ALBUQUERQUE, N.M., April 1, 2011 /PRNewswire/ -- New Mexico Software, Inc. (OTC Bulletin Board NMXC) announced today its financial results, reporting annual revenue in 2010 decreased approximately 5% to $3.48 million compared to $3.66 million in 2009.
The company generated positive cash flow from operations, however legal fees of $146,000 and bad debt expense of $210,000 associated with an ongoing lawsuit adversely affected profitability. For the year, the company reported a loss of $324,000.
New Mexico Software CEO Dick Govatski said, "Our medical division continues to provide growth opportunities for us. Because of the potential opportunities in telemedicine as health care reform in America focuses on reducing health care costs, we are continuing to concentrate the majority of our marketing and expansion efforts in this area during 2011. We believe that we can continue to take advantage of the growth in the telemedicine market during the next few years to further expand our customer base and our revenues especially in an uncertain market.
"We are focusing a large part of our efforts on expanding the functionality of our existing applications. During 2011, we anticipate adding the following new services: expanding our cardiology service to include PET scans; expanding our orthopedics service with nuclear bone scans; expanding our neurological service to include video consultations; and offering ophthalmology service with retinal scans and oncology service with CT scans," Govatski said.
The company's current medical product offerings are:
XR-EXpress – a secure, HIPAA-compliant system specifically designed to view CT scans from remote hospitals, XR-EXpress is now available for iPads, iPhones, and Android devices to enable medical providers to examine multiple types of medical images over the Internet. In addition to direct diagnosis, XR-EXpress can play a broader role in telemedicine by facilitating referrals and consultations. XR-EXpress will soon be available with videophone capabilities for face-to-face remote diagnosis.
DFC3: DFC3 is our business automation platform. Our customers can automate common paper tasks with PDF files. Since our DFC3 product is hosted online, customers can stay synchronized at their desks and on their mobile devices.
Telerad Service, Inc.: Telerad Service is our wholly-owned subsidiary that provides medical diagnostic services. We currently have 31 radiologists, 9 cardiologists and 2 neurologists on contract, licensed in 48 states, providing reads for x-rays, ultrasounds, CT scans, echocardiograms, EKGs, nuclear bone scans and MRIs. We operate 24 hours per day, 7 days per week, 365 days per year, providing high-quality reports with exceptional turn-around times and customer service. We also offer a quality assurance program, providing peer review reads.
About New Mexico Software, Inc.
New Mexico Software, Inc. develops and provides medical IT services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments. New Mexico Software also provides software and hardware that streamlines administrative processes for a more efficient working environment. For more information, visit www.nmxc.net or www.nmxs.com or contact Dick Govatski, president and CEO, at 505-255-1999 or [email protected].
For more investor-related questions contact Frank Hawkins, Hawk Associates, at 305-451-1888 or [email protected].
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.
SOURCE New Mexico Software, Inc.