STOCKS TELEGRAPH

Author: Iqra Jamal

  • Ra Medical Systems, Inc. (RMED) Stock Plunged 5.69% After-Hours, Here’s Why

    Ra Medical Systems, Inc. (RMED) is down 5.69% in the after-market trading session at the price of $2.82 after the release of the second-quarter 2021 financial report.

    RMED Reported Q2 2021 Financial Results

    On 16th August 2021, RMED announced an earnings report for the three and six months ended 30th June 2021 and presented a business update. Net revenue for Q2 2021 was $1.0 million, which consisted of product sales of $0.3 million and other revenues of $0.7 million. Net revenues of $0.9 million were reported for the second quarter of 2020. It consisted of product sales of $0.2 million and other revenues of $0.7 million. The net loss for the second quarter of 2021 was $5.2 million or $1.28 per share on 4.1 million. Net loss of $10.1 million or $10.71 per share on 0.9 million, reported for the same quarter of 2020.

    Net revenue of RMED for the first six months of 2021 was $2.1 million, which consisted of product sales of $0.7 million and other revenues of $1.4 million. Net revenues for the first six months of 2020 were $2.3 million, which consisted of product sales of $0.7 million and other revenues of $1.5 million. The net loss for the first six months of 2021 was $12.5 million or $3.56 per share on 3.5 million. Net loss of $17.8 million or $23.83 per share on 0.7 million, reported for the first six months of 2020.

    CEO Will McGuire remarked that they had published the sale of their Pharos dermatology business following a thorough review and evaluation of strategic alternatives. They believe this decision will give the safest pathway to building shareholder value by enabling RMED to continue to focus its resources on the large and growing market to treat PAD. An estimated 19 million to 21 million people in the U.S. have PAD. The market segments would project to exceed $900 million in revenue this year, he added.

    RMED Announced Sales of Pharos Dermatology

    On 16th August 2021, RMED disclosed the sales of its Pharos dermatology business to STRATA Skin Sciences for $3.7 million. The Pharos excimer laser is FDA-verified to treat psoriasis, vitiligo, atopic dermatitis, and leukoderma.

    CEO Will McGuire of RMED remarked that they believe this transaction is in the best interest of Ra Medical and their shareholders. They planned to focus all of their resources on the achievement of valuable milestones associated with their DABRA catheter products, he added. STRATA focused on the therapeutic dermatology market with a dedication to treat chronic skin conditions. They have valued their relationships with dermatology customers over the years. They are confident to maintain a high degree of customer service and support in the future, he concluded.

    Updates About Catheter Design

    On 29th July 2021, RMED reported progress about the finalization of its next-generation guidewire-compatible DABRA catheter design. DABRA is the company’s minimally invasive excimer laser system to treat vascular blockages emerging from lower extremity vascular disease, peripheral artery disease. The company has published the enrollment of its pivotal atherectomy clinical trial with the DABRA excimer laser system. It is now at 62 subjects, including 42 subjects registered since the beginning of 2021. This trial anticipated to enroll up to 100 subjects.

  • China Finance Online Co. (JRJC) plunged 38.61% current market, Here’s Why

    China Finance Online Co. (JRJC) is down 38.61% in the current market trading session at the price of $5.00 after the announcement of a private placement of ordinary shares and warrants.

    Announcement of Private Placement of Ordinary Shares and Warrants

    On 16th August 2021, JRJC declared that it has entered into a securities purchase agreement with an authorized investor for a private placement of the company’s ordinary shares. Under the agreement, the firm will issue 5,743,000 ordinary shares for an aggregate purchase price of $773,700. The purchase price represents a 20% discount to the closing trading price of the company’s ADS on Nasdaq on 6th August 2021. Each ADS represents 50 ordinary shares of the company. The deal is subject to customary closing conditions and the closing is expected to take place soon.

    JRJC Announced Receipt of Nasdaq Delisting Notice

    On 13th August 2021, JRJC disclosed that it had received a notice on 11th August 2021 from the Nasdaq Stock Market LLC. The notice stated that the company had not been able to provide a satisfactory definitive plan to regain compliance with the $10 million stockholders’ equity requirement under Nasdaq Listing Rule 5450(b). As of 31st December 2020, the company’s shareholders’ equity was approximately $4.6 million.

