Medigus Inc. (MDGS) stock surges during pre-market. Here’s to know why?

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MGTA Stock
MGTA Stock

Medigus Inc. (NASDAQ: MDGS) stock gained by 7.43% at last close while the MDGS stock price surges by 2.52% in the pre-market trading session. Medigus Ltd., based in Israel, is a technology business focusing on forming unique growth collaborations, primarily in the advanced medical, digital commerce, and electric car areas.

MDGS stock’ Financial Highlights

Medigus reported its financial results for the first six months ended June 30, 2021. Given below is the summary:

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  • Revenues for the six-month period ending June 30, 2021, hit a new high of $2,393,000, up $2,320,000 from the previous six-month period ending June 30, 2020.
  • The period’s net income set a new high of $7,927,000, compared to a net loss of $3,599,000 in the six months ending June 30, 2020.
  • As of June 30, 2021, the company’s equity stood at $53,904,000.
  • As of June 30, 2021, cash and cash equivalents were $29,642,000.
  • As of June 30, 2021, Medigus has a 27.76 percent relative share in ScoutCam, with a total equity investment of $11,851,000.

Liron Carmel, Medigus’ Chief Executive Officer, commented,

They’re pleased that their financial results reflect the significant changes they’ve made over the last two years. The main goals remain the same: to find interesting technology operations and help them achieve notable results. With their innovative inventions, goods, and total value, the activities have demonstrated significant growth and advancement since the beginning of 2021.

Insight of Recent Operations

  • The board of directors of Medigus approved the company’s move to support a $2 million share buyback programme.
  • Signed a non-binding letter of intent (LOI) to buy a controlling stake in a B2B/B2C electronics wholesaler.
  • Revoltz’s ModelOne prototype has begun to be manufactured.
  • Polyrizon has filed a new patent application to protect nasal tissue from pathogens like coronavirus and allergies.
  • For Amazon Marketplace, Jeff Brands has added more online store brands.
  • For $11 million, Gix Internet buys a 70% interest in the Cortex Group.

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