G Medical Innovations Holdings Ltd (GMVD) shares gained 5.40% in after-hours on Thursday, January 13, 2022, and closed the daily trading at $3.71. Even in the regular trading sessions, GMVD’s stock surged 18.52%. GMVD shares have soared 1911.43% over the last 12 months, and they have moved up 80.51% in the past week. Over the past three months, the stock has gained 53.04%, while over the past six months, it has declined 11.34%.
Let’s discuss its recent news and developments.
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GMVD received additional COVID-19 PCR collection test kits order
On January 12, 2021, McDade Products, LLC and G Medical Tests and Services, a division of G Medical Innovations Holdings Ltd. (GMVD) reported an additional $6.5 million purchase order for two million COVID-19 PCR collection test kits.
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From the sales, G Medical will generate a gross profit of approximately $3.5 million and G Medical expects to be paid an average of $85.00 per test through each patient’s insurance.
GMVD fulfilling the PCR test kits
On January 10, 2021, McDade Products, partnered with G Medical Tests and Services, a division of G Medical Innovations Holdings Ltd. (GMVD), to manufacture several million U.S. FDA Emergency Use Authorization (EUA) approved COVID-19 PCR collection test kits to fulfill the national shortage.
These test kits will be available to retailers for sale by the end of January 2022.
G Medical’s labs are approved by the FDA under the EUA. Currently, G Medical has two CLIA-certified labs; one in Southern California, and the other in North Carolina. These labs can process up to 24,000 COVID tests per hour to meet the current demand.
LiveNow PCR Collection Kit is available for $9.99 by registering online and users can collect a nasal swab sample at home. USERS need to send the sample to G Medical’s CLIA-certified lab in prepaid packaging.
GMVD pricing of Convertible notes
On December 16, 2021, G Medical Innovations Holdings Ltd. (GMVD) announced the pricing of a private placement in the form of a convertible note in the principal amount of $5,000,000 that has a two-year maturity and a fixed conversion price. The company will use net proceeds to launch 25 Covid-19 testing centers in California in Q1, 2022.
At these test centers, G Medical will offer Prizma monitoring devices direct-to-consumer for the first time.
Prizma is a user-friendly cell phone-sized device that can help monitor a user’s vital signs, providing to-the-minute readings for ECG, temperature, oxygen saturation, heart rate, stress levels, and blood pressure, Data is presented directly to the user and the designated care provider.
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Conclusion
The latest COVID-19 PCR collection test kits order was the reason behind its gains on Thursday and it can continue to surge on Friday as well.