Q2 net revenue declined 37%
Transax International Limited (Transax), a network solutions company for healthcare providers and health insurance companies, has reported financial results for the first half of 2009 and second quarter ended June 30, 2009.
For the quarter ending June 30, 2009, the company generated a net revenues of $1,093,705 as compared to $1,730,992 during second quarter of 2008, a 37% decrease.
The loss from operations in the second quarter of 2009 was $243,988, as compared to a $101,561 loss during the same period in 2008. The net loss for the second quarter of 2009 was $3,442,588, compared to a net loss in the second quarter of 2008 of $901,447.
For the quarter ending June 30, 2009, the company incurred $1,337,693 in operating expenses, as compared to $1,832,553 during the same period in 2008.
For the six months ended June 30, 2009, revenues decreased by 36% to $2,046,023 from $3,211,956 during the same period in 2008. The company recorded an operational loss of $561,171 for the six months ending June 30, 2009, as compared to operational income of $23,818 for the six months ending June 30, 2008.