ALBUQUERQUE, N.M., April 2, 2012 /PRNewswire/ -- New Mexico Software, Inc.,d/b/a Net Medical Xpress (OTC Bulletin Board NMXC) announced today the company's 2011 year end financial results. New Mexico Software is a medical services company that provides clinical and diagnostic programs using advanced telemedicine solutions for rural hospitals. The company also develops FDA 510(k) cleared, all-inclusive PACS products for the medical market.
The company reported $3,207,000 in net sales for the fiscal year ended December 31, 2011, compared to net sales of $3,485,000 in 2010. The company reported a net loss of $224,000 compared to a net loss of $324,000 a year earlier. Additional details can be found in the company's 10-K filing with the Securities and Exchange Commission.
CEO Dick Govatski said, "2011 was an important year for our company. We made significant investments in our future. I am confident that years from now this year will be seen as a critical turning point. We introduced new telemedicine products and services that we believe are leading us to a strong new revenue pipeline for 2012 and beyond. In January, we won a lawsuit that had bogged us down and is now behind us. Caseloads in our telemedicine services are growing with important new enhancements. In the yet to be reported first quarter of 2012, caseloads have so far increased by nearly 1400 exams over the first quarter of 2011.
"We rebranded our company with the introduction of Net Medical Xpress Solutions, Net Medical Xpress Services and Net Medical Xpress Specialists. These three distinct product and service lines provide us with a clear path for sustainable growth. Our Picture Archiving and Communication System (PACS) hardware and software that we provide to hospitals and other medical facilities have FDA 510(k) clearance and are HIPAA compliant. We are pleased with the growth of our medical diagnostic reading services that provide reports for x-rays, echocardiograms, EKGs, CTs, MRIs and other diagnostic reading services. These services now reach 15,600 facilities in the U.S. with 40 radiologists and 15 cardiologists providing 24/7 service.
The list of our actual initiatives and accomplishments for 2011 is lengthy. During the year we:
- hired a VP engineering and early in 2012 added additional engineers
- added additional staff for the Specialist program
- spent $100,000 to upgrade our infrastructure with new state-of-the art hardware and software to handle the increased volume of specialist customers
- doubled our already extensive bandwidth to deal with video conferencing
- developed a new Cardio and Vascular PACS system as part of XR-EXpress.
- installed the first beta unit of the new Cardio and Vascular PACS system at the New Mexico Heart Institute completing an 18-month R&D project that was generating recurring revenue as of March 1, 2012.
- added a neurology program to our specialist program
- began development of XR-EXpress 2.0
- integrated sophisticated 3D tools for neurology and cardiology
Collectively, these accomplishments represent substantial investments of time and money to rebuild our products and services to handle the expansion of a newly scalable business model.
"The bottom line is our ability to provide telemedicine services to remote rural hospitals and other medical entities is gaining momentum. Specialists credentialed to provide services for neurology and stroke evaluation and cardiology are now on-line. Additional specialists in the fields of orthopedics, infectious disease, renal exams, retinal scans, psychology and dermatology are in the plans. We began an ongoing pilot beta test program in November 2011 for remote readings in neurology and stroke evaluation using our telemedicine technology at the Alta Vista regional hospital in New Mexico. Everyone involved in this project is extremely pleased with the initial results.
"Technology is our key product differentiation because our technology makes it possible to communicate, view, distribute and manage an impressive variety of media files such as documents, graphic images, animation, film clips, audio files, x-rays and other medical images in high definition live media streams.
"Looking forward, we will continue to emphasize flexibility and affordability of our hosted applications and expand the software products and the services we offer. We are pleased with the enthusiastic reception our products and services are receiving in the medical community and what we see coming in 2012. I look forward to reporting our progress during the year," Govatski said.
About Net Medical Xpress Solutions, a trade name of New Mexico Software, Inc.
(OTC Bulletin Board NMXC), a medical services company that provides clinical and diagnostic programs using advanced telemedicine solutions for rural hospitals. The company also develops FDA 510(k) cleared all-inclusive PACS products for the medical market. For more information, visit www.nmxc.net or www.nmxs.com or contact Dick Govatski, president and CEO, at 505-255-1999 or email@example.com.
An investment profile on Net Medical Xpress may be found at http://www.hawkassociates.com/profile/nmxc.cfm. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/about/alert.
For more investor-related questions contact Frank Hawkins, Hawk Associates, at 305-451-1888 or firstname.lastname@example.org.
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: trends affecting the company's financial condition or results of operations; the company's growth and operating strategies. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including risks disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
SOURCE New Mexico Software, Inc.
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