New Mexico Software today announced its preliminary financial results that indicate annual revenue in 2008 increased 62% to $1.6 million. Revenue for the fourth quarter totaled $679,000, up 174% from the same period in 2007. The company anticipates that its 2008 operating loss will decline by approximately 32-35% compared to 2007.
New Mexico Software CEO Dick Govatski stated, Preliminary unaudited numbers show that 2008 was our strongest ever growth year. It appears we are on track to continue this trend into the first quarter of 2009 with revenue forecasted at or above $1,000,000. We anticipate overall revenue growth to continue throughout 2009 as compared to 2008.
“Our Telerad Service, which started operations as a wholly owned subsidiary of New Mexico Software in May 2008, continues to grow almost daily. We have created a dedicated and proprietary software package called Telerad Info, which streamlines operations for the customer and radiologist, information, credentialing, licensing, scheduling, routing and training involved in running a teleradiology business. Telerad Info interfaces with our existing technologies to help automate otherwise time consuming tasks, allowing us to minimize costs.
“Our other major operating unit, XR-Express, also is moving forward as we enter the mid-size hospital market with our FDA-cleared PACS (Picture Archiving and Communication System) product. We have further upgraded our software to provide for ongoing updates to our Quality Reporting System. We have completed tests with a regional hospital chain to handle a large volume of cases for their facilities.
Govatski concluded, In a related development, since the beginning of 2009, four of our 25 radiologists have taken equity positions in New Mexico Software, which we believe is a strong indicator of the confidence that they have in the future of our company.”