News
Helius Medical Technologies, Inc. Reports First Quarter 2024 Financial Results
Helius Medical Technologies, Inc.
Company to host call at 4:30pm today
NEWTOWN, Pa., May 13, 2024 (GLOBE NEWSWIRE) — Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on delivering a novel therapeutic neuromodulation approach for balance and gait deficits, today announced results for the quarter ended March 31, 2024.
First Quarter and Recent Business Updates
-
Received Healthcare Common Procedure Coding System (“HCPCS”) codes and preliminary determination for reimbursement for the Portable Neuromodulation Stimulator (“PoNS®”) mouthpiece and controller from the Centers for Medicare & Medicaid Services (“CMS”), paving the way toward final price determination on October 1, 2024.
-
Added six more sites to the stroke registrational program in the U.S. and Canada; reached alignment with the U.S. Food and Drug Administration (“FDA”) on optimizing the stroke development plan.
-
Announced partnership with Lovell® Government Services to make PoNS available to federal healthcare systems, including the U.S. Department of Veterans Affairs (“VA”) and Department of Defense (“DoD”).
-
Q1 2024 revenue of $135 thousand, compared to $111 thousand in Q1 2023, reflecting increased product sales in both the U.S. and Canada.
-
Closed on $6.4 million public offering, raising net proceeds of approximately $5.6 million.
“We marched one step closer to an important milestone when CMS released its preliminary Medicare payment determinations for the PoNS Controller and Mouthpiece earlier this month. This was a significant achievement for Helius, and at the HCPCS public meeting later this month, we will present arguments to support higher reimbursement rates than those established in the preliminary determinations. Once the reimbursement amount is finalized, the payment rates are expected to be effective October 1,” stated Helius’ President and Chief Executive Officer, Dane Andreeff.
“We believe the establishment of Medicare payment rates will make it easier to expand reimbursement across third-party payers, creating a pathway to positive cash flow as we continue pursuing stroke authorization in the U.S. We remain on track for an early 2025 regulatory submission for stroke, and we added several new sites to our registrational program during the quarter to advance this objective. It’s an exciting time at Helius with the achievement of two monumental goals in sight and the cash that will help us get there,” concluded Andreeff.
First Quarter 2024 Financial Results
Total revenue for the first quarter of 2024 was $135 thousand, an increase of $24 thousand compared to $111 thousand in the first quarter of 2023, primarily attributable to higher product sales in the U.S. and Canada.
Story continues
Cost of revenue was $123 thousand for the three months ended March 31, 2024, compared to $122 thousand for the comparable period in 2023, remaining relatively flat due to fixed overhead costs.
Operating expenses for the first quarter of 2024 decreased to $3.4 million, compared to $3.8 million in the first quarter of 2023. The decrease was driven primarily by a decrease in professional fees and payroll related expenses as well as in product development expenses and clinical trial activities as we transitioned our focus in the U.S. to commercialization activities. This decrease was partially offset by an increase in contract manufacturer expense associated with the transition to a new contract manufacturer during the current year period.
Operating loss for the first quarter of 2024 decreased $0.4 million to a loss of $3.4 million, compared to an operating loss of $3.8 million in the first quarter of 2023.
Net loss was $2.5 million in the first quarter of 2024 and in the corresponding prior year period. The basic and diluted net loss per share for the first quarter was $3.08 per share compared to a net loss of $4.42 per share for the first quarter of 2023.
Cash and Liquidity
Cash used in operating activities for the three months ended March 31, 2024, was $3.0 million compared to $3.2 million in the first quarter of 2023.
As of March 31, 2024, the Company had cash of $3.6 million and no debt outstanding. On May 9, 2024, the Company raised $5.6 million in net proceeds in a public offering, extending the cash runway into 2025.
Conference Call
|
Date: |
Monday, May 13, 2024 |
|
Time: |
4:30 p.m. Eastern Time |
|
Register (Audio only): |
|
|
Webcast: |
|
|
|
|
The webcast will be archived under the Newsroom section of the Company’s investor relations website.
About Helius Medical Technologies, Inc.
Helius Medical Technologies is a leading neurotech company in the medical device field focused on neurologic deficits using orally applied technology platform that amplifies the brain’s ability to engage physiologic compensatory mechanisms and promote neuroplasticity, improving the lives of people dealing with neurologic diseases. The Company’s first commercial product is the Portable Neuromodulation Stimulator. For more information about the PoNS® or Helius Medical Technologies, visit www.heliusmedical.com.
About the PoNS Device and PoNS Therapy
The Portable Neuromodulation Stimulator (PoNS) is an innovative, non-implantable, orally applied therapy that delivers neurostimulation through a mouthpiece connected to a controller and it’s used, primarily at home, with physical rehabilitation exercise, to improve balance and gait. The PoNS device, which delivers mild electrical impulses to the tongue, is indicated for use in the United States as a short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (“MS”) and is to be used as an adjunct to a supervised therapeutic exercise program in patients 22 years of age and over by prescription only.
