Novita Explodes On Impressive Annual Report
Novita Healthcare Ltd (ASX: NHL) rallied by more than 50% as the company affirmed it had a productive FY2019 on achieving key milestones. Commercialization and market validation of TALi platform are some of the developments that set the stage for another impressive year.
The company receiving determination for reimbursement of TALI Detection marks an important milestone as it moves to generate significant value from its breakthrough technology. The company also received class 3 medical device certification of the platform from the Food and Drug Administration
In addition, the company capped yet another exciting year as net loss nearly halved to $2.9 million from $4.1 million reported a year earlier. During the year, the company achieved key milestones, among them being the raising of $2.8 million for the commercialization of the TALi platform.
According to the chair of the board, Sue MacLeman, the focus going forward will be on three core areas of healthcare, education, and direct to consumer. Novita also intends to focus on the execution of the ‘go-to-market phase in a bid to generate optimum returns from the TALi platform.
Serko Rallies on $56 Million Capital Raise
Serko Ltd (ASX: SKO) stock was up by more than 30% on the confirmation of a successful placement that resulted in the raising of $56 million. The placement included NZ$40 million in primary issuance and NZ$16 million as a sell down to certain directors and employees. Serko intends to raise an additional NZ$5 million through a Share Purchase Plan.
One of the biggest investors was Booking Holdings that acquired 4.3 million shares valued at NZ$17.5 million. The offering attracted bids from 25 institutional investors across New Zeeland and Australia, underscoring strong investor confidence about the company’s long-term prospects.
The capital raising drive leaves the online travel booking and expense Management Company in a prime position to pursue strategic initiatives. For starters, the company intends to accelerate the global rollout of Serko Zeno and to expand its marketplace content.
Spring FG Rallies on Impressive Financial Results
Spring FG Ltd (ASX: SFL) was up by more than 20%, days after reporting impressive audited financial results for FY2019. The results affirm the company is restructuring drive that continues to deliver significant turnaround in operational efficiency as well as financial results.
The restructuring drive has since triggered improvements in revenue as well as reductions in operational costs. The company expects the turnaround to continue heading into yearend as focus shifts beyond business-to-business activities.
Revenue for the full year was up 42% to $10.45 million, representing a 42% increase. The cost of sales, on the other hand, was up 57%, reflecting a significant increase in revenues. Operational expenses, on the other hand, were down 28% to $6.03 million, setting the stage for the company to return to sustainable profitability.
Operating profit before depreciation amortization interest and tax was $0.295 million, however, the company posted a full-year operating loss of $0.525 million an improvement from a net loss of $2.43 million reported a year earlier.