Compumed, Inc. Announces Fiscal 2022 Second Quarter Results
LOS ANGELES, CA / ACCESSWIRE / May 13, 2022 / CompuMed, Inc. (OTC PINK:CMPD) (“CompuMed” or the “Company”) is pleased to announce fiscal 2022 2nd quarter results:
FISCAL 2022 SECOND QUARTER:
- Revenue for the 2nd quarter was $1.6 million compared to $1.63 million a year ago and $1.54 million in the fiscal 1st quarter of 2022 (a decrease of 1.9% and an increase of 3.9% respectively).
- Operating income in the quarter was $53,000 compared to $160,000 a year ago and $121,000 in the fiscal 1st quarter of 2022 (decreasing 56% sequentially and 67% year over year). Non-recurring events such as legal costs and the shareholder’s meeting and reverse stock split significantly impacted these operating results. We continue investing in software development as seen on the balance sheet. We believe that these are appropriate investments for the long term future of the business and shareholder value.
- At March 31, 2022 CompuMed enjoyed a cash + accounts receivable position of $2.6 million, down 7.0% from December 31, 2021 down 8.5% from one year ago. Over the past several quarters we have meaningfully reduced outstanding lease balances, have increased our equipment portfolio, and have maintained our cash levels with the investments made in technology.
- Please note, CompuMed has not utilized the majority of the previously disclosed $1 million share buyback authorization.
About CompuMed, Inc.
CompuMed, Inc. (OTC PINK:CMPD) Diagnostic Telemedicine services provide patients with the highest level of clinical care at reduced costs. Its telecardiology and teleradiology offerings provide real-time access to U.S. Board-Certified specialists through cloud-based technology and integrated medical devices to medical facilities anywhere in the world. The company has been in business over 26 years and services over 1,000 clinical settings. CompuMed is headquartered in Los Angeles, CA. Visit CompuMed at www.compumedinc.com.
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing words such as “will,” “aims,” “anticipates,” “becoming,” “believes,” “continue,” “estimates,” “expects,” “future,” “intends,” “plans,” “predicts,” “projects,” “targets,” or “upcoming.” Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: the timing and volume of business activity from our clients and our ability to continue to provide products and services to such clients; the loss of, or reduction of business from, material clients; our liquidity and cash position; changes in technology; our ability to protect the Company’s net operating losses and tax benefits; volatility and changes in our stock price, corporate or other market conditions; changes in government regulations or economic conditions; the impact of increased competition and pricing; capacity and supply chain constraints or difficulties; and other factors contained in the Company’s filings posted on the OTC Markets website. All such forward-looking statements are expressly qualified by these cautionary statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect events, conditions or circumstances on which any such statement is based after the date hereof, except as required by law.
David W. Pointer
Chairman of the Board of CompuMed
SOURCE: CompuMed, Inc.
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