    JRJC Announced Management Changes

    On 25th May 2021, JRJC published some changes in its board of directors and senior management. Mr. Zhiwei Zhao has resigned from his position as the Chief Executive Officer of the Company. Dr. Z. James Chen has been appointed as the CEO, effective from 24th May 2021. Mr. Zhao continues to serve as a director and the Chairman of the Board. Concurrently, with the appointment of the CEO, Dr. Chen became their executive director. Additionally, Ms. Ying Zhu was appointed as the Chief Financial Officer of the firm effective from 24th May 2021. Ms. Zhu has served as their Acting Chief Financial Officer since December 2019.

    Fourth Quarter and Full Year 2020 Financial Results

    On 17th May 2021, JRJC published its unaudited financial results for the fourth quarter and full-year ended 31st December 2020. Net revenues increased 12.3% year-over-year to $9.8 million in the fourth quarter of 2020. Net loss attributable to China Finance Online was $5.6 million in Q4 2020. A net loss of $3.4 million was recorded in the fourth quarter of 2019. Net revenues increased by 12.7% to $40.0 million for the full year 2020. Net loss attributable to China Finance Online was $10.6 million for the full year 2020. A net loss of $11.3 million was reported for the year 2019.

  • ToughBuilt Industries, Inc. (TBLT) Plunged 17.86% Current Market, Here’s Why

    ToughBuilt Industries, Inc. (TBLT) is down 17.86% in the current market trading session at the price of $0.62 after the release of second-quarter 2021 financial results.

    TBLT Announced Second Quarter 2021 Results

    On 16th August 2021, TBLT released the second-quarter 2021 earnings report. The report disclosed significant year-over-year revenue growth of 132% to $15.9 million. Revenue of $6.8 million was reported in the same quarter of the prior year. The gain in revenue was driven primarily by the high demand for the company’s products in the tool industry by new customers. Moreover, it was due to follow-on sales orders of metal goods and soft goods from their existing customers.

    Net loss attributable to common stockholders was $7.4 million or $0.09 per share. A net loss of $2.5 million or $0.11 per share was reported in the second quarter of 2020. Gross profit grew 41% to $3.4 million, compared to $2.4 million in the Q2 of 2020. Gross profit margins for the quarter were 21.2% compared to 34.8% in the prior-year same period. The drop in margins for Q2 was principally due to industry-wide supply chain disruptions.

    CEO Michael Panosian of TBLT remarked that their second-quarter 2021 revenue grew significantly year-over-year and sequentially to $15.9 million. The increment was driven primarily by high demand from popular retailers in the US and abroad across all product lines. Besides, they recorded record Amazon sales in the first half of 2021, which is a positive signal that their brand continues to resonate with the end-user. They strengthened connections with their US and Canada-based retail partners, he added.

    TBLT Launched New Product Two-in-One Scraper and Utility Knife

    On 3rd August 2021, TBLT declared that it launched its ToughBuilt branded two-in-one scraper and utility knife product. This launch signifies the company’s second line of hand tools manufacturing ability. The product is currently available nationwide at Lowe’s (USA) and select independent retailers across the globe.
    CEO Michael Panosian of TBLT commented that their multi-functional scraper and utility knife is the perfect tool for professional builders, painters, and serious DIY homeowners. It is engineered for high performance and designed to use easily as an alternative. They expect this product line to contribute to their revenue for coming years. This product is the first of the four products launch, anticipated in the remainder of 2021, Panosian added.

    Sales Double on Amazon in First Half of 2021

    On 8th July 2021, TBLT published that gross sales through Amazon raised 118% to roughly $5.48 million for the first half of 2021. The recorded sales were approximately $2.51 million in the same period of 2020. CEO Michael Panosian commented that the notable momentum of their Amazon.com sales in the first half of 2021 indicates the increasing strength of their brand across all product lines with professional and DIY builders.

  • Amyris, Inc. (AMRS) Surged 0.39% Pre Market, Here’s Why

    Amyris, Inc. (AMRS) is up 0.39% in the pre-market trading session at the price of $13.00 despite any recent news.

