NXT-ID Inc (NASDAQ: NXTD) is making a run for the top in the market this morning, and for good reason. The company confirmed its financial results for the year ended December 31, 2018.
As you could imagine, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The confirmed financial results;
- what we’re seeing from NXTD stock as a result; and
- what we’ll be watching for ahead.
NXTD Stock Gains On Confirmed Financial Results
As mentioned above, Nxt-ID is having a great day in the market today after confirming its financial results. The announcement came by way of press release early this morning.
In the release, the company announced the filing of its financial results for the year ended December 31, 2018. The company also said that it will host an investor webcast on Thursday at 4:10 PM EST to discuss the results and provide an update on previously announced spin-off plans.
NXTD went on to announce that the previously released results were confirmed. In the full year, the company generated $17.1 million in revenue, comparing well to the $16 million produced the year before.
Gross profits came in at $12.3 million. In the 2017 year, gross profits came in at $11 million. Also, operating expenses declined, falling from $13.1 million in 2017 to $11.7 million in 2018.
In a statement, Gino Pereira, CEO at NXTD, had the following to offer:
Our year-end 2018 filing confirmed our previously released results, which showed continued strong performance from LogicMark and our healthcare business. We have made significant progress toward improving the profitability of our continuing operations by reducing our cost structure, maintaining our core VA business and expanding the channels for our personal emergency response system product offerings. As we move forward with the planned spin-off of our payments business, we continue build on the strengths of both healthcare and payments businesses to maximize value for our shareholders.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Nxt-ID, the news proved to be overwhelmingly positive.
After all, financial results showed exactly what investors like to see, strong growth. Considering this, it’s not surprising to see that the stock is making a run for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:30), NXTD is trading at $1.05 per share after a gain of $0.16 per share or 18.13% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NXTD. In particular, we’re interested in following the story surrounding the company’s continued work to expand sales and bring value to investors. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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