- Next Science (NXS) enters a trading halt as it plans a capital raising
- The medical tech company has not said on how much it plans to raise nor where it will spend the money
- Under the trading halt, company shares will be paused until Friday, February 25, or when further details on the raise is released to the market
- For the year ending December 31, 2021, the company saw a 160 per cent growth in revenue to $8.9 million but a net loss of $9.3 million
- On the market, Next Science last traded at $1.03 a share
Medical tech company Next Science (NXS) has entered a trading halt as it plans an upcoming capital raising.
It is not known how much the company is raising but it did say the funds will be raised through a placement and share purchase plan. Where the funds will be spent is also unknown.
The halt means company shares will be paused until Friday, February 25, or when further details on the raise is released to the market, whichever one comes first.
For the year ending December 31, 2021, the company saw a 160 per cent growth in revenue to $8.9 million, from $3.4 million the previous year.
This reflects some of the recovery from the impacts of COVID-19 pandemic during the 2020 financial year across surgical procedures and in wound care clinics.
Gross profit for FY21 was just over $6.9 million, a big jump from $2.9 million in the prior corresponding year.
Selling and distribution expenses jumped by over $1.7 million to $7.3 million due to an increase in spend in 2021 due to travel increases, advertising and promotion spend on Blast-X.
The company reported a net loss after tax of $9.3 million.
At the end of the period, Next Science has just over $7 million in cash and cash equivalents.
Over the period, the company secured TGA approval for the sale of its no-rinse, antimicrobial solution, XPERIENCE Surgical Solution, in Australia.
On the market, Next Science last traded at $1.03 per share.