Myos Rens Technology (NASDAQ:MYOS) stock has surged higher after the company reported its second-quarter financial results showing a net revenue increase of 114% for the three months ending June 30th 2020.
The company's net revenue came in at $329,000, compared with last years revenue of $154,000, while its gross profit increased $84,000, or 116% to $157,000 compared to the previous year's gross profit of $73,000.
Shares in the company exploded higher after the Q2 report was released and are currently trading at $2.58 per share premarket after a 108.06% surge.
“Our Myos team entered the second quarter with incredible uncertainty and quite a bit of trepidation as the pandemic in New Jersey and New York was growing at an alarming rate,” said Joseph Mannello, CEO of MYOS.
He continued by heaping praise on the commitment of his team and continued by saying that “the results of this commitment are shown not