Allegra (ASX:AMT) share price lifts 6% after reporting loss

The Allegra (ASX: AMT) share price jumped up 6.45% today after the company released its half-yearly results. Here are the highlights.
The post Allegra (ASX:AMT) share price lifts 6% after reporting loss appeared first on The Motley Fool Australia. –

healthcare asx share price rise represented by happy doctor

The Allegra Orthopaedics Ltd (ASX: AMT) share price lifted 6.45% today, finishing the trading session at 33 cents a share.

Allegra researches, develops and manufactures medical devices including prosthetic implant tools.

Here’s a summary of the half-year results that led to today’s gain.

Allegra reports loss and share price goes up

In the results, the company advised that revenues from ordinary activities fell 1.6% to $2.3 million during the first half of FY21.

Allegra attributed this loss to travel restrictions and a higher appointment cancellation rate brought on by the coronavirus pandemic.

That said, commissions revenue was up for 1H FY21 coming in at $97,378 compared to the 1H FY20 earnings of $45,487. That’s a 114% jump.

Revenue from the sale of goods was 4% lower at $2.2 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) zoomed up 122%, landing at $129,499 for the period. This compares to a loss of $582,293 for the previous corresponding period. 

The company’s basic earnings per share (EPS) was negative 11 cents per share for the 1H FY21 period. EPS was negative 82 cents a share for 1H FY20.

At the end of 1H FY21, Allegra held $273,767 in cash and cash equivalents. This isn’t far off the $287,878 held at the end of 1H FY20.

Device update

The company also advised today that the revised design of its Sr-HT-Gahnite spinal cage device had been well received. Results from an accredited US testing facility put the new cage design “above the 95th percentile for published data on FDA approved cages”.

The revised design also successfully passed testing that involved dynamic torsion and dynamic compression shear tests applied to the spinal cage. The company believes these results confirmed the effectiveness of the new design.

Allegra continues to progress toward US Food and Drug Administration (FDA) approval to conduct a large animal study applying its updated technology.

Snapshot of the Allegra share price

The Allegra share price has soared 200% higher over the past year. However, year-to-date, it has dropped 11.4%.

The company’s market capitalisation is $32.4 million and there are presently 104.5 million shares outstanding.

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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Allegra (ASX:AMT) share price lifts 6% after reporting loss appeared first on The Motley Fool Australia.

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