UpHealth Inc (NYSE:UPH) Stock Is All Set To Gap Up After Earnings
Global digital health company UpHealth Inc (NYSE:UPH) has come into sharp focus among investors in the premarket trading period and has already clocked gains of as much as 9% at the time of writing.
Market Stats
On Wednesday, UPH stock closed lower by 2.40% at $2.44 with more than 2.86 million shares, compared to its average volume of 1.60 million shares. The stock has moved within a range of $2.3600 – 2.6500 after opening the trade at $2.65.
Earnings Review
The company, which is mainly involved in providing tech platforms, services and infrastructure for the modernisation of healthcare delivery, announced its financial results for the third fiscal quarter on Wednesday. In this situation, it might be a good move for investors to perhaps take a closer look at some of the highlights from the company’s financial results.
In the quarter that ended on September 30, 2021, UpHealth managed to bring in revenues of as much as $49.1 million and that reflected a sequential rise of as much as 25%. On the other hand, the gross margin stood at 40% for the quarter and that was an improvement of 11% from the gross margin of 36% in the previous quarter.
It goes without saying that the performance from UpHealth in the third fiscal quarter was quite strong and hence, the rally in the stock in premarket trading period is perhaps not surprising. It will be interesting to see if the stock can manage to add to its gains later on today.
Key Quote
“Our first full quarter as a public company marks tremendous growth and success, as we boldly push the integration of our operations and consistently pursue our transformation to a global, leading, digital healthcare, public company. The results convincingly demonstrate the clear value and differentiators of the UpHealth model as well as the dedication of our people and support of our investors, clients, and partners,” said Dr. Ramesh Balakrishnan, chief executive officer of UpHealth. “As we continue to build this incredible team, we’re excited about the future. We are well capitalized to become a leading force in digital health with our unmatched combination of technology, infrastructure, and services.”
Traders Corner
UPH stock is trading below the 200-Day and 50-Day Moving averages of $7.15 and $2.82 respectively. However, the stock is trading above the 20-Day moving average of $2.14. The stock is up 41% in the past month.