Implant Sciences Corp. (PINK:IMSC) Climb Cut Short
After Implant Sciences Corp. (OTC:IMSC) surged abruptly on Monday as news of the Boston Marathon tragedy hit the media, yesterday’s session saw IMSC stock drop back to its pre-surge levels, wiping any gains made during the run.
Being a company that is engaged in developing products for the security and defense business, IMSC ran wild on the bombing news. The price surge was a bit too steep for the stock to hold out and even before Monday’s session was over, share price started dropping. Those with particularly quick fingers had a chance to bag some decent profit from the run, before a huge volume spike at the open dragged IMSC back down, the stock proceeding to trade idly over the day to close at $1.04, losing 19 cents in the process.
On the upside, IMSC is a company that has not been targeted by stock promoters and one that has actual products and a source of revenue, unlike many OTC-listed enterprises. However, the company is still unable to turn profitable, recording net loss in the tens of millions in both its last fiscal years. The last available quarterly report from IMSC shows the following:
- $34 thousand in cash
- $42 million in current liabilities
- $8.3 million in revenues for Jul-Dec 2012
- $16.4 million in net loss for Jul-Dec 2012
Revenue is growing year-over-year, but expense growth is outpacing it, leading to recurring heavy losses. The company is facing debt stacked in eight-digit numbers, both under convertible notes and a line of credit.
IMSC opened today’s session up but was pressed back down, currently nearly 3% down in early trading.
