Net Medical Reports Strong Y-O-Y Q2, First Half Revenue and Net Income

Rhea-AI Summary

Net Medical (OTC PINK:NMXS) reported preliminary revenue and net income for Q2 and H1 2022. Q2 revenue reached $1,563,000, up from $315,000 in Q2 2021, with net income of $405,000, contrasting a net loss of ($139,000) last year. For H1 2022, revenue totaled $3,470,000 compared to $605,000 in H1 2021, with net income of $1,149,000 versus a loss of ($168,000). CEO Dick Govatski noted a solid performance despite challenges in federal insurance reimbursements and a dip in COVID testing late in the quarter.

Positive

• Q2 2022 revenue increased by 397% year-over-year.
• Net income for Q2 2022 was $405,000, a turnaround from a net loss last year.
• H1 2022 revenue showed a 473% increase compared to H1 2021.
• Net income for H1 2022 was $1,149,000, reversing a loss experienced in the previous year.

Negative

• Challenges due to unpredictable changes in federal insurance reimbursements.
• Abrupt cancellation of the Health Resources and Services Administration (HRSA) program in March affecting uninsured patient coverage.

ALBUQUERQUE, NM / ACCESSWIRE / July 28, 2022 / Net Medical (OTC PINK:NMXS) announced today preliminary, unaudited revenue and net income for the second fiscal quarter and first half ending June 30, 2022.

For the second quarter of 2022, the company reported total revenue of $1,563,000. This compared with total revenue of $315,000 in the second quarter of 2021. Net income was $405,000 versus a net loss of ($139,000) in the second quarter of 2021.

For the first six months of 2022, the company reported revenue of $3,470,000 versus $605,000 for the first half of 2021. Net income was $1,149,000 versus a loss of ($168,000) in the first half of 2021.

Net Medical CEO Dick Govatski said, "While these numbers are still subject to further review, they indicate we had another strong quarter and first half of 2022.

"Our daily Covid testing program and our FDA clinical trial businesses have been generally solid although we faced some challenges in adjustments caused by unpredictable changes in Federal insurance reimbursements. This included an abrupt cancellation in the middle of March of the Health Resources and Services Administration (HRSA) program that covered uninsured patients.

"At the same time, we experienced a dip in our daily Covid testing program. However, that began to pick up again in late May and has been strong ever since. We are currently seeing up to 30% Covid positive tests on some days underscoring the ongoing need for our mobile testing program supported by the New Mexico Department of Health," 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 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 combines both diagnostic and pharmaceutical services that are 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.

View source version on accesswire.com:
https://www.accesswire.com/710053/Net-Medical-Reports-Strong-Y-O-Y-Q2-First-Half-Revenue-and-Net-Income

FAQ

What were Net Medical's Q2 2022 revenue and net income?

Net Medical reported a revenue of $1,563,000 and a net income of $405,000 for Q2 2022.

How did Net Medical's H1 2022 performance compare to H1 2021?

For H1 2022, Net Medical reported revenue of $3,470,000 and a net income of $1,149,000, significantly improving from $605,000 in revenue and a loss of $168,000 in H1 2021.

What factors impacted Net Medical's COVID testing program?

Net Medical faced a dip in its daily COVID testing program due to federal insurance reimbursement changes and the HRSA program cancellation, although testing has rebounded since late May.

What is the stock symbol for Net Medical?

Net Medical's stock symbol is NMXS.