PoNS has shown effectiveness in treating gait or balance and a significant reduction in the risk of falling in stroke patients in Canada, where it received authorization for sale in three indications: (i) for use as a short-term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from stroke and is to be used in conjunction with physical therapy; (ii) for use as a short-term treatment (14 weeks) of chronic balance deficit due to mild-to-moderate traumatic brain injury (“mmTBI”) and is to be used in conjunction with physical therapy; and (iii) for use as a short-term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS and is to be used in conjunction with physical therapy. PoNS is also authorized for sale in Australia for short term use by healthcare professionals as an adjunct to a therapeutic exercise program to improve balance and gait. For more information visit www.ponstherapy.com.
Cautionary Disclaimer Statement
Certain statements in this news release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking statements are often identified by terms such as “believe,” “expect,” “continue,” “will,” “goal,” “aim” and similar expressions. Such forward-looking statements include, among others, statements regarding the sufficiency of the Company’s future cash position, the development, commercialization and success of the Company’s PoNS and PoNS Treatment, future decisions and approvals from applicable regulatory entities in the U.S. and Canada, the Company’s strategic operating plans, and the uses and effectiveness of PoNS and PoNS Therapy.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties associated with the Company’s capital requirements to achieve its business objectives, availability of funds, the Company’s ability to find additional sources of funding, manufacturing, labor shortage and supply chain risks, including risks related to manufacturing delays, the Company’s ability to obtain national Medicare insurance coverage and to obtain a reimbursement code, the Company’s ability to continue to build internal commercial infrastructure, secure state distribution licenses, market awareness of the PoNS device, future clinical trials and the clinical development process, the product development process and the FDA regulatory submission review and approval process, other development activities, ongoing government regulation, and other risks detailed from time to time in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and its other filings with the United States Securities and Exchange Commission and the Canadian securities regulators, which can be obtained from either at www.sec.gov or www.sedar.com.
The reader is cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements except to the extent required by law.
Investor Relations Contact
Lisa M. Wilson, In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
|
|
||||||||
|
Helius Medical Technologies, Inc. |
||||||||
|
Unaudited Condensed Consolidated Statements of Operations |
||||||||
|
(in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
Three Months Ended |
||||||
|
|
|
March 31, |
||||||
|
|
|
2024 |
|
2023 |
||||
|
Revenue |
|
|
|
|
|
|
||
|
Product sales, net |
|
$ |
124 |
|
|
$ |
106 |
|
|
Other revenue |
|
|
11 |
|
|
|
5 |
|
|
Total revenue |
|
|
135 |
|
|
|
111 |
|
|
Cost of revenue |
|
|
123 |
|
|
|
122 |
|
|
Gross profit (loss) |
|
|
12 |
|
|
|
(11 |
) |
|
Operating expenses |
|
|
|
|
|
|
||
|
Selling, general and administrative expenses |
|
|
2,633 |
|
|
|
2,874 |
|
|
Research and development expenses |
|
|
788 |
|
|
|
886 |
|
|
Amortization expense |
|
|
7 |
|
|
|
39 |
|
|
Total operating expenses |
|
|
3,428 |
|
|
|
3,799 |
|
|
Loss from operations |
|
|
(3,416 |
) |
|
|
(3,810 |
) |
|
Nonoperating income (expense) |
|
|
|
|
|
|
||
|
Interest income (expense), net |
|
|
(8 |
) |
|
|
100 |
|
|
Change in fair value of derivative liability |
|
|
1,142 |
|
|
|
1,221 |
|
|
Foreign exchange loss |
|
|
(288 |
) |
|
|
(5 |
) |
|
Other income, net |
|
|
54 |
|
|
|
— |
|
|
Nonoperating income, net |
|
|
900 |
|
|
|
1,316 |
|
|
Loss before provision for income taxes |
|
|
(2,516 |
) |
|
|
(2,494 |
) |
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
Net loss |
|
$ |
(2,516 |
) |
|
$ |
(2,494 |
) |
|
Loss per share |
|
|
|
|
|
|
||
|
Basic |
|
$ |
(3.08 |
) |
|
$ |
(4.42 |
) |
|
Diluted |
|
$ |
(3.08 |
) |
|
$ |
(4.42 |
) |
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
||
|
Basic |
|
|
817,327 |
|
|
|
564,134 |
|
|
Diluted |
|
|
817,327 |
|
|
|
564,134 |
|
|
|
|
|
|
|
|
|
||
|
|
||||||||
|
Helius Medical Technologies, Inc. |
||||||||
|
Unaudited Condensed Consolidated Balance Sheets |
||||||||
|
(in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
ASSETS |
|
|
|
|
|
|
||
|
Current assets |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
3,638 |
|
|
$ |
5,182 |
|
|
Accounts receivable, net |
|
|
49 |
|
|
|
117 |
|
|
Other receivables |
|
|
513 |
|
|
|
520 |
|
|
Inventory, net |
|
|
384 |
|
|
|
457 |
|
|
Prepaid expenses and other current assets |
|
|
940 |
|
|
|
1,162 |
|
|
Total current assets |
|
|
5,524 |
|
|
|
7,438 |
|
|
Property and equipment, net |
|
|
174 |
|
|
|
178 |
|
|
Intangible assets, net |
|
|
17 |
|
|
|
24 |
|
|
Operating lease right-of-use asset, net |
|
|
42 |
|
|
|
52 |
|
|
Total assets |
|
$ |
5,757 |
|
|
$ |
7,692 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
|
Current liabilities |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
814 |
|
|
$ |
531 |
|
|
Accrued and other current liabilities |
|
|
674 |
|
|
|
1,260 |
|
|
Current portion of operating lease liabilities |
|
|
46 |
|
|
|
45 |
|
|
Current portion of deferred revenue |
|
|
42 |
|
|
|
43 |
|
|
Total current liabilities |
|
|
1,576 |
|
|
|
1,879 |
|
|
Operating lease liabilities, net of current portion |
|
|
— |
|
|
|
12 |
|
|
Deferred revenue, net of current portion |
|
|
115 |
|
|
|
128 |
|
|
Derivative liability |
|
|
2,080 |
|
|
|
3,323 |
|
|
Total liabilities |
|
|
3,771 |
|
|
|
5,342 |
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
|
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 887,847 and 714,590 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
|
|
1 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
164,843 |
|
|
|
162,979 |
|
|
Accumulated deficit |
|
|
(162,473 |
) |
|
|
(159,957 |
) |
|
Accumulated other comprehensive loss |
|
|
(385 |
) |
|
|
(673 |
) |
|
Total stockholders’ equity |
|
|
1,986 |
|
|
|
2,350 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
5,757 |
|
|
$ |
7,692 |
|
|
|
|
|
|
|
|
|
||
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
Follow all the updates here:
-
Thu, 11 Jul 2024 08:44 PM
Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
-
Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
-
Thu, 11 Jul 2024 03:51 PM
Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
-
Thu, 11 Jul 2024 03:09 PM
LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
-
Thu, 11 Jul 2024 02:39 PM
LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
-
Thu, 11 Jul 2024 01:39 PM
LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
-
Thu, 11 Jul 2024 01:10 PM
Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
-
Thu, 11 Jul 2024 12:44 PM
LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
-
Thu, 11 Jul 2024 12:18 PM
Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
-
Thu, 11 Jul 2024 11:30 AM
Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
-
Thu, 11 Jul 2024 11:04 AM
LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
-
Thu, 11 Jul 2024 10:22 AM
LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
-
Thu, 11 Jul 2024 09:42 AM
LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
-
Thu, 11 Jul 2024 09:16 AM
Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
-
Thu, 11 Jul 2024 08:40 AM
LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
-
Thu, 11 Jul 2024 08:35 AM
LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
-
Thu, 11 Jul 2024 07:59 AM
LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
-
Thu, 11 Jul 2024 07:45 AM
Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
News / Business / Latest Business News Live Updates Today, July 11, 2024
Source
News
Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore Latest Updates here!
Topics that may interest you
Larry Lepard – The impending bubble burst will be absolutely huge for Bitcoin
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Switchboard Revolutionizes DeFi with New Oracle Aggregator
Fintech unicorn Zeta launches credit as a UPI-linked service for banks
👀 Lido prepares its response to the recovery boom
Latest Business News Live Updates Today, July 11, 2024
Is Zypto Wallet a Reliable Choice for DeFi Users?
Larry Lepard – The impending bubble burst will be absolutely huge for Bitcoin
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
-
DeFi6 months agoSwitchboard Revolutionizes DeFi with New Oracle Aggregator
-
Fintech9 months agoFintech unicorn Zeta launches credit as a UPI-linked service for banks
-
DeFi8 months ago👀 Lido prepares its response to the recovery boom
-
News6 months agoLatest Business News Live Updates Today, July 11, 2024
-
DeFi6 months agoIs Zypto Wallet a Reliable Choice for DeFi Users?
-
Fintech6 months agoFinTech LIVE New York: Mastercard and the Power of Partnership
-
News8 months agoSalesforce Q1 2025 Earnings Report (CRM)
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
News8 months agoThink Finance Loan Repayment Scam Victims to Get $384 Million
-
ETFs9 months agoGold ETFs see first outing after March 2023 at ₹396 cr on profit booking
-
Videos8 months ago“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
Videos9 months agoPREPARE! Millions of People Will Buy Bitcoin When the “ULTIMATE COLLAPSE” Begins in 2024 – Larry Lepard