    AMRS Reported Second Quarter 2021 Financial Results

    On 5th August 2021, AMRS published a financial report for its second quarter ended on 30th June 2021. Total revenue reported for second-quarter 2021 was $52.3 million. It included record underlying and consumer revenue, plus $10 million of proceeds resulting from the strategic Reb M sweetener transaction. Total underlying revenue grew 41% to $42.3 million compared to the same quarter 2020 revenue. It was driven primarily by a 59% gain in consumer sales and a 25% increment in ingredient sales. Second-quarter consumer revenue reached a new record, with Biossance doubling the total revenues. GAAP earnings per share were $0.05 or $0.61 gain, compared to -$0.56 in the same quarter of 2020. Adjusted net loss in this quarter was $49 million or $0.15 per share, improved $9 million or $0.16 per share. Adjusted net loss of $58 million or $0.31 per share was reported for the second quarter of 2020.

    Total revenue in the first half of 2020 was $229 million. A gain of 288% from the same period of the previous year. Total revenue included $154 million, resulting from strategic transactions. Net loss was $275 million compared to a net loss of $191 million in the first half of 2020. Adjusted net income this period was $46 million or $0.16 per share. An adjusted net loss of $102 million or $0.60 per share was reported for H1 2020.

    CEO John Melo remarked that they had completed another quarter of strategic and operational execution. They improved margins YoY significantly and achieved record underlying revenue driven by record consumer revenue. Their homegrown clean beauty brands, Biossance and Pipette, produced record revenue. Biossance doubled the revenue compared to the prior year this quarter. The performance of these brands is proof of the rapid growing consumer high-performance, affordable, and sustainable clean beauty products. In addition to the reported revenue, they had made outstanding sales of $2.4 million, he added. They made notable efforts and investments in marketing and supply chain in Q2. Moreover, they are working to launching their new brands in Q3. Future brands like Rose Inc., JVN, Terasana, and Olika will add significant new revenue to their consumer portfolio in the second half of 2020, he further remarked.

    Amyris Partnered With Naomi Watts

    On 22nd July 2021, AMRS declared a partnership with Naomi Watts to establish a new consumer brand. The brand will work on providing science-backed and menopause wellness personal care products. Actress and co-founder of ONDA Beauty, Ms. Watts, has a personal devotion to clean skincare, wellness, and destigmatizing menopause.

    There will be over one billion people experiencing menopause in the world by 2025. It will be 12% of the entire world population of eight billion. Various symptoms and conditions of menopause are being experienced by 75% of women. They can lead to a significant reduction in quality of life, increased utilization of medical resources, and an overall loss of productivity. Stigma, lack of open discussion, and small product offering at an affordable price add to the barrier for women. Introducing this new brand furthers Amyris’ growth and market leadership. It will provide clean health, beauty, and wellness to users of each age group and complements Amyris’ family of leading consumer brands.

  • Danaher Corporation (DHR) Plummeted 12.45%. Here’s Why.

    Danaher Corporation (DHR) is down 12.45% in the after-market trading session at the price of $276.01 despite any recent news.

    Investment of 1.5 billion USD in Biotechnology Sector

    On 27th July 2021, DHR announced the ongoing strategic extension plans of Cytiva and Pall, parts of the Danaher Corporation. They will altogether extend production capacity and services across geographies for global life sciences customers. Their capacity enlargement will increase the production of raw materials used to make biological drugs. Construction of new sites and expansion at existing factories are parts of investment plans. It follows five acquisitions made by the companies this year. The total capacity investments of Cytiva are estimated to be 500 million USD through 2022.

    Above 600 million USD is invested in chromatography resins. It’s a field for analyzing or purifying biomolecules. New manufacturing sites planned to establish in the US. An investment of near 400 million USD was made in cell culture media. It contains raw material in liquid or powder form used to grow and cultivate cells. Operations have extended in the US, UK, and Austria. Above 300 million USD allocated for single-use technologies. Moreover, 200 million USD was allocated for expansion work in Cytiva and Pall Corporation’s sites across China, Europe, and the US.

    Danaher Group Executive of DHR, Emmanuel Ligner remarked that their customers tell them about the need for access to manufacturing agility, a robust global supply chain, and more regional options. This investment also improves their expansion program to meet the current and future demands of customers and patients.

