Net Medical Reports Strong Q1 Revenue and Net Income

Rhea-AI Summary

Net Medical Xpress (OTC PINK:NMXS) reported a successful first fiscal quarter for 2022, achieving total revenue of $1,906,851, a significant increase from $290,000 in Q1 2021. The company also posted a net income of $577,152, reversing a loss of ($29,000) from the previous year. CEO Dick Govatski attributed these results to strategic investments in testing labs and new growth opportunities, including participation in the federal government's Test-to-Treat program and the launch of an international clinical trial program.

Positive

• Total revenue increased to $1,906,851 from $290,000 in Q1 2021.
• Net income reached $577,152, a turnaround from a loss of $29,000 in Q1 2021.
• Successful participation in the federal Test-to-Treat program.
• Launch of an international clinical trial program for medical device manufacturers.

Negative

• None.

ALBUQUERQUE, NM / ACCESSWIRE / May 4, 2022 / Net Medical Xpress (OTC PINK:NMXS) announced today unaudited revenue and net income for the first fiscal quarter ending March 31, 2022.

The company reported total revenue of $1,906,851. This compared with total revenue of $290,000 in the first quarter of 2021. Net income was $577,152 versus a loss of ($29,000) in the first quarter of 2021.

CEO Dick Govatski said, "I am pleased to report a highly successful and encouraging start to fiscal year 2022 for Net Medical.

"The strong results reflected not only the investments we've made in our testing labs that are paying off handsomely, but also the powerful synergies of our unique range of skills and programs, which have opened the way to exciting new growth opportunities.

"We are currently meeting multiple government and private needs for testing related to the COVID-19 pandemic. This includes our participation in the federal government's Test-to-Treat program. In addition, with the launch of our international clinical trial program for medical device manufacturers needing to file either an Emergency Use Authorization (EUA) or a 510K clearance with the FDA, we've reached a new plateau in our range of offered services that we believe will carry us well into the future.

"We also are preparing the launch of a new line of supplements to boost immune systems specifically targeting colds, flu, inflammation and cell mutations. While this is a highly competitive business, we believe our trusted position in the market as a company with an A+ Better Business Bureau rating gives us valuable competitive advantages," Govatski said.

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 Xpress has two operating units. Net Medical Xpress provides telemedicine solutions for hospitals, nursing homes, specialty hospitals and other medical facilities. The company specializes in teleneurology, teleneurosurgery, telecardiology, teleorthopedics, telewoundcare and telenephrology. We maintain a 24/7/365 call center, software developers, and telemedicine platforms. Net Medical Labs is also a moderate complex CLIA certified lab that specializes in virus testing and diagnostics. The company's mobile fleet of vans is utilized to provide statewide COVID and flu testing for schools, companies, homeless shelters and nursing homes. The lab also serves as a reference lab for physician offices and other facilities that lack services for complex virus diagnostics.

Forward-Looking Statements. This press releasecontainsforward-looking statements within the meaning ofSection 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 currentexpectations 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 similarexpressionsreferring tofuture periods. The company believes any expectations reflected in the forward-looking statements are reasonable but cannot guaranteefuture 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/699941/Net-Medical-Reports-Strong-Q1-Revenue-and-Net-Income

FAQ

What was Net Medical Xpress's revenue in Q1 2022?

Net Medical Xpress reported a total revenue of $1,906,851 for Q1 2022.

How did Net Medical's net income change in Q1 2022 compared to Q1 2021?

Net Medical Xpress achieved a net income of $577,152 in Q1 2022, recovering from a loss of $29,000 in Q1 2021.

What government program is Net Medical Xpress involved in?

Net Medical Xpress is participating in the federal government's Test-to-Treat program during the COVID-19 pandemic.

What new services is Net Medical Xpress launching?

The company is launching an international clinical trial program for medical device manufacturers that need to file for Emergency Use Authorization or 510K clearance.