Custom cranial implants manufacturing company Kelyniam Global (OTCMKTS:KLYG) was in focus yesterday among investors and its stock ended the day with gains of as much as 4%. There was no news about the company yesterday but the day before Kelyniam had announced its financial results for the first fiscal quarter that had ended on March 31, 2022.
On Monday, KLYG stock moved up 4% to $0.1050 with more than 10K shares, compared to its average volume of 17K shares. The stock moved within a range of $0.1050 – 0.1050 after opening trade at $0.1050.
Ross Bjella, who is the Chief Executive Officer of the company, noted that profitability and revenues both remained flat when compared to the prior year quarter. However, he was quick to add that the Q1 2021 had been too high due to considerable demand following the easing of the coronavirus pandemic.
In the quarter that ended on March 31, 2022 the company managed to bring in revenues to the tune of $656,858 and that was slightly lower than the revenues of $664,353 in the prior year period. It reflected a decline of 0.1% and hence it could be concluded that it was effectively flat. The gross margin stood at $509,201 and that was slightly higher than the gross margin of $505,326 in the prior year period. The losses were however reduced to $5924 for the quarter from $13,806 in the prior year period.
“Revenue and profitability in Q1 were essentially flat as compared to the previous year,” said Ross Bjella, Kelyniam’s Chairman and CEO. “2021 Q1 revenue was artificially high due to pent up Covid related demand for custom implants in March. 2022 Q1 revenue came in as forecast for the quarter. The company also shipped the first implants through our partnership with Finceramica and I expect profit and sales growth following the CustomizedBone launch.”
KLYG stock is trading below the 20-Day and 50-Day Moving averages of $0.1113 and $0.1132 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1431.