ProPhase Labs Inc. (PRPH) shares declined 8.20% in after-hours on Friday, August 13, 2021, and closed the weekly trading at $5.93 per share. Even in the normal trading session of Friday, PRPH’s stock lost 0.46%. PRPH shares have risen 46.52% over the last 12 months, and they have moved down 11.14% in the past week. Over the past three months, the stock has gained 17.90%, while over the past six months, it has slid down 35.13%.
Let’s see was there any reason behind its loss on Friday?
PRPH recent financial results announcement
On August 13, 2021, ProPhase Labs, Inc (PRPH) reported its financial and operational results for the quarter ended June 30, 2021.
Q2 2021 financial highlights
- PRPH reported revenue of $9.1 million for Q2 2021 compared to $3.6 million for the quarter ended June 30, 2020.
- The cost of revenues were $4.7 million in Q2 2021 compared to $2.3 million for Q2 2020.
- Total operating expenses were $5.9 million for the reported quarter compared to $1.2 million in Q2 2020.
- It suffered a net loss of $1.4 million, or $0.09 per share in Q2 2021 as compared to net income of $70,000, or $0.01 per share in Q2 2020.
- As of June 30, 2021, the company had a cash and marketable securities balance of $35.8 million and net working capital of $44.3 million, after paying a $4.5 million special cash dividend.
PRPH acquired Nebula Genomics
On August 11, 2021, ProPhase Labs, Inc (PRPH) acquired Nebula Genomics. The Company’s recently formed subsidiary, ProPhase Precision Medicine, Inc., completed the acquisition for approximately $14.6 million in a combination of ProPhase Labs common stock and cash. The Company intends to integrate Nebula’s whole genome sequencing services with the robust clinical diagnostic testing services already offered at ProPhase’s CLIA-certified molecular testing laboratories.
PRPH Participation in the recent investor conference
ProPhase Labs recently participated in the Access to Giving Virtual Investor Conference which was held on July 13 – 15, 2021.
The company was presented by its Chief Executive Officer Ted Karkus and he delivered his corporate presentation on July 15, 2021.
PRPH also participated at the LD Micro Invitational XI virtual conference which was held on June 8-10, 2021.
PRPH retaining CORE IR
On July 01, 2021, ProPhase Labs, Inc announced to retain CORE IR, a leading investor relations, public relations, and strategic advisory firm, to assist the Company with investor relations, public relations, and shareholder communications services.
PRPH Inauguration on the Russell Microcap Index
ProPhase Labs, Inc was added to the Russell Microcap Index after the conclusion of the 2021 Russell Indexes’ annual reconstitution, which occurred on June 28, 2021.
Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
PRPH formed two new subsidiaries
On June 10, 2021, ProPhase Labs, Inc formed the two wholly-owned subsidiaries, ProPhase Precision Medicine, Inc., which will focus on genomics testing technologies, and ProPhase Global Healthcare, Inc., which was recently formed to seek to expand the Company’s SARS-CoV-2 (COVID-19) testing into other countries and to pursue additional healthcare-related initiatives.
Conclusion
The PRPH stock went down on Friday after it announced its Q2 financial results which disappointed the investors. The company’s revenue was increased but it reported a loss. Let’s see how it commence the new week on Monday?
