Guided Therapeutics Inc (OTCBB:GTHP) was a massive decliner during the trading session on Tuesday. The stock collapsed by close to 31% on the back of high volumes, which were 8 times the daily average volumes. The stock was unable to move above the resistance zone at $0.04 and witnessed huge selling pressure, which points towards bears being in total control at the moment. The stock currently trades below all daily moving averages. The indicator for relative strength has given a clear indication of the strong bearish momentum. Traders see the stock heading to levels of $0.02 in the near term.
Guided Therapeutics Inc (OTCBB:GTHP) has announced financial results for the recently concluded 3Q2015. As per the reports, the quarterly revenues of the company were recorded as $94,000.
Guided Therapeutics is known for developing a painless and rapid testing platform on the basis of patented biophotonic technology.
Insights of Financial Results
The volatile market condition and below average customer response led to a reduction in revenues over the past 12 months time. Guided Therapeutics had reported $262,000 in revenues during the 3Q2014, which came down to $94,000 in the recently concluded third quarter. When contacted, Guided Therapeutics said that the primary reason for this sharp decline was nothing but lower-than-expectations shipment of 160 single-use disposables and six units of LuViva as compared to last year’s 5,380 disposables and 13 units.
In addition to this, the operating expenses of the company came down to $1,710,000 in 3Q2015 compared to $2,439,000 in 3Q2014. The entire management team of the company was happy to acknowledge that the continuous hard work and devotion led to this situation. E
ven though it managed to bring down the operating cost, the profitable state’s out of reach. Reports claim that the net loss available to shareholders for the quarter was $2.7 million compared to $3 million during the same period in 2014. Guided Therapeutics said that lower than expectations revenues led the company to this position.
Recently, the Turkish distributor of Guided Therapeutics signed a deal with Turkish Ministry of Health to sell single-use disposables and LuViva devices worth $10 million. It has already surged the order by $4 million and can further enhance it if need be.
According to Gene Cartwright, CEO, Guided Technologies, the 3rd quarter was one of those three month periods for the company in which it executed various initiatives to scale its business. Guided Technologies has done a lot of hard work to enhance its reach in Turkey lately, and will continue these efforts in the future as well.
