Shares of G Medical Innovations Holdings Ltd. [NASDAQ: GMVD] jumped 16% as the firm has gained +0.46 at the time of writing on Wednesday. G Medical Investment has shared the financial results for the six months completed June 30, 2021. Its total revenues for the first half of 2021 rose by 45.5% to $2,925,000, compared to $2,010,000 in the first half of 2020.
The rise in revenues is primarily due to tracking services, and the positive effects of the lifting social restrictions related to COVID-19, which has headed to sufferers returning to their doctors for medical tests. The firm has also shared the loss it has experienced during the first half of 2021.
It has been disclosed that Net loss for the first half of 2021 dropped 39.3% to $4,771,000, or $0.51 per share, compared to $4,981,000, or $0.84 per share, in the six months completed June 30, 2020. Its Liquidity remains strong with cash and cash equivalents adding $13,380,000, compared to $278,000 as of December 31, 2020.
Additionally, the firm has launched a substantial expansion of its salesforce with the recent hiring of 5 experienced regional sales executives with plans to increase an additional 20 sales representatives by the end of 2021. The extended salesforce will be centered especially on the U.S. market to speed up G Medical’s revenue through an improved presence in new geographies, development of new channels, and enhanced adoption by current customers.
Moreover, the firm is making important, targeted investments during the second half of 2021, with higher sales and marketing capabilities, expansion of its medical monitoring technical teams while continuing to examine inorganic opportunities that could optimize its commercial portfolio.