The medical research firm Braxia Scientific Corp (OTCMKTS:BRAXF) has had a tough time in the stock markets over the course of the past month and during that period, the stock had declined by as much as 22%.
Yesterday the company was in the news after it announced its financial results for the first fiscal quarter that ended on June 30, 2021 and it is perhaps time for investors to figure out if the fall in the Braxia stock could be an opportunity. The revenues for the quarter came in at $407,075 and the gross margin stood at $114,253.
The revenues jumped by as much as 80.3% year on year and on the other hand, the gross margins went up by a staggering 89.7%. Hence, it is clear to see that Braxia managed to deliver a strong performance in the quarter. The rise in revenues was primarily brought about by the sales generated by way of ketamine infusion at the CRTCE clinics that are located in Quebec and Ontario.
However, at the same time, it is also important to keep in mind that the net losses for the quarter stood at $1,091,568. However, it is also necessary to note that it also included a non cash share based compensation to the tune of $294,758.