GBS Stock Surged 89.13% Today, Here’s Why

GBS Stock

GBS Inc. (GBS) stock soared 89.13% in the current-market trading session at the price of $0.87 despite no fundamental development. The last published news was its financial results for the Q2 of 2022.

GBS is a biosciences corporation that produces real-time, non-invasive diagnostic and monitoring tests for both patients and health officials. Using the Biosensor Platform, the company develops and commercializes diagnostic tests to help patients with diabetes.

GBS Q2 2022 Financial Highlights

On 10th February 2022, GBS published its earnings report for the three months ended 31st December 2021 and delivered current business updates.

On 31st December 2021, GBS has cash and cash equivalents of roughly US$11.19M. Cash and cash equivalents totaled US$12.57M on 30th June 2021. The company had a net loss of US$3.46M, or per share of $0.23, for the quarter ended 31st December 2021. For the same quarter of 2020, net loss was US$1.99M or per share of $0.23. GBS had shares outstanding of US14.88M on 31st December 2021.

Management Comments

Interim CEO of GBS, Dr. Steven Boyages, commented that it remained a productive quarter for the management team as they had developed saliva glucose testing. They are blessed to make several cooperative affinities this quarter.

They are actively collaborating with partners globally to start clinical analyses, create world-class production capabilities, and install sale partnership prospects in Asia. Now they are well-positioned to accomplish their funding, manufacturing, and clinical operations, Dr. Steven added.

Application to Track Saliva Glucose Test

Earlier on 13th December 2021, GBS announced applying for FDA Breakthrough Device Designation jointly with Life Science Biosensor Diagnostics (LSBD). The application aims to offer LSBD an expedited route toward regulatory approval for its real-time, non-invasive saliva glucose test.

Dr. Steven Boyages remarked that this technology would fill an essential space in enhancing the outcomes of people with diabetes globally. This gap is more prominent amid the Covid-19 pandemic as low diabetes control raises morbidity and casualty from the infection.