Net Medical Reports Improved Financial Results For 2021

Rhea-AI Summary

Net Medical (OTC PINK:NMXS) reported significant growth in 2021, achieving revenues of $1.768 million, up 58% from $1.118 million in 2020. The company also recorded a net income of $10,000, compared to a loss of $499,000 the previous year. CEO Dick Govatski highlighted the positive impact from new medical laboratory services and the successful launch of mobile COVID testing labs in New Mexico. As 2022 progresses, the company is exploring further testing programs and potential expansions, particularly in relation to the Federal government's Test to Treat initiative.

Positive

• Revenue increased by 58% from $1.118 million in 2020 to $1.768 million in 2021.
• Achieved net income of $10,000, a turnaround from a loss of $499,000 in the previous year.
• Successful launch of mobile COVID testing labs responding to strong market demand.
• Plans to expand testing programs and geographical outreach in 2022.

Negative

• None.

News Market Reaction – NMXS

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+26.43% News Effect

On the day this news was published, NMXS gained 26.43%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Leaning on two decades of experience connecting providers with the patients who need them, Net Medical's business is unique and growing.

ALBUQUERQUE, NM / ACCESSWIRE / March 14, 2022 / Net Medical (OTC PINK:NMXS) announced today revenues in 2021 of $1.768 million verses revenues of $1,118,000 in 2020. Net income was $10,000 versus a loss of ($499,000) in 2020.

Net Medical CEO Dick Govatski said, "We were pleased to record improved financial results for 2021. Revenues were up 58% and we were profitable for the year. We benefited from new revenue from our medical laboratory services that we believe position us for an even better year in 2022.

"Late in the year, we launched our mobile COVID testing labs in New Mexico. We immediately benefited from strong demand for tests in Albuquerque, Taos and other areas.

"As 2022 is unfolding, we are exploring additional testing programs, expansion into related operations and additional geographic areas of operations. For instance, we are actively investigating whether our mobile testing labs can actively support the Federal government's just announced Test to Treat program, whereby a patient diagnosed with certain illness can be immediately prescription treated. The connection of our vans directly to one of our qualified physicians makes this possible. We also expect shortly to be able to simultaneously provide both PCR and Antigen testing. I expect to have more to say about this in the future," 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 Xpress has two operating units. Net Medical Xpress provides telemedicine solutions for hospitals, nursing homes, specialty hospitals and other medical facilities. The company specializes in teleneurology, teleneurosurgery, telecardiology, teleorthopedics, telewoundcare and telenephrology. We maintain a 24/7/365 call center, software developers, and telemedicine platforms. In additional, Net Medical Labs is a moderate complex CLIA certified lab that specializes in virus testing and diagnostics. The company's mobile fleet of vans is utilized to provide statewide COVID and FLU testing for schools, companies, homeless shelters, and nursing homes. The lab also serves as a reference lab for physician offices, and other facilities that lack services for complex virus diagnostics.

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/692860/Net-Medical-Reports-Improved-Financial-Results-For-2021

FAQ

What were Net Medical's revenues for 2021?

Net Medical reported revenues of $1.768 million for 2021.

How did Net Medical's 2021 net income compare to 2020?

In 2021, Net Medical had a net income of $10,000, compared to a loss of $499,000 in 2020.

What initiatives is Net Medical pursuing in 2022?

Net Medical plans to explore additional testing programs and expand operations, including support for the Federal government's Test to Treat program.

What is the stock symbol for Net Medical?

Net Medical's stock symbol is NMXS.