In the past months, there has been significant buzz around the medical devices sector and hence, more and more retail investors are now looking to get into the sector.
On Thursday, FZMD slid 4% at $0.59 with more than 3K shares, compared to its average volume of 21k shares. The stock has moved within a range of $ 0.5898 – 0.5898 after opening the trade at $0.59.
Yesterday, the medical devices manufacturer and distributor Fuse Medical Inc (OTCMKTS: FZMD) was in the news after it announced that it had filed it had submitted its quarterly report to the United States Securities and Exchange Commission for the period that ended on September 30, 2021. The submission for the same had been completed on November 10. The numbers for the quarter did not seem to come as a significant boost for the investors and the Fuse stock actually tanked by as much as 4%.
In the nine months that ended on September 30, 2021, the company managed to bring in revenues of as much as $14.35 million and that reflected a slight year on year drop from the $14.38 million that had been generated in the prior year period. On the other hand, the gross profits for the same period stood at $5.9 million and that worked out to 59% of the revenues. In the prior year period, the gross profits had been $5.8 million.
“The unexpected emergence of the COVID -19 Delta variant impacted our third quarter results, primarily from restrictions on inpatient elective surgeries in multiple markets we service in the US, as well as surgical cases canceling due to patients testing positive for the COVID -19 virus,” said Christopher C. Reeg, Chief Executive Officer of Fuse Medical, “As the rates for infection, hospitalizations, and deaths from COVID -19 now appear to be on the decline, we are confident that the investment into our product portfolio development and launches of unique and clinically differentiated products in spine, biologics, orthopedics, and the foot and ankle markets will prove to be instrumental in securing our position as an emerging, relevant manufacturer of medical devices.”