New Mexico Software, Inc., a leading developer and provider of medical IT services and solutions that enable improved and faster communication, announced its financial results for the second quarter ended June 30, 2009.
Second Quarter 2009 Financial Highlights Include:
— Total revenue increased 345% to $902,000 from $202,000 in Q2 2008
— Six month revenue rose 318% to $1,828,000 from $437,000 in the first half of 2008
— Cash and cash equivalents totaled $65,000, a decrease from $103,000 as of March 31, 2009
— Gross profit increased 259% to $226,000 from $63,000 in Q2 2008
— Net loss decreased to ($63,000) from ($172,000) a year ago
“Our key indicator of operating progress is gross revenue,” CEO Dick Govatski stated. “As we continue to grow our variable costs begin to constitute a greater percentage of our cost of sales, the gross profit percentage will vary more consistently with revenue making gross profit a more useful indicator of our progress. At the same time, we have maintained a strong focus on expenses and to help control costs we earlier eliminated six positions. Those savings of approximately $75,000 per quarter will be more strongly reflected in the third quarter. We faced a legal challenge in the quarter, which we hope will be resolved in our favor in the near future.”
“We believe we can continue to take advantage of the growth in the telemedicine market in general and the teleradiology market in particular during the next few years,” Govatski added. “In the meantime, our primary goal is still focused on keeping the momentum going forward with the goal of becoming profitable by the end of the year.”
Let us hear your thoughts below: