Kelyniam Global (KLYG) Stock More Than Doubled: Are You Excited?
Kelyniam Global (OTCMKTS:KLYG) jumped 107% on no news. Recently, the company released its 2020 results for the period ended December 31, 2020.
The company reported a 15% YoY increase in sales revenue, with total revenue being $2.512 million relative to $2.183 million reported in 2019. In addition, the gross margin was $1.184 million, and net income was $168,753 compared to a net loss of $363,533 in 2019. The improvement in profitability is due to sales growth and reduction of general administrative expenses, legal and travel fees. Also, the federal payment Protection Plan forgiveness contributed to profitability.
CEO Ross Bjella said they are delighted to have turned profitability in 2020, which is the third time the company is hitting that milestone in five years. Bjella said that despite restrictions on elective surgeries in Q4, its customers embraced its ability to deliver well-designed and custom implants overnight. He added that the strong sales witnessed in Q1 and Q3 are a strong indicator that the company is positioned for growth post-pandemic. Therefore, in the coming months, KLYG is a stick to watch.
Market Reaction:
On Thursday, KLYG stock soared 107% at $0.31 with more than 724k shares, compared to its average volume of 4K shares. The stock had moved within a range of $0.1200 – 0.9000 after opening the trade at $0.16. Over the past 52-week, the stock has been trading within a range of $0.0500 – 0.9000.
