Daily Mail [https://www.dailymail.co.uk/news/article-11422081/California-hospitals-use-tents-treat-overflow-flu-cases-positive-tests-259-PERCENT.html] reported that ‘several Southern California hospitals have begun using overflow tents outside emergency rooms to cope with a rising number of patients with flu and other respiratory illness.' Our own testing results at Net Medical show strong continuation of COVID cases. Fortunately, we are fully prepared to deal with the increasing demands for testing," Govatski said.
Govatski added, "Among other initiatives, our new Immunity Science subsidiary has been formed and the national rollout of our Immune Defense Kit is imminent. We are finding new ways to help folks boost their immune systems and to deal with anti-inflammatory (pain) issues. We'll have more to say about this and our other initiatives in the coming weeks and months. It's an exciting time at Net Medical."
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 has two operating units. Net Medical Labs is 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. 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 similar expressions 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.
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