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Net Medical Xpress Announces 2011 Results

Stocks in this article: NMXC









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.

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