Company reported $17.6 million of health benefits revenue and earnings of $3.3 million or $.03/share
Edgewater, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- Quad M Solutions inc,(OTC:MMMM) a staffing company providing modern health care solution benefits has recorded its first significant operating income! Revenues were $17.6 million for the quarter with operating income of $1.34 million and net income of $3.3 million or $.03/ shr. Revenue grew by 96%, gross profit grew by 620% and pretax income increased from a $149,000 loss in the first quarter of 2021 to an operating profit of $1,355,000 in this year's first quarter for a $1.5 million operating profit swing. Net income was $3.3 million or $.03/ shr. The Company's CEO Mr Joseph Frontiere commented “When I joined the company 9 months ago we had around 900 employees, losing significant amounts of money, and I found out they had executed poorly in many aspects of the business plan. Much to my surprise, this became evident over the first 6 months as we dug into the company’s fundamentals. We found the technology lacking, which led to bad accounts receivable management and I had to revamp management and bring in great tech through Gex Data Labs to solve billing and payables and I facilitated a significant capital contribution through high net worth individuals. Where we are today is a profitable company that is almost there on its ability to reduce its costs and a company using one of the best insurtech and staffing technologies in the industry. We are able now to seamlessly interface with Prism HR, the most adopted system by Professional employer organizations (PEO’s) to manage their employees with our MyNuaxess platform. As we write this we anticipate our operating margins increasing with 6000 employees utilizing our staffing benefits and reducing our prescription costs by around 15% by launching our own PBM called NuaxessRx. In addition we will significantly lower our underwriting costs with our previously announced relationship with Quantum Computing Inc. and our proprietary algorithms utilizing our extensive past claims data. I feel extremely proud that we accomplished this in such a short time frame and look forward to demonstrating significant growth with better margins in the months ahead. This is truly just the beginning for Quad M Solutions.”
About Quad M Solutions, Inc.
Quad M Solutions, Inc., is a public holding company that offers self-funded health plans, staffing services, HR-human resources, payroll services, retirement, supplemental and workers compensation insurance to small and mid-sized group employers with 1-500 employees, and to the exploding essential worker "Gig Economy," a labor market that is characterized by the prevalence of short-term contracts or freelance work, not permanent jobs. Our Company's four subsidiaries, NuAxess 2, Inc., PrimeAxess, Inc., OpenAxess, Inc. and PrimeAxess 2, LLC are important in conveying who we are and what we do.
We strive to provide those employers and individuals the right tools to be able to manage and control all the facets in their healthcare experience and their eventual health outcomes. Prevention, wellness, and cures have become part of our corporate mission to individuals who want to manage and control their short and long-term healthcare needs.
Our self-insured programs are consumer-driven and technology-leveraged and, by itself, self-insurance is affordable, transparent and responsive to the healthcare and retirement needs of employees who are looking for higher quality benefits, integrated health information and better medical provider access and outcomes.
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). You can identify such forward-looking statements by the words "expects," "intends," "plans," "projects," "believes," "estimates," "likely," "possibly," "probably," "goal," "opportunity," "objective," "target," "assume," "outlook," "guidance," "predicts," "appears," "indicator" and similar expressions. Forward-looking statements involve a number of risks and uncertainties. In the normal course of business, Quad M Solutions, in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, profits, pricing, operating expenses or other aspects of operating results. We base the forward-looking statements on our expectations, estimates, and projections at the time such statements are made. These statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements.