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Net Medical Reports Progress on Multiple Fronts. Nine Month Revenue $4.4 million vs $946,000. Q3 Net Income $1.3 million vs Loss of ($290,000).

By: ACCESSWIRE

November 14, 2022 at 08:30 AM EST

ALBUQUERQUE, NM / ACCESSWIRE / November 14, 2022 / Net Medical (OTC PINK:NMXS) Net Medical final revenue was $1,008,000 for the third quarter of 2022. This compared with total revenue of $341,173 in the third quarter of 2021. Net income was $211,000 versus a net loss of ($122,028) in the third quarter of 2021.

For the first nine months of 2022, the company revenue was $4,478,000 versus $946,000, a gain of 373% for the first nine months of 2021. Net income was $1,357,000 versus a loss of ($290,000) in the first nine months of 2021. At the end of the quarter, Net Medical had $1.3 million in cash and equivalents and total current assets of $2.9 million.

Net Medical Xpress Solutions, Inc., Monday, November 14, 2022, Press release picture

Net Medical CEO Dick Govatski said, "The final numbers for the third quarter turned out to be slightly better than we reported on November 3^rd. In the meantime, I am pleased to report our company is successfully moving forward on important multiple fronts.

"Our fourth quarter is off to a robust start. Our COVID testing numbers are strong even as we are expanding our coverage of homeless shelters at the request of the state of New Mexico. We will also be adding coverage of assisted living facilities in Albuquerque. This coincides with the expansion of our medical fleet enabling greater reach throughout the state. We will have more to say later about even further additional extensions of testing coverage. We now have a new permanent location in Taos, which strengthens our operations in northern New Mexico. "We are entering what we call 'Sneezin' Season,' which will increase demand for testing services. Press reports reveal growing cases of COVID and flu not only in New Mexico, but throughout the country.

A recent report from the University of New Mexico said, ‘The confluence of RSV, Flu, and COVID is filling up pediatric beds in hospitals in New Mexico.' (https://www.kunm.org/local-news/2022-10-29/confluence-of-rsv-flu-and-covid-is-filling-up-pediatric-beds-in-hospitals-in-new-mexico). Earlier this month the New Mexico Department of Health said, "Flu activity is on the rise throughout the U.S., particularly in the east and southeast parts of the country where flu-like illness is above average compared to prior years. A triple threat of respiratory illnesses this year is very concerning because all are very contagious,' said David R. Scrase M.D, acting DOH cabinet secretary. ‘We're seeing three things nationally: a rise in respiratory syncytial virus (RSV), particularly among infants, a rise of influenza cases and the continuation of COVID-19.'

"The Daily Mail [https://www.dailymail.co.uk/news/article-11422081/California-hospitals-use-tents-treat-overflow-flu-cases-positive-tests-259-PERCENT.html] reported that ‘several Southern California hospitals have begun using overflow tents outside emergency rooms to cope with a rising number of patients with flu and other respiratory illness.' Our own testing results at Net Medical show strong continuation of COVID cases. Fortunately, we are fully prepared to deal with the increasing demands for testing," Govatski said.

Govatski added, "Among other initiatives, our new Immunity Science subsidiary has been formed and the national rollout of our Immune Defense Kit is imminent. We are finding new ways to help folks boost their immune systems and to deal with anti-inflammatory (pain) issues. We'll have more to say about this and our other initiatives in the coming weeks and months. It's an exciting time at Net Medical."

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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 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.

View source version on accesswire.com:
https://www.accesswire.com/725412/Net-Medical-Reports-Progress-on-Multiple-Fronts-Nine-Month-Revenue-44-million-vs-946000-Q3-Net-Income-13-million-vs-Loss-of-290000

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Net Medical Reports Progress on Multiple Fronts. Nine Month Revenue $4.4 million vs $946,000. Q3 Net Income $1.3 million vs Loss of ($290,000).

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