New Mexico Software 2008 Revenue Up 66 percent to $1.64M

Tue. April 21, 2009; Posted: 04:10 PM

Apr 20, 2009 (Close-Up Media via COMTEX) -- NMXC | Quote | Chart | News | PowerRating -- New Mexico Software, Inc., a provider of next-generation business and medical services, announced that annual revenue in 2008 increased 66 percent to $1.6 million from $988,000 in 2007.

In a release on April 15, the company noted the increase was driven by the company's new radiological services from its subsidiary, Telerad Service (TRS). Revenue for the fourth quarter of 2008 grew 174 percent to $679,000 from $248,000 in the fourth quarter of 2007. The company's 2008 net loss decreased 34 percent from $739,000 in 2007 to $485,000.

2008 financial highlights included:

- Revenue increased 66 percent to $1.64 million

- Since June 2008, Radiological Services (TRS) generated $864,000 in revenue

- Software usage revenue increased 15 percent to $457,000

- G & A expenses decreased 25 percent to $811,000

- Net operating loss decreased 36 percent from $748,000 in 2007 to $479,000 in 2008

- Net loss decreased 34 percent to $485,000

New Mexico Software CEO Dick Govatski said, "2008 was our best year ever. This was our third consecutive year of positive revenue growth and it appears we will continue this trend into the first quarter of 2009 with revenue substantially above the fourth quarter. We anticipate overall revenue growth for the full year 2009."

"Our TRS subsidiary, which started operations in May 2008, contributed 53 percent to our 2008 revenue. TRS provides radiological services to hospitals, mobile and portable x-ray providers, prisons, urgent care facilities and assisted living facilities. We currently have 23 doctors on contract, licensed in 48 states, and provide high-quality reports to customers in 34 states with exceptional turn-around times."

Govatski added, "Because of the potential opportunities in telemedicine, as part of the health care reform in the U.S., we intend to continue to take advantage of the growth in the teleradiology market during the next few years. Our primary goal for 2009 is to become profitable by the end of the year."

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.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

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