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In a release on May 21, the company noted the following first quarter 2009 financial highlights:
- Revenue increased 289 percent to a record $915,000 from $235,000 in Q1 2008
- On a sequential basis, Q1 revenue increased 35 percent from $679,000 in Q4 2008
- Telerad Radiological Services (TRS) division revenue was $708,000, or 77 percent of total Q1 revenue. TRS operating loss was ($26,000)
- Software division revenue was $207,000 or 23 percent of total Q1 revenue. Software division operating income was $11,000
- Cash and cash equivalents totaled $103,000, an increase of 51 percent from $68,000 as of December 31, 2008
- Gross profit increased 61 percent to $259,000 from $161,000 in Q1 2008
- Net loss decreased 84 percent to ($12,000) from ($73,000) a year ago
- Sequentially, the net loss represented a 94 percent decrease from ($194,000) in Q4 2008
New Mexico Software CEO Dick Govatski said, "The pace of our revenue growth accelerated in the first quarter with a year-over-year increase of 289 percent and a sequential increase of 35 percent, as driven primarily by our teleradiology services. Our TRS subsidiary, which started operations in May 2008, contributed 77 percent of our revenue in the quarter."
New Mexico Software develops and provides medical IT services and solutions that enable communication within the preventative, comprehensive and critical healthcare segments. New Mexico Software also provides software and hardware that streamlines administrative processes.
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