The Medical Developments share price is continuing to struggle today.
The post Medical Developments (ASX:MVP) share price hits new 52 week low appeared first on The Motley Fool Australia. –
The Medical Developments International Ltd (ASX: MVP) share price has fallen to a new 52-week low today.
The company hasn’t released any news for nearly a fortnight. However, the last time the market heard from Medical Developments, it shared dire news.
Right now, the Medical Developments share price is $3.25, 2.99% lower than its previous close. It marks a new 12-month record low.
Additionally, Medical Developments was dropped from the S&P/ASX 300 Index (ASX: XKO) on Monday night.
Let’s take a closer look at the latest from the specialised healthcare company.
Medical Developments struggles on the ASX
The last 2 weeks have been tough for the Medical Developments share price.
First off, the company released its earnings for financial year 2021 (FY21), sending its stock plummeting.
Medical Developments reported it had ended FY21 with a $12.6 million loss. For comparison, it reported a net profit after tax of $379,000 for FY20.
However, the company’s revenue increased by 12.1% to 25.6 million in FY21.
Medical Developments also provided a promising outlook for FY22, stating it’s looking forward to seeing strong sales growth for the year ending 30 June 2022.
Since the company released its FY21 results, Medical Development’s shares have fallen 18.6%.
More recently, the company was dropped from S&P Dow Jones Indices’ S&P/ASX 300 Index after Monday’s close.
Following the company’s removal from the index, Medical Developments’ stock fell by 3% on Tuesday.
Medical Developments share price snapshot
Today’s fall included, the Medical Developments share price has dropped more than half its value in 2021.
It is currently 51% lower than it was at the start of this year. It is also 41% lower than it was this time last year.
The company has a market capitalisation of around $233 million.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Medical Developments International Limited. The Motley Fool Australia owns shares of and has recommended Medical Developments International Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.