New Mexico Software (OTCBB: NMXC) develops and provides medical IT services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments. NMXC has several subsidiaries that provide medical diagnostic reading services.
- TeleRad Services (TRS) is a wholly owned subsidiary of NMXC whose primary focus is to deliver interpretive radiological cases studies for medical facilities.
- TeleCardio EXpress (TCE) is a new division that is pioneering cardiology interpretations via the Internet similar to the services provided by TRS.
- TeleQA EXpress (TQA) offers facilities the capability to do blind peer review studies of interpretative studies already completed. These reviews provide continual feedback to customers on patient care.
NMXC uses its medical image management system, XR-EXpress (XREX), to receive medical imaging scans from clinical sites and connects licensed doctors with the ability to access the scans and generate final reports. XR-EXpress received its FDA 510(k) clearance in 2008.
New Mexico Software, Inc. develops and provides medical PACS (Patient Archival Communications System) services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments.
The Company also provides software and hardware that streamlines administrative processes for a more efficient working environment. Telerad Service is a wholly owned subsidiary of New Mexico Software whose primary focus is to deliver interpretive radiological cases studies for medical facilities.
Telemedicine represents a rapidly developing marketplace. New Mexico Software is providing many new and unique technologies that will become even more important to the future of medicine in the coming years.
New Mexico Software was ranked number 471 on Technology Fast 500(TM), Deloitte’s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the period from 2005–2009.
New Mexico Software grew 162 percent during this period.
Steady Revenue Gains – 162% Revenue Growth (2005-2009)
New customer contracts for Telerad operations thus far in 2010, have provided $1 million in recurring annual revenue.
Gross profit from the radiology activities increased to 20% during the third quarter, providing a year to date gross profit of 19%.
Overall gross profit increased to 25% in the quarter, up from 24% during the second quarter of 2010.
Revenue gains are supported by the FDA 510k cleared PACS system, attention to patient care, and quality control programs for the company’s 162% revenue growth.
Revenue for the third quarter ended September 30, 2010 was $913,000, an increase over $908,000 reported in the same quarter a year ago. Net income was $11,000 compared with a loss of ($64,000) in the third quarter of 2009.
For the first nine months of 2010, revenue was $2.5 million versus $2.8 million in the same period in 2009.
Steady Growth
In addition to radiology, the Company is expanding its presence the practices of:
- Radiology
- Cardiology
- Neurology
- Tele-retinal
- Dermatology
Steady growth in TeleRad radiological services segment has supported the Company’s gains. New ways to build this the TeleRad business include telecardiology services during the first quarter and nuclear scans.
Programming for the Company’s Remote Dicom to Dicom server provides communications between dissimilar picture archiving systems. Initial revenue from this service was anticipated in Q4 2010.
Telemed video as well as services for orthopedics and ophthalmology are anticipated ito be added in the next few months.
XR-EXpress service is now available through iPhone(TM) and iPod touch(TM). This is a first medical Picture Archiving Communication System (PACS) compatible with Apple’s Smart Phones and portable devices through the Apple App Store(TM) and can be quickly and easily downloaded without a charge. An iPad(TM) application will support this service.
Because of potential opportunities in telemedicine and teleradiology in particular, as part of the health care reform in the U.S., NMXC expects to benefit from this growth during the next few years. NMXC will focus its teleradiology marketing efforts to further expand its customer and recurring revenue base.
Q3 balance sheet reflected steady improvement with receivables and cash of over $900,000.
COMPANY PRODUCTS
TELERAD SERVICES, INC. (TRS)
The reading business of NMXC’s subsidiaries is a 24/7/365 service. Currently the company has doctors that are licensed to provide services in 48 states. The teams of radiologists, cardiologists, and neurologists are highly experienced in specialized types of studies. TRS provides final reports available in real time using the XR-EXpress system.
The operations team at Telerad assists the company’s doctors by routing, coordinating doctor-to-doctor conferences, and managing the workload for the over 7,500 facilities on NMXC’s system. The company’s recent turn around times (TAT) for STAT cases is 15 minutes, 25 minutes for routine exams, and 21 minute averages for most exams.
XR-EXPRESS (XREX)
NMXC’s XR-EXpress (XREX) system allows doctors to examine medical images (X-Rays, CT Scans, Ultrasounds, EKGs, Echocardiograms, Barium studies, etc) over the Internet. Image quality is vital since the images are used by doctors to diagnose patients. To this task, XR-EXpress captures medical images as high resolution medical Dicom files, “tags” them with patient information, distributes the files to the credentialed, licensed medical doctors, returns the exam’s report to the medical facility requesting the report, and stores them online for seven years.
With XR-EXpress, medical professionals can diagnose a case from their computer and return the results, significantly cutting the time it takes to receive results so that primary physicians can handle medical treatment for their patients as soon as possible. Previous cases for a particular patient may be accessed at any time from the database, eliminating the cost and hassle of storing old X-Ray film and cases. XR-EXpress is a secure, FDA 510(k) cleared, HIPAA compliant system and is designed to be secure which assures Protected Health Information (PHI).
TRAINING
NMXC trains doctors to access XR-EXpress. A trainer spends 2-3 hours with each radiologist to familiarize them with the system and the work flow of reviewing scans and entering reports.
ENGINEERING
NMXC provides customized reporting, forms, case report forms (CRF), and interfaces as needed. All engineering is done in-house.
CONSULTING & PROJECT MANAGEMENT
NMXC provides a project manager and consulting services as required.
PROJECT INITIATION & TIME LINE
NMXC offers the user requirements document for customer’s approval a week after completing an agreement and terms with NMXC and/or TRS, and any related parties. Assuming minimal modifications, XR-EXpress and TRS can be operational for review and approval within 10 days of customer’s approval. Additional modifications will trigger a project schedule along with the user requirements document.
Contact:
Dick Govatski
President and CEO
ceo@nmxs.com
New Mexico Software, Inc.
5021 Indian School Road
Suite 100
Albuquerque, NM , 87110
Website: http://www.nmxc.net
Phone: 505-255-1999
Email: info@nmxs.com
About New Mexico Software, Inc. : New Mexico Software, Inc. and its subsidiary division, TeleRad Service, develops and provides medical IT services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments. New Mexico also provides software and hardware that streamlines administrative processes for a more efficient working environment.
This release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
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