Net Medical Xpress Solutions In (OTC:NMXS)

Net Medical Xpress Solutions In (OTC:NMXS), a company engaged in providing solutions to the telemedicine industry, and operator of medical lab virus testing and diagnostics reported preliminary Q2 2022 results:

• Revenue of $1,563,000 compared with total revenue of $315,000 in the second quarter of 2021

• Net income of $405,000 vs a net loss of $139,000

Our daily Covid testing program and our FDA clinical trial businesses have been generally solid although we faced some challenges in adjustments caused by unpredictable changes in Federal insurance reimbursements. This included an abrupt cancellation in the middle of March of the Health Resources and Services Administration (HRSA) program that covered uninsured patients.

"At the same time, we experienced a dip in our daily Covid testing program. However, that began to pick up again in late May and has been strong ever since. We are currently seeing up to 30% Covid positive tests on some days underscoring the ongoing need for our mobile testing program supported by the New Mexico Department of Health," 

Results are sequentially down from Q1, still need to determine what post Covid testing business will look like.