Implant Sciences Corporation (OTCMKTS:IMSC) Drooping Back Down
After putting up its quarterly report and closing up on the next day, Implant Sciences Corporation (OTCMKTS:IMSC) went on another extended red streak. Yesterday marked the fifth consecutive red day for the stock, which also happened to include the biggest drop for that five-session stretch. IMSC closed nearly 12% down, stopping at $0.515 by the bell. Volume swelled up to its second largest daily figure for the past month.
The company’s previous report was its annual for the fiscal year ended June 2015 and the $21.5 million net loss the report listed pushed IMSC to a new 52-week low. The stock made an attempt to recover in early November but it seems it’s losing ground on the charts once again. Here is what IMSC had on its books as of its Q1 report for fiscal 2016, for the three months ended September 2015:
- $888 thousand in cash
- $91.6 million in current liabilities
- $14.3 million in Q1 revenues
- $911 thousand in Q1 net loss
The quarter is a massive improvement in terms of revenue on a YoY basis, with just $1.8 million in revenue for the same quarter of 2014. The improvement is due primarily to the increasing sales of IMSC‘s QS-B220 desktop units. Those include sales to European airports where the unit is used for explosive detection. However, the filing also states there has been a 31% reduction of the average unit sale price of the QS desktop device, caused by “competitive market conditions” and the company’s decision to offer discounts to parties that provided early payment.
The increase of sales, the company reports, has been assisted by the fact that the desktop QS-B220 version has now been included in the “qualified” section of the Transport Service Administration’s special air cargo tech screening list.
IMSC has not done anything outrageous in terms of issuing new shares over the last reported quarter, with OS growing with another 3 million, from 75.1 million to 78.4 million.
