Todos Medical Ltd (OTCMKTS:TOMDF) Stock Doubled in a Week: Here is Why

Todos Medical Ltd (OTCMKTS:TOMDF) stock has been a solid momentum over the past week as investors buy the stock after recent developments.

The stock has almost doubled over the past week’s increased volume. On Friday, the stock closed higher by 44% to close at $0.0800, near to its 52-week high of 10  cents. In the previous trading session, more than 20.93 million shares traded hands, compared to its average volume of 7.26 million shares.

On Wednesday, the company announced has reached an exclusive European licensing & distribution agreement with T-Cell Protect Hellas S.A. (T-Cell Protect or T-Cell) for a product based on its Tollovid® and Tollovid Daily™ 3CL protease inhibitor and immune support dietary supplements.

Last week, the company said that revenue during the third quarter fell to $1.01 million, compared to. revenues of $1.28 million in 2021. The decrease in revenues was primarily driven by a shift away from equipment sales to reagent sales in its Corona Diagnostics laboratory products distribution business.

However, operating loss during the quarter was reduced to 2.49 million from $10.24 million in the same period a year ago. However, this reduction was largely due to one-time expenses of $8.20 million last year.

Net loss during the quarter stood at $10.37 million, down from a year-ago loss of $18.03 million.

Key Quote

“The third quarter was focused on preparing to transition the Company’s diagnostics revenues towards higher-margin COVID-related testing at Provista Diagnostics in preparation for an expected surge in COVID cases in the fourth quarter of 2021.  We expect a surge similar to the one seen in the fourth quarter of 2020 as temperatures cool in the United States and people head indoors to congregate over the holiday seasons in November and December,” said Daniel Hirsch, CFO of Todos Medical. “