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Why did UpHealth Inc. (UPH) couldn’t hold on to its gains in the after-market on Friday?

UpHealth Inc. (UPH) shares plunged 6.75% in after-hours on Friday, August 27, 2021, and closed the weekly trading at $4.70. In the regular trading session of Friday, UPH’s stock gained 2.86%. UPH shares have fallen 50.54% over the last 12 months, and they have moved down 7.52% in the past week. Over the past three months, the stock has lost 50.00%, while over the past six months, it has declined 50.30%.

Let’s have a look at its recent news and developments.


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UPH recognition by WEF

On August 24, 2021, UpHealth, Inc (UPH), announced that Global Healthcare Systems, its international division focused on digital-first next-generation care delivery was named as a Top 50 COVID-19 Last-Mile Responder by the World Economic Forum.

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At this important achievement, CEO of UpHealth’s international operations, Dr. Sabahat Azim said that India was hit especially hard with the prevalence of the COVID Delta variant, while the pandemic continues to bear down on the world. UpHealth’s work was vital for driving significant social and environmental impact in the service of India’s vulnerable and excluded communities.

UPH latest financial results announcement

On August 12, 2021, UpHealth, Inc (UPH) reported its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • UPH reported revenue of 31.9 million in Q2 2021 compared to Zero revenue in Q2 2020.
  • The gross margin was 36.4% in Q2 2021.
  • Total operating expenses were $ 47.2 million in Q2 2021 compared to $336,000 in Q2 2020.
  • It suffered a net loss of $32.8 million in Q2 2021 compared to $0.336 million in Q2 2020.
  • Adjusted EBITDA was $2.1 million for the second quarter of 2021 compared to
  • The company had total assets of $898 million, including $99 million of cash, cash equivalents, and restricted cash, and total debt of $208 million on June 30, 2021.

ISO certification for UPH

On June 29, 2021, Cloudbreak Health, LLC and an UpHealth company (UPH) announced that it has secured International Organization for Standardization (ISO) 9001 certification for its products and services. ISO 9001 certification recognizes excellence in quality management standards of an organization that emphasizes its customers, the motivation and implication of top management, the process approach, and continual improvement.

Business merger completion

On June 15, 2021, Cloudbreak Health, LLC completed its previously announced business combinations with UpHealth, Inc and UpHealth Holdings, Inc. The combined entity UpHealth, Inc. UpHealth is traded on the New York Stock Exchange under the ticker UPH.

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Conclusion

There is no recent news or development behind UPH mixed performance on Friday. We hope that it will perform well on Monday as well.

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