Net Medical (OTC PINK:NMXS) reported robust financial results for 2022, achieving gross revenue of $5.2 million, up significantly from $1.768 million in 2021. Net income increased to $885,000, compared to $10,000 the previous year. The company noted growth in total assets, rising to $3 million from $1.4 million in 2021, and maintained cash reserves exceeding $1 million. While the demand for COVID testing has waned, Net Medical plans to focus on clinical trials for companies seeking FDA approvals for medical devices, as well as expanding its mobile health services.
Net Medical (OTC PINK:NMXS) announced the launch of its new online store, Immunity Science, providing a range of immune-boosting supplements and products. President Rafael M. Rubio emphasized the significance of supporting immune health, especially post-pandemic. The store features various items including the Immune Defense Kit, vitamin gummies, nasal sprays, and air purifiers. This initiative aims to educate the public on immune health while offering accessible products. Net Medical operates a CLIA-certified lab and provides COVID testing services, highlighting its commitment to health solutions.
Net Medical (OTC PINK:NMXS) has been invited to participate in the Medical Design & Manufacturing (MD&M) trade show in Anaheim, CA, from February 7-9, 2023, alongside Accorto Regulatory Solutions. This collaboration highlights the increasing demand for clinical studies in the medical product sector. While Accorto manages regulatory filings with the FDA, Net Medical will conduct essential clinical studies in New Mexico. The company is also expanding its CLIA Moderate Complex Lab to support regulatory firms, enhancing its capabilities for human factor studies and clinical trials. President Rafael Rubio emphasized the significance of clinical trials for medical advancements.
Net Medical (OTC PINK:NMXS) announced an expansion of its mobile medical van services to offer COVID, FLU, and RSV PCR testing across New Mexico. This move comes in response to the state Department of Health's decision to end financial support for testing amid rising case numbers and hospital overcrowding. Following the termination of services by the state's major testing provider, Net Medical aims to fill the gap by providing accessible form of testing at a nominal fee. CEO Dick Govatski emphasized their commitment to community health and announced plans to expand staff to meet testing demands.
Net Medical (OTC PINK: NMXS) reported significant growth in its financial performance, with Q3 2022 revenue at $1,008,000, a remarkable increase from $341,173 in Q3 2021. The company's net income also turned positive, reaching $211,000 compared to a net loss of $122,028 the previous year. For the first nine months of 2022, total revenue surged to $4,478,000, up 373% from $946,000 in the same period of 2021, and net income stood at $1,357,000, rebounding from a loss of $290,000. With a cash reserve of $1.3 million, the company is poised for further growth amidst rising COVID-19 cases.
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.
Net Medical (OTC Pink:NMXS) has announced its sponsorship as a Diamond supporter of the Safari Run, benefiting Global Health Partnership. This event is set for October 30, 2022, at the University of New Mexico golf course. CEO Dick Govatski emphasized the company's robust financial position, highlighting the strongest cash flow and margins in its history. Net Medical operates two primary units focusing on virus testing and telemedicine, contributing to healthcare improvements in rural communities. More details are available at www.safarirun.org.
Net Medical (OTC PINK:NMXS) reported strong financial results for Q2 and the first half of 2022. Q2 revenue surged to $1,563,000, up from $315,000 in the same quarter last year. Net income also improved, reaching $402,000 compared to a net loss of ($139,000) in Q2 2021. For H1 2022, revenue totaled $3,470,000 with a net income of $1,146,000, marking a significant turnaround from a loss of ($168,000) in H1 2021. The company anticipates continued strong performance driven by COVID testing and the development of its Immunity Science subsidiary.
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.
Net Medical announced a significant update to its Telemed telemedicine platform software, enhancing its kiosk software used in hospitals for acute care patients. This upgrade improves support for modern hardware, security, customizability, and usability. The Telemed platform, utilized for telemedicine consults across various specialties, has been operational for over 10 years, offering extensive telemedicine services. The company operates two units: Net Medical Labs for diagnostics and Net Medical Xpress for telemedicine solutions.