SOURCE: Net Medical Xpress Solutions, Inc.
ALBUQUERQUE, NM--(Marketwired - Mar 20, 2014) - Net Medical Xpress Solutions, Inc. (OTCQB: NMXS) announced today 2013 revenue of $4,828,000, a 23.2% gain over revenue of $3,905,000 in 2012. The company also reported net income of $30,000, or $0.00 per share, a 600% improvement over net income of $5,000 or $0.00 per share in 2012. In addition, the company recorded important balance sheet improvements including significant increases in cash and equivalents from its growing ability to generate liquidity.
CEO Dick Govatski said, "2013 was the best year in the history of our company with record net income and record revenue growth. With the acquisition of MedTel Solutions, we added a new operating segment that was immediately accretive and produced an excellent contribution to our operations. New customers and services are generating revenue and net income growth that is moving us forward in an exciting manner.
"Net Medical Xpress Services, our largest operating segment, recorded a revenue gain of $400,000 or 12% to $3.75 million from $3.35 million in revenue a year ago and a healthy $478,000 in operating income. We benefited from increases in image reads for radiological and cardiological customers as well as the addition of new customers. We believe this trend will continue in 2014, although possibly at a slower growth rate.
"Our largest revenue gainer was our Specialist segment, which recorded a gain of 240% to $428,000, up from $126,000 in 2012. This segment, which began operations in 2012, expanded during the year with the addition of new customers for neurological services every quarter as well as expansions into new services. We anticipate significant increases in revenue from this division in 2014 and believe these operations will be a major engine in our future growth.
"Our Solutions segment recorded $461,000, an 8% gain over revenue of $426,000 in 2012. We expect moderate growth in this segment during 2014. The new Staffing segment produced $186,000 in revenue following the July 1, 2013 acquisition and we are pleased with the way it is headed especially with new revenue models we are developing.
"Our proven ability to provide highly specialized care for critically ill patients from a distance is exciting for us and for our growing list of customers. Hospital administrators are struggling to control costs and dealing with new rules from Washington, while seeking ways to maintain or improve the quality of care. We have continued to upgrade our own quality systems based on the Federal Drug Administration's Title 21 of the Code of Federal Regulations.
"This has put us on the radar screens of some large institutions who are seeking new methods to improve their businesses. We are in discussion with a number of companies, large and small, who have expressed serious interest in using our technology to help them manage their hospitals and medical practices with sophisticated telemedicine programs involving cardiology, neurology and even psychiatry. From remote patient examinations to critical care specialist programs and related telemedicine services, we anticipate demand in these areas will drive our future growth. This is an important innovation for remote hospitals that can now offer top-level care in areas they previously could not afford.
"Our gross profit was a key indicator of our 2013 success reaching 24.1% with some segments over 40%. We have every reason to believe 2014 will be another valuable growth year for our company and our shareholders. Results for the first quarter of 2014 will be reported in mid-April. Early indications point to an excellent quarter," Govatski said.
Net Medical's telemedicine programs include remote examinations for diagnostic radiology and cardiology as well as clinical examinations in the specialties of neurology, psychology and cardiology. In 2013, Net Medical added specialists in critical care, ICU, orthopedics, nephrology and hospital based telemedicine services for nursing homes and rehab hospitals.
About Net Medical Xpress Solutions, Inc:
Net Medical Xpress is a multi-faceted, FDA-regulated company with six operating segments, over 400 physicians under contract, 400,000 cases completed in 2013 and offices in three cities in the U.S. The company provides telemedicine programs for diagnostic and clinical medical services to mobile companies, urgent cares, hospitals, trauma centers, imaging centers, jails, nursing homes, corporate health departments and outpatient medical facilities. The company's proprietary, web-based XR-Express 510K FDA-cleared PACS is Net Medical Xpress foundation software, which enables medical providers to make real-time assessments of patients' conditions and treatment needs.
For more information, visit www.netmedical.com or www.nmxs.com or contact Dick Govatski, president and CEO, at 505-255-1999 or email@example.com.
An investment profile for Net Medical Xpress is at http://www.hawkassociates.com/profile/nmxs.cfm. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/about/alert.
For investor-related questions contact Frank Hawkins, Hawk Associates, at 305-451-1888 or Dick Govatski at 505-255-1999 (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: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof 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 the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.