for the day. However, VITA has been moving down since April, this year and it traded bellow the yearly average again.According to the records, the stock has lost over 28% during the past month and its current move still cannot be considered as an uptrend.
Though, based on its recent price jump, Orthovita was pointed among the top 5 companies in the Health Care Equipment Industry with the highest upside potential.[BANNER]
Orthovita is a specialty spine and orthopedic company with a portfolio of orthobiologic and bio surgery products. Historical data shows that its traded volume has exceeded 1 million shares during this month, and the stock has traded higher.
The company’s first quarter results for 2010 look kind of confusing. As compared to the previous quarter, VITA has generated higher net income and it still has more assets than liabilities. Though, Orthovita has suffered a greater loss.
In its 10-Q report, the company states: “Our net loss for each of the three month periods ended March 31, 2010 and 2009 was $1.2 million”. VITA’s product sales and gross profit have increased, however its expenses also jumped up.
The company expects its operating losses to continue, “unless or until we can consistently leverage our product portfolio”. VITA has also experienced negative cash flows and funded its operations primarily from sales of debt and equity securities.
Presently, the company is focusing on sales growth from its orthobiologic and bio-surgery product platforms. Yesterday, VITA scheduled a conference call on Aug 3, 2010 in order to discuss its second quarter financial results.
According to its recent announcement, the company is to present its Cortoss clinical study results at the 17th International Meeting of Advanced Spine Technologies tomorrow. The results should follow.
