Kelyniam Global Inc. (OTCMKTS: KLYG) Stock Rockets 293%: what’s the buzz?

Kelyniam Global Inc. (OTCMKTS: KLYG) jumped 293% last week after reporting its second quarter 2021 financial results. The company reported total revenue of $ 1.224 million, a decrease of 3.25 % of revenue from $ 1.27 million a year ago. Additionally, Kelyniam’s operating profit was $ 47,167 compared to $ 181,395 a year ago, while the company reported net profit of $ 5,544 compared to $ 184,567 for the first six months of 2020.

CEO Ross Bjella said period comparisons for 2020 and 2021 are difficult to assess due to the multiple impacts of the coronavirus pandemic last year. Bjella said that in the second quarter of 2020, the company’s operations had been significantly affected due to the backlog of surgeries following the lifting of pandemic restrictions.

The CEO said the company has yet to witness a similar rebound effect this year. However, despite continued delays in surgery due to the pandemic, the company continued to operate profitably in the first half of 2021. Additionally, the Paycheck Protection loan balance forgiveness of $ 144,000 announced in July will have an impact. on the third quarter results. So, in the next few days, KLYG is worth watching.

Market reaction:

On Wednesday, KLYG stock climbed 293% to $ 0.4350 with more than 3 million shares, compared to its average volume of 44,000 shares. The stock traded in a range of $ 0.1689 to 0.4750 after opening the trade at $ 0.1689.

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