search icon
      blog search icon

      Why did Surgalign Holdings Inc. (SRGA) stock surge in the after-hours on Friday? - Stocks Telegraph

      By Asim Kamal

      Published on

      August 16, 2021

      4:36 AM UTC

      Why did Surgalign Holdings Inc. (SRGA) stock surge in the after-hours on Friday? - Stocks Telegraph

      Surgalign Holdings Inc. (SRGA) shares jumped 9.56% in after-hours on Friday, August 13, 2021, and closed the weekly trading at $0.99 per share. In the regular trading session of Friday, SRGA’s stock lost 1.02%. SRGA shares have fallen 65.86% over the last 12 months, and they have moved down 2.55% in the past week. Over the past three months, the stock has lost 39.91%, while over the past six months, it has shed 69.24%.

      Let’s discuss its recent news and developments.

      SRGA recent financial results announcement

      On August 06, 2021, Surgalign Holdings, Inc (SRGA) reported its financial results for the second quarter of 2021.

      Q2 2021 financial highlights

      • SRGA reported revenue of $24.8 million in Q2 2021 compared to $20.5 million in Q2 2020.
      • In Q2 2021, the company made a gross profit of $17.6 million compared to $11.1 million in Q2 2020.
      • Total operating expenses were $30.88 million compared to $36.18 million in Q2 2020.
      • It suffered a net loss of $10.6 million in Q2 2021compared to $24.9 million for the second quarter of 2020.
      • Adjusted EBITDA was -$8.5 million inQ2 2021 compared -$21.4 million for the second quarter of 2020.
      • The company had cash and cash equivalents of approximately $70 million on June 30, 2021.

      FY 2021 revised financial guidance

      For FY 2021 company is now expecting

      • Revenue in the range of $95 million to $100 million.
      • Adjusted EBITDA loss in the range of $35 – $40 million.

      SRGA Inducement Grants

      On August 02, 2021, Surgalign Holdings, Inc. (SRGA) granted restricted stock unit awards to 10 employees, in the aggregate, up to 91,925 shares of Surgalign common stock.

      Earlier on July 1, 2021, the company granted restricted stock unit awards to nine employees, in the aggregate, up to 74,460 shares of Surgalign common stock.

      SRGA Participation in the recent investor conference

      Surgalign Holdings, Inc recently participated in the Sidoti Virtual Investor Conference which was held on Wednesday, June 23, 2021.

      SRGA closed registered directed offering of Common Stock

      On June 14, 2021, Surgalign Holdings, Inc closed its previously announced registered direct offering for the issuance and sale of an aggregate of 28,985,508 shares of its common stock and warrants to purchase up to an aggregate of 28,985,508 shares of its common stock at a purchase price of $1.725 per share of common stock and related warrant. The warrants have an exercise price of $1.725 per share.

      SRGA will get gross proceeds of approximately $50 million and intends to use the net proceeds from the offering for working capital and general corporate purposes.

      Conclusion

      As of this writing, we have no recent news that could be linked with its turnaround. We hope that it will continue its positive performance on Monday as well.

      More From Stocks telegraph