    Distribution of BNP Cardiac Assay

    On 26th July, DHR declared it has entered into definitive deals with Quidel Corporation to acquire all rights related to the production, distribution, and trade of a BNP assay for Beckman Coulter analyzers. Following the terms of the agreements, Quidel will continue to manufacture and supply ingredients to Beckman Coulter related to the assay. Beckman Coulter will produce and sell to customers the BNP assay under the brand name Access BNP. In addition, the contracts have fully resolved conflicts and ongoing litigation between Beckman Coulter and Quidel.

    President of Beckman Coulter Julie Sawyer Montgomery commented that they are delighted to add Access BNP to Beckman Coulter’s line of high-quality cardiac assays and render a smooth customer experience for customers interested in such assays. Successful surveillance of CVD lessens the risk of hostile events by making the right decisions quickly. Their panel of CVD assays maintains advancing care for cardiac patients, he added.
    The ventricular musculature discharges a BNP protein in response to volume and pressure overload on the heart. This is a crucial biomarker to diagnose heart failure and left ventricular dysfunction, Dr. Anagh Vora, the chief medical officer of DHR commented.

    DHR Reported Second Quarter 2021 Results

    On 22nd July 2021, DHR published results for the second quarter of 2021. Net earnings were $1.7 billion or $2.28 per diluted common share for the quarter ended 2nd July 2021. It represents an 84.0% year-over-year gain from the same quarter of 2020.

    CEO Rainer M. Blair of DHR commented that broad-based strength across the portfolio helped them deliver above 30% core revenue growth and outstanding earnings per share growth. They continued to make significant growth investments during the quarter. They strengthened their organic growth trajectory and enhanced their portfolio with the announcement of the pending acquisition of Aldevron.

  • Rigel Pharmaceuticals, Inc. (RIGL) Plunged 12.83%. Here’s Why

    Rigel Pharmaceuticals, Inc. (RIGL) is down 12.83% in the current-market trading session at the price of $3.60 after the announcement of COVID-19 updates.

    Updates on COVID-19 Program

    On 13th August 2021, RIGL declared that the U.S. Food and Drug Administration (FDA) had notified it about the insufficiency of clinical data submitted in May to treat hospitalized patients of COVID-19 for an emergency use authorization (EUA). However, FDA informed in their feedback that they would be devoted to working with Rigel in the development of fostamatinib for COVID-19. The company now is conducting a Phase-3 clinical trial examining fostamatinib in hospitalized patients of COVID-19.

    CEO Raul Rodriguez remarked that with the spread of new virus variants and increment in vaccination rates, a need for therapies to treat hospitalized patients, particularly those suffering from hyper inflammatory COVID-19, will remain elevated. The Rigel team keeps focusing on Phase-3 clinical trial, which they expect to complete by the end of this year. They look forward to delivering further secure and efficient data from this trial of fostamatinib. Moreover, they plan to resubmit the EUA application with additional data after the successful trial, he added.

    RIGL Second Quarter 2021 Financial Results

    On 3rd August 2021, RIGL announced financial results for the second quarter ended on 30th June 2021. The company has also reported about sales of TAVALISSE tablets. These drugs are used to treat adults with chronic immune thrombocytopenia (ITP).

    For the second quarter of 2021, Rigel disclosed a net loss of $13.8 million or $0.08 per basic and diluted share. A net loss of $17.6 million, or $0.10 per basic and diluted share, was reported for the same period of 2020.

    Total revenue in the Q2 of 2021 was $26.3 million. It included $17.1 million in TAVALISSE net product sales, $3.7 million in contract revenues from collaborations, and $5.5 million in government contract revenue. TAVALISSE net product sales were $17.1 million in the second quarter of 2021, improved by 14% from $15.0 million for the same quarter of 2020.

    Rigel reported a net income of $25.7 million or $0.15 per basic and diluted share in the six months ended 30th June 2021.  A net income of $3.7 million or $0.02 per basic and diluted share was reported for the same period of 2020.

    CEO Raul Rodriguez commented that Rigel becomes well-positioned to enforce numerous key milestones.  They have the potential to be important inflection points for the company, he added. After the demand for clinical products has soared, they started expanding their commercial team to make large revenue, he further added.

  • SesenBio, Inc. (SESN) Surged 11.00% Current Market. Here’s Why

    The Sesen Bio, Inc. (SESN) is up 11.61% in the current market trading session at the price of $5.48 despite any recent news.

