Medigus Ltd. (MDGS), a medical device company, has experienced an increase of 0.68% in the current market trading session. As a result of that, MDGS stock currently stands at $1.49. On Thursday, MDGS stock saw a decline of 3.27%, and as a result of that, the share price stood at $1.48.
Pre-clinical data presentation
Today, MDGS announced that Polyrizon Ltd., a privately held company, in which, MDGS has a share capital of 35.86%, has presented the pre-clinical data. The data shows that Company’s Capture and Contain (C&C™) platform technology has the capability to could lessen Influenza virus H1N1 risk. Besides, it also has the tendency to treat COVID viruses.
Demonstration of EV charging robot
On the 30th of July, MDGS stock rose 5.62% after the company announced that its wholly owned subsidiary, Charging Robotics Ltd., has successfully demonstrated the capability of its Electric Vehicle (EV) charging robot, and thereby, has concluded the proof of concept. Charging Robotics is trying to provide the EV’s with efficient battery charging. The process depicted an efficiency of 93% with regards to charging at 1 kW power. After the success of operation, Charging Robotics intended enhancement in power. The company wants power to be increased from 1kW to about 13 kW.
Buyback program promotion by MDGS BoD
On the 26th of July, MDGS stock suffered a decrease of 9.38% after the announcement by the company that its Board of Directors had authorized the company to promote a buyback program of $2 million for the company’s ADRs. It was expected that the company would approve the buyback program in relation to the approval of its 6 months of fiscal 2021 financial statements, which ended on 30th June.
Agreement with Automax
On the 17th of July, MDGS announced that Charging Robotics Ltd. had signed a definitive distribution agreement with Automax Motors Ltd. The agreement was intended to provide Automax with an opportunity to distribute its wireless robotic charging pad in Israel and Greece. The distribution had to take place over a course of 5 years period. Once MDGS develops the robotic charging pads, Automax had to market them. Automax had to pay Charging Robotics a one-time payment of $50,000 under the agreement, for its appointment as the sole distributor in Greece and Israel.
MDGS fiscal 2020 financial results
On the 17th of May, MDGS announced the annual financial results for the fiscal year 2020, which ended on 31st December 2020. According to the details, the company had generated revenue of $0.53 million from products and services during the year, an increase of 95% when compared with the stats for the previous fiscal. The revenue was generally derived from the sales of a miniature cameras and related equipment. The company ended the year with a net loss of $6.85 million, a decrease of 52% when compared with the results of the previous fiscal year. The cash and cash equivalents were $22.36 million on 31st December 2020, as compared to $7.04 million on 31st December 2019.
What’s ahead for MDGS?
Recent performances have indicated the strength of MDGS stock. The stock has gained 6.47% during last year. With the effects of COVID subsiding and governments around the world softening the restrictions, it is hoped that MDGS stock would continue its rally in future times as well.
