Tuesday, May 17, 2022

UpHealth, Inc. (UPH) Stock is Plummeting in Premarket, Here’s Why

UpHealth, Inc. (UPH), a digital health services company, has plunged 22.22% in the premarket trading session. Consequently, UPH stock was trading at $2.03 when last checked. On Monday, UPH stock declined by 13.86% during regular hours and closed the day at $2.61. The reason for the decline seems to be the pricing of common stock’s public offering.


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UPH announced the pricing of common stocks public offering

UPH announced on Monday the pricing of its previously announced underwritten public offering of 23,000,000 shares of its common stock. They had a par value of $0.0001 per share at a public offering price of $1.75 per share. The underwriters had been granted a 30-day option to purchase up to 3,450,000 additional shares of Common Stock from UpHealth at the public offering price minus underwriting commissions and discounts. The gross proceeds from the offering were estimated to be $40.25 million. The company said that it intended to use the net proceeds for working capital and general corporate purposes. They include license acquisition, strategic growth activities and repayment of its certain current obligations. The offering was expected to be closed on 7th October 2021. Oppenheimer & Co. Inc was the sole book-running manager for the offering. Lake Street Capital Markets, LLC and Northland Capital Markets were serving as co-lead managers.

UPH Q2 2021 financial results


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On 12th August, UPH reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, on 30th June, the company had cash and cash equivalents of $98.11 million. The total assets in possession of the company were $898.05 million, while total liabilities stood at $303.93 million. The total revenue for the period remained at $31.88 million. The total costs of goods and services were $20.28 million for the period. The gross margin for the period remained at $11.60 million. The total operating expenses for three month period remained at $47.15 million. The company suffered a loss of $35.55 million during the quarter. The net loss bore by the company during three month period remained at $32.80 million. The net loss per basic and diluted share hovered around $0.35 for three month period. Commenting on the results, Dr. Ramesh Balakrishnan, Chief Executive Officer at UpHealth, said that being the first quarter as a public, the three month period proved quite successful and exciting for UpHealth.

What’s ahead for UPH stock?

Statistics don’t second the praising remarks of Dr Ramesh Balakrishnan. During the last three months, UPH stock has declined by 47%. The reason for that seems to be the company’s combination with GigCapital2, Inc. In most instances, the combination or merger results in negative performance for some time, but gradually, the stock starts to pick up momentum. So, UPH could come out of a declining trend in near future.

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