Net Medical Revenue and Profitability Continue Strong in Q3; Nine Month Revenue $4.4 million vs $946,000; Net Income $1.3 million vs Loss of ($290,000)
Net Medical (OTC PINK: NMXS) reported a robust performance for Q3 2022, with preliminary revenue of $1,007,000, a significant increase from $341,173 in Q3 2021. Year-to-date, total revenue reached $4,477,000, up 373% from $946,000 in the same period last year. The company reported a net income of $177,033 vs. a net loss of ($122,028) in Q3 2021, and net income for nine months was $1,323,000 compared to a loss of ($290,000). CEO Govatski noted strong cash flow and a solid balance sheet with $2.9 million in current assets.
- Revenue increased to $1,007,000 in Q3 2022, up from $341,173 in Q3 2021.
- Total revenue for the first nine months of 2022 was $4,477,000, a 373% increase from $946,000 in the same period last year.
- Net income for Q3 2022 was $177,033 compared to a net loss of ($122,028) in Q3 2021.
- Nine-month net income reached $1,323,000 versus a loss of ($290,000) in 2021.
- Strong cash flow and balance sheet with current assets of $2.9 million, including nearly $1.3 million in cash.
- None.
ALBUQUERQUE, NM / ACCESSWIRE / November 3, 2022 / Net Medical (OTC PINK:NMXS) Net Medicalreported preliminary unaudited revenue of
For the first nine months of 2022, the company reported revenue of
CEO Dick Govatski said, "We recorded another profitable quarter with strong cash flow as our core COVID testing and mobile lab businesses performed well despite a dip in the overall number of tests. At the end of the quarter and at the beginning of Q4 those numbers began to rise again as the flu season kicked in. We continue to see a high number of COVID positives in our daily test results, up to
"Our balance sheet was stronger than ever with current assets of
"Our mobile laboratory vans have now been ungraded to moderate complexity status and have been granted First Net first responder status. The service is important for various statewide services in New Mexico especially when Net Medical is deployed into the rural areas requiring First Net's unique communication capabilities. As well as testing, Net Medical's services include online consults by Net Medical physicians. With our mobile testing capability, we can provide critical testing in rural and remote places where testing would otherwise be impossible. Net Medical has been able to deploy within Taos County with less than a day's notice for multiple days at a time, often testing hundreds of people in vulnerable or underserved populations and with functional and access needs.
"In Taos, we expect our new laboratory location to be operational by Dec. 1 providing us with an additional testing location.
"We are currently working on three international FDA clinical trials. Later this month we are sending our co-investigators to MEDICA 2022 in Dusseldorf, Germany, to introduce our clinical research organization (CRO). MEDICA is the world's largest medical trade fair. In 2019 it attracted more than 5,522 exhibitors from 69 countries in 19 halls.
"We have finished the final design and packaging work for our new Immunity Science subsidiary featuring a new category of edible vitamin supplements. We now expect initial sales right after Thanksgiving. Immunity Science (@immunityscience) has established a presence on Twitter, Facebook and Instagram.
"Our previously announced BIOFIRE® Joint Infection (JI) panel program to reach orthopedic surgeons throughout the country remains on track. Lab managers are involved with a Joint Infection Symposium in Scottsdale, Arizona on November 9th, 2022." 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 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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