Net Medical Inc (OTCMKTS:NMXS) Stock Drops Following Earnings Update

Last Friday Net Medical Inc (OTCMKTS:NMXS) was in the news cycle after it announced its financial results for the 2022 fiscal year. Considering the fact that the headline figures were quite strong, it is quite likely that the stock could come into focus today.

Trading Data

On Friday, NMXS stock fell 39.73% to $0.0449 with more than 483.90K shares, compared to its average volume of 10.27K shares. The stock moved within a range of $0.0220 – 0.0685 after opening trade at $0.0685.

Net Medical 2022 Gross Revenue $5.2 Million vs. $1.768 Million; Net Income $885,000 vs. $10,000 in 2021

The company announced that it generated gross revenues to the tune of $5.2 million in 2022 which worked out to a major improvement on the $1.768 million that it had posted in 2022. On the other hand, the net income shot up to as much as $885,000 in 2022 as opposed to only $10,000 back in 2021.

Dick Govatski, who is the Chief Executive Officer of the company, spoke about the performance as well. He noted that 2022 had been a strong year for the company owing to the considerable fees it had earned through COVID testing.

He added that in 2022 the total value of the assets under its control went up to as much as $3 million from only $1.4 million in 2021. The cash reserves with Net Medical at the end of 2022 stood at $1 million. It remains to be seen if the stock gets any traction today.