Quanta Inc (OTCMKTS:QNTA), which is the majority owner of Medolife Rx Inc, has seen its stock tank by as much as 12% this morning. The slump in the stock might have been triggered by the announcement of the first quarter financial results from Medolife, a bioceutical company.
In the quarter that ended on March 31, 2021, the company managed to generate revenues of $318,807 and on the other hand, the gross margins stood at more than 90%.
Medolife reported a cash balance of $300,000 at the end of Q1 2021 and reflects a considerable rise from what it had at the end of the prior year period. In addition to that, Medolife also provided a range of operational updates with regards to the products that it is developing. While the Chief Executive Officer of the company Dr. Arthur Mikaelian claimed that the quarter was a successful, it did not seem to have been seen in the same light by the market.