    Expansion of Executive Leadership Team

    Sesen, on 11th August 2021, declared the enlargement of its executive leadership team because of its continued transformation into a commercial-stage firm with the hiring of John Knighton. He was hired as Vice President and Chief Compliance Officer, effective from 16th August 2021. The Sesen’s Biologics License Application (BLA) for Vicineum to treat the BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) is under Priority Review with the US Food and Drug Administration (FDA) nowadays. The expected issuance date of the Prescription Drug User Fee Act (PDUFA) is 18th August 2021.

    CEO Dr. Thomas Cannell commented that they believe the strong culture of compliance is a cause of competitive leverage. Moreover, a thorough understanding of laws and regulatory guidance is helpful to examine innovative commercial standards and approaches. As the PDUFA date is close, he is sure that John’s vast experience in developing compliance programs and facilitating the implementation of innovative commercial designs will further position them to perform a world-class launch, he added.

    SESN Second Quarter 2021 Financial Results

    On 9th August 2021, SESN announced operating results for Q2 ended on 30th June 2021. Net loss for the second quarter of 2021 was $25.4 million or $0.15 per share. Net loss reported in Q2 2020 was $26.3 million or $0.24 per share. The difference was attributable to license revenue recorded $2.2 million, offset by higher operating expenses of $1.3 million.

    CEO Dr. Thomas Cannell remarked that they are happy about regulatory progress advancing across the global markets. They are focused on presenting a world-class launch in the US after the approval of Vicineum. Moreover, they would keep supporting their allies outside of the United States as per their commitment of providing therapy. This therapy would improve patient results globally, along with lessening their overall healthcare expenses, he added.

    Partnership with Eczacibasi Pharmaceuticals Marketing

    On 5th August 2021, SESN declared that it has entered into a licensing agreement with Eczacibasi Pharmaceuticals Marketing (EIP) for the registration and commercialization of Vicineum to treat BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).The Biologics License Application (BLA) for Vicineumis currently under Priority Review with the US Food and Drug Administration (FDA). Following the terms of the agreement, Sesen Bio will get an upfront payment of $1.5 million. The company is also eligible to receive additional regulatory and commercial milestone payments and is qualified to acquire a 30% royalty on net sales in Turkey.

    CEO Dr. Thomas Cannell remarked that EIP is their partner of choice in Turkey and has a verified track record and expertise in marketing innovative life-saving medicines. This partnership with EIP indicates a next step in achieving their mission to save and improve patient’s life.

  • The Beachbody Company, Inc. (BODY) Stock Plunged 5.20%. Here’s Why

    The Beachbody Company, Inc. (BODY) Stock Plunged 5.20%. Here’s Why

    The Beachbody Company, Inc. (NYSE: BODY) stock is down 5.20% in the pre-market trading session at the price of $7.49 after the release of the second quarter of the 2021 financial report.

    BODY Stock Second Quarter 2021 Financial Results

    On 12th August 2021, The Beachbody Company published financial results for its second quarter, and six months ended 30th June 2021. Net revenue in Q2 2021 was $223.1 million, 2% higher than 2020 and a 21% increase compared to 2019. Net loss was $12.4 million in the second quarter of 2021. A net loss of $10.0 million was reported in 2020 and $19.6 million in 2019.

    Total Revenue was $449.3 million in the previous six months of 2021. An increment of 16% was noted compared to 2020 and a 14% increase compared to 2019. Net loss during this period was $42.5 million. A net loss of $18.3 million was reported in 2020 and a net income of $27.1 million in 2019.

    CEO Carl Daikeler commented that Beachbody had established itself as a worldwide leader in subscription health & wellness over the last two decades. Its finest developments are the compelling digital fitness content and proprietary nutritional products used by millions of customers. Achieving their merger, adding connected fitness to the Beachbody portfolio, and raising Beachbody in the public market has set the frame for multi-year stimulated growth, he added.

    MYXfitness Introduced New MYX II Bikes

    On 27th July 2021, BODY announced that MYXfitness’ has launched the new MYX II bike. MYXfitness’ target is to provide a studio-quality riding experience with a broad range of content. MYX bikes have added new features in industry-leading hardware upgrades and two unique digital fitness platforms on Demand and Openfit. These additions are going to be the next advancement in commercial-grade and highly personalized indoor cycling experience.

