Recently released 2nd quarter results show a 36% increase in total revenues from the prior quarter in 2008 for RemoteMDx (OTCBB: RMDX). The company had total revenues of $3.61 million compared to $2.66 million in the quarter ending March 31. These sales helped push gross profits to $100,108, though the company had a $17.5 million net loss for the quarter, of which $12 million was non-cash expenditures (options, stock issuances, warrants). Another $800,000 was put aside, in the quarter, for further research and development.
“RemoteMDx attributes these increases to the continued market acceptance of its SecureAlert monitoring solutions,” said RemoteMDx President John Hastings, “as well as from the successful integration of two acquisitions, MidWest Monitoring & Surveillance and Court Programs Inc.”
The company is also set to release its next generation offender-tracking device, TrackerPAL II. Currently, the company monitors about 12,000 offenders which, Hastings said, means the company has crossed the threshold of cost effectiveness.
“We expect our gross profit to continue to grow,” he said. “Importantly, the TrackerPAL II now allows us to not only grow our existing customer base, but also to acquire new agency contracts previously unavailable to us, both domestically and internationally.”
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