Not too long ago, the Electromedical Technologies Inc (OTCMKTS:EMED) stock had been in the middle of a strong rally but on Thursday, it corrected sharply and ended the day with a decline of as much as 30%.
In this context, it is perhaps necessary to point out that there was no fresh news about the company yesterday that could have led to this sharp decline. As a matter of fact, there has been no news about the company ever since it announced its financial results for the second fiscal quarter back on August 18, 2021.
In the quarter that ended on June 30, 2021 Electromedical Technologies performed strongly when compared to the year ago period. The company managed to generate revenues of as much as $202954 in the second quarter, which reflected a year on year rise of 48%. In the prior period, the revenues had stood at $136,755.
On the other hand, the selling, administrative and general expenses actually dropped and stood at $677,781 for the quarter and that reflected a significant decline from $936,669 in the prior year period. Net losses were also reduced from $840,255 in the prior year period to $774,532 in the second quarter.