There were a number of stocks which experienced notable declines on Thursday and one of those was that of Net Medical Xpress Solutions Inc. (OTCMKTS:NMXS) which ended the day with a decline of 3%. The decline may also prove to be an opportunity for investors as well and hence, it could be a good move at this point to consider taking a closer look at Net Medical.
Trading Data
On Thursday, NMXS stock fell 3.31% to $0.5990 with more than 5.7K shares, compared to its average volume of 34K shares. The stock moved within a range of $0.5990 – 0.6195 after opening trading at $0.6195.
About Net Medical
The company comprises of two main operating units. One of those is Net Medical Labs, which is involved in providing virus testing and diagnostics services. It should be noted that Net Medical Labs is certified by the CLIA as well. This unit owns mobile van fleet and provides flu as well as COVID testing services in New Mexico. The other unit at Net Medical is Net Medical Express which is involved in providing telemedicine services to medical facilities like clinics, hospitals and nursing homes among others.
Now that you have a semblance of an idea about the company, it may now be a good time to take a look at the development from yesterday. The company announced its unaudited preliminary revenues and net income for the second fiscal quarter as well as the first half of the year, both of which ended on June 30, 2022.
Net Medical Reports Strong Y-O-Y Q2, First Half Revenue and Net Income
Although the Net Medical stock declined yesterday, the company actually posted fairly strong numbers. In the second quarter, it generated total revenues to the tune of as much as $1563000 and that was a significant jump from the revenues of only $315000 in the prior year period. On the other hand, the net income during the second quarter came in at $405,000 and that signified a major turnaround from the $139,000 in losses that it had posted in the prior year period.
Now coming to the performance in the first half of 2022, Net Medical brought in revenues of $3,470,000 during the period as opposed to revenues of $605000 in the same period last year. On the other hand, the net income in the first half of the year stood at $1,149,000 and that was in stark contrast to the net loss of $168,000 in the first half of last year.
Dick Govatski, who is the Chief Executive Officer of the company, spoke about the performance as well. He noted that the numbers are yet to be audited, however, it represents the fact that Net Medical has performed strongly during the first six months of the year. He went on to note that the daily COVID testing initiative and the FDA clinical trial businesses have been particularly with regards to performances.
Net Medical Announces Major Telemedicine Platform Update
Earlier on in the month on July 18, the company had provided a significant update with regards to its enterprise software portfolio. The company noted that a new software is going to help Net Medical in providing services to those patients who need acute care in hospitals. The software is going to be added to the Telemed platform, which is a proprietary platform of the company.
Technical Data
NMXS stock is trading below the 20-Day and 50-Day Moving averages of $0.6534 and $0.6660 respectively. However, the stock is trading above the 200-Day moving average of $0.1856. The company has a total market capitalization of $11.91 million. The stock is down 12% over the past month.
