G Medical Innovations Holdings Limited (ASX: GMV), a company which belongs to the health care industries announced that it has successfully executed purchase orders of US$21.85 million with Hygea Holdings Corp (“Hygea”) and two of its subsidiaries Palm Medical Group and AllCare Management Services, Inc.
The purchase orders are for both Prizma’ Medical Smartphone Case (PRIZMA) and G Medical’s Vital Signs Monitoring System (VSMS or G Medical Patch (GMP)) for over 24 months which starts on 1 April 2019. The payment of the orders will be made on a monthly basis where the amount will be in the range of approximately US$90,000 and US$1.33 million.
The Prizma cases and the GMV’s Medical’s Vital Signs Monitoring System will be introduced to the Hygea Holdings Corp’s clinic and practices as well as its subsidiaries.
Dr. Yacov Geva who is the CEO of the GMV said that they are proud of the recent achievement of the company’s entry into the US market for the medically certified GMV devices and entering into the partnership with a well-respected and industry-acknowledged multinational Hygea Holdings Corp.
He also states that the company’s partner has a track record of providing highest quality multi-disciplined patient care solutions and services and the company through its medical devices and services have acknowledged providing modern and complete patient care systems and service provisions.
He further states that the company will continue to expand its market in the US.
Since GMV’s inception, the stock generated a positive performance of 110.71%. However, in last one year, the stock gave a negative performance of 6.35%.
As per the half-year financial report up to 30 June 2018, the company generated US$1.001 million from the ordinary activities. During the period, GMV incurred a loss of US$8.509 million which reduced as compared to the half-yearly results of FY2017. The total current asset was US$7.448 million which got reduced by 55.90% as compared to the previous corresponding period. There was also an increase in the current liabilities to US$6.808 million. The total shareholders’ equity was worth US$4.575 million.
The company used net cash of $9.105 million from its operating activities. The leading cause of increased cash outflow during the period was due to the net loss during the period, an increase in the inventory, trade receivable and account receivable.
The company used net cash of US$2.642 million from its investing activities, where the primary source of cash outflow was in the form of purchase of property, plant, and equipment.
There was a net cash inflow of $0.760 million through the financing activities. Here, the company made repayment of long-term loans and short-term loans.
The net cash and cash equivalent available by GMV by the end of the period were US$3,204 million.
By the end of the trading session on 30 January 2019, the closing price of the stock was A$0.320 up by 8.475%. It was 0.025 points above its previous trading day’s closing price with the market capitalization of A$106.5 million and 361.03 million outstanding shares.
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