As the earnings season continues it is time for investors to take a look into the financial results of companies that are being announced every other day and yesterday, one of those companies was Net Medical (OTCMKTS:NMXS).
Trading Data
On Thursday, NMXS stock soared 5.36% to $0.2950 with 5.50K shares, compared to its average volume 3.31K shares. The stock moved within a range of $0.2650 – 0.3000 after opening trade at $0.2650.
Net Medical Revenue and Profitability Continue Strong in Q3; Nine Month Revenue $4.4 million vs $946,000; Net Income $1.3 million vs Loss of ($290,000)
The company announced its preliminary unaudited results for the third fiscal quarter of 2022 and revenues for the period came in at $1,007,000. That was a significant improvement on the $341,173 in revenues that the company had managed to generate in the prior year period. On the other hand, the net unaudited income for the third quarter stood at $177,033 and that was again an improvement on the net income of $122,028 in the prior year period.
In the nine month period that had ended on September 30, 2022 Net Medical had managed to generate revenues of as much as $4,477,000 and that reflected a year on year rise of as much as 373% from the prior year period revenues of $946,000. The net income in the nine month period came in at $1,323,000 and that proved to be a major turnaround since in the prior year period the company had actually suffered a loss to the tune of $290,000.
Key Quote
CEO Dick Govatski said, “We recorded another profitable quarter with strong cash flow as our core COVID testing and mobile lab businesses performed well despite a dip in the overall number of tests. At the end of the quarter and at the beginning of Q4 those numbers began to rise again as the flu season kicked in. We continue to see a high number of COVID positives in our daily test results, up to 35% on some days.
Technical Data
NMXS stock is trading below the 20-Day and 50-Day Moving averages of $0.35 and $0.45 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.31.
