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)
ALBUQUERQUE, NM / ACCESSWIRE / November 3, 2022 / Net Medical (OTC PINK:NMXS) Net Medicalreported preliminary unaudited revenue of $1,007,000 for the third quarter of 2022. This compared with total revenue of $341,173 in the third quarter of 2021. Net income was $177,033 versus a net loss of ($122,028) in the third quarter of 2021.
For the first nine months of 2022, the company reported revenue of $4,477,000 versus $946,000, a gain of 373% for the first nine months of 2021. Net income was $1,323,000 versus a loss of ($290,000) in the first nine months of 2021.
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 35% on some days.
“Our balance sheet was stronger than ever with current assets of $2.9 million including nearly $1.3 million in cash and cash equivalents.
“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.
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 releasecontains 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 currentexpectations about future events and can be identified by terms such as “plans,” “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likelyto,” “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 materiallyfrom those expressed or implied in the forward-looking statements.
SOURCE: Net Medical Xpress Solutions, Inc.