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Summary
- Stocks of healthcare company Empower Clinics (CSE:CBDT, EPWCF:US) shot up by over six per cent on Friday morning, April 30 (10.23AM EST).
- The Vancouver-based firm gained investors’ attention after it announced partnering with a digital marketing company to launch its direct-to-consumer (DTC) e-commerce solutions.
- Empower Clinics expanded its reach in the US last October with the acquisition of Kai Medical Laboratory.
Stocks of healthcare company Empower Clinics (CSE:CBDT, EPWCF:US) shot up by over six per cent on Friday morning, April 30 (10.23AM EST).
The Vancouver-based firm gained investors’ attention this week after it announced partnering with digital marketing company The Snow Agency on Tuesday to launch its direct-to-consumer (DTC) e-commerce solutions. This move is set to enable patients to purchase at-home diagnostics test kits online.
Empower Clinics expanded its reach in the US last October with the acquisition of Kai Medical Laboratory. People in the country will be able to purchase COVID-19 saliva test kits via Kai Medical’s subsidiary, Kai Care.
E-commerce options at Kai Care's Canadian website is also expected to be available soon. Empower Chairperson and CEO Steve McAuley said that the company aims to make its products accessible across North America.
With the rising numbers of COVID-19 infections, Empower Clinics’ move to expand its e-commerce business comes at the right time and is likely to boost its prospects and customer base.
Mr McAuley revealed that the Kai Medical labs are processing 4,000 tests per day, adding that increased testing through at-home kits will instil trust and confidence among people to lead normal lives in such turbulent times.
Empower Clinics (CSE:CBDT, EPWCF:US) Stock Performance
Empower Clinics’ market cap stands at C$ 189.4 million and it offers a return on equity of 225.05 per cent, as per TMX.
In the past six months, Empower stock skyrocketed by a whopping 1,027 per cent. Its year-to-date (YTD) growth, meanwhile, stands at about 118 per cent.
1-year chart of stock performance of Empower Clinics (Source: EODHD/Others/Thomson Reuters)
The company claimed on April 7 that in the first quarter of 2021, its patient count increased by 460 per cent year-over-year to 26,317.
In its Q3 2020 financial results, Empower posted a total revenue of US$ 642,744, which was down from US$ 663,003 in Q3 2019.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
