Jin Medical International Ltd. (NASDAQ:ZJYL) shares surged 63.41% to $3.17 in after-hours trading following the announcement of its unaudited financial results for the six months ended Mar. 31.
Revenue Slips, But Margins Tell a Different Story
The China-based rehabilitation equipment maker said after the market closed on Tuesday that its revenue fell 9.7% from a year earlier to $8.9 million. The decline was driven by weaker demand from its biggest customer, medical device distributor Nissin, because of the weaker Japanese yen and the suspension of electric scooter sales. Even so, its gross margin increased to 26.9% from 24.3%, while wheelchair component sales rose 9.9%.
The company reported a net loss of $0.2 million, versus net income of $0.01 million a year earlier.
According to Jin Medical International, the company held $9.1 million in cash and $21 million in short-term investments for the period.