    President Heberto Calves remarked that MYX has started offering the highest quality bike at a highly affordable price. By providing both Beachbody and Openfit experiences on the MYX flawless home fitness system, they’re now able to offer alternatives to serve entire households and people with different personal choices.

    Groundbreaking At-Home Fitness Program with Trainer Amoila Cesar

    On 19th July 2021, Beachbody launched a groundbreaking at-home fitness program that addressed maximum results utilizing a unique mixture of strength, cardio, and mobility-focused training. The program is helpful in preventing injury while creating outrageous power and performance gains. Beachbody has invited super celebrity fitness trainer Amoila Cesar to provide fitness training. The program used the same fitness techniques he has been using for years to help athletes and celebrities get suitable training.

    CEO Carl Daikeler commented that their programs have done a great job of making people motivated and helping them to be committed to their fitness courses. Most importantly, it has ensured them that they’re getting to their end goals in the correct way and without injury.

  • BIOLASE, Inc. (BIOL) Surged 27.93%. Here’s Why.

    BIOLASE, Inc. (BIOL) Surged 27.93%. Here’s Why.

    BIOLASE, Inc. (BIOL) is up 27.93% in the after-market trading session at the price of $0.81 after the release of the second quarter 2021 financial report. Constant high demand for dental lasers from new customers has improved revenue growth in the second quarter of 2021.

    BIOL Second Quarter 2021 Earnings Report

    On 12th August 2021, BIOL published its earnings report for the second quarter ended 30th June 2021 and presented third quarter 2021 revenue guidance. Net revenue for the Q2 of 2021 was $9.1 million, 211% higher than the net revenue of $2.9 million for the same quarter of 2020. The second quarter of 2020 was influenced most by the COVID-19 pandemic because many dental practitioners have been forced to suspend procedures. U.S. laser revenue was $3.3 million for the second quarter of 2021, up 299% compared to laser revenue of $0.8 million for the second quarter of 2020.

    The operating loss reported for the second quarter of 2021 was $3.3 million. An operating loss of $4.0 million was recorded in the same quarter of 2020. Net loss for the second quarter of 2021 was $702,000 or $0.00 per share. A net loss of $4.7 million or $0.12 per share was reported for Q2 2020. The improvement in net loss for the quarter was affected by a $3.0 million gain due to the leniency in a Paycheck Protection Program loan.

    CEO John Beaver remarked that their improved second-quarter performance was due to growing demand for their industry-leading dental lasers. They have enhanced focus on education and training of lasers and increased safety for dentists and patients. Moreover, they have published studies highlighting the improved results of their lasers to treat perio-disease.

    Their focus on training and tutoring of dental specialists about the advantages of the lasers is already heading to increased demand across these vast and untapped markets. This potential has given them greater visibility into Q3. They are comfortable guiding anticipated YoY improvement across the key performance metrics, he added.

    BIOLASE’s Waterlase Laser Technology

    On 3rd June 2021, BIOL declared that recent data was published in two journals, the International Journal of Periodontics & Restorative Dentistry and Lasers in Medical Science. The data demonstrate that BIOLASE’s Waterlase Er, Cr: YSGG laser technology can be beneficial to treat peri-implantitis in patients experiencing the inflammatory disease. The findings disclosed that BIOLASE’s Waterlase technology is for those dentists seeking devices that can assist in periodontal treatments.

    Similarly, data published in “Lasers in Medical Science” reveals that the Er, Cr: YSGG laser helps in reducing bacteria from zirconia discs. Besides, fibroblast attachments on the surfaces of the zirconia discs provide higher adherence when used with Er, Cr: YSGG laser technology. Consequently, the number of zirconia dental implants being installed across the world has increased significantly.

    Pediatric Dental Laser Training

    BIOLASE, on 18th May 2021, published that it has hosted a pediatric dental laser training on 8th May with Healthy Smiles for kids of Orange County. The training, held in the BIOLASE Learning Center in Foothill Ranch, focused on the use of Waterlase dental lasers for a variety of pediatric dental procedures. The audience wasgiven training on laser safety, laser-tissue interactions, corrective dentistry using minimal anesthesia, and pediatric methods with frenectomies for tongue-tie patients.