ALBUQUERQUE, NM / ACCESSWIRE / August 15, 2022 / Net Medical (OTC PINK:NMXS) confirmed today strong financial results for the second quarter and first half of 2022 as previously reported. The company said it expects an equally strong second half of 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 $402,000 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 $1,146,000 versus a loss of ($168,000) in the first half of 2021.
Net Medical CEO Dick Govatski said, "For the first six months of 2022 our COVID testing business was robust and it continues to be strong so far in the third quarter as we are expanding locations where we are doing daily testing. We continue to add to our mobile fleet of medical laboratory vans.
"Our FDA clinical trial businesses also produced good first half results and we have every indication that this part of our business will also be strong in the second half of the year.
"In the meantime, we are close to launching our previously announced Immunity Science subsidiary with a new category of edible vitamin supplements.
"In addition, we expect to see a slow but steady roll out of the previously announced BIOFIRE® Joint Infection (JI) panel to reach orthopedic surgeons throughout the country. Early indications from physicians and surgeons who have been contacted are very positive about this exclusive new test for septic arthritis and infections in the joints. As I have said before, this could possibly become a significant business segment for Net Medical.
"We are currently considering purchasing new locations in Taos and Albuquerque for the purpose of setting up permanent lab locations for testing and other laboratory services. I expect to have more to say about this in the second half," 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 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.