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Net Medical Xpress Announces Q2'2012 And Six Months 2012 Results

Stocks in this article: NMXC

ALBUQUERQUE, N.M., Aug. 15, 2012 /PRNewswire/ --  New Mexico Software, Inc. , d/b/a Net Medical Xpress (OTC Bulletin Board NMXC) announced today the company's financial results for the second quarter and the first six months of 2012.

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 $961,000 in net sales for the second quarter ended June 30, 2012, a gain of 26.8% over the same period a year earlier. For the quarter, the company reported a net loss of ($12,000) versus a net loss of ($104,000) in the second quarter of 2011.

For the first six months of 2012, the company reported revenue of $1,883,000, a gain of 11.1% over revenue of $1,694,000 in the comparable period a year earlier. For the first six months, the company reported a net loss of ($35,000) versus a net loss in the first six months of 2011 of ($94,000).

Additional details can be found in the company's 10-K filing with the Securities and Exchange Commission.

CEO Dick Govatski said, "The overall numbers don't yet reflect it, but we have entered the most exciting time in the history of our company. In the first half we are recording rapid growth in our Specialist Program and in sales of Specialist Program hardware. Our Specialist Program began operations during the first quarter with a neurology/stroke assessment program at Alta Vista Hospital in New Mexico. It has been a tremendous success for the hospital and for the patients. Since the primary target market for this service is small rural hospitals, we expect that the main growth in this segment will come from regular addition of new customers as opposed to large customers with high volumes of transactions.

"In addition, customers in the Specialist Program are purchasing our videoconferencing hardware necessary for remote diagnosis. Our pipeline of new business is growing quickly and as a result we expect revenues in this category to increase during the remainder of 2012 and on into 2013 as we continue to add new customers. We also continued to see healthy increases in radiology services due to increased volume usage by existing customers. This category continues to be our largest revenue center. We also saw increases in software usage fees due to increased usage by existing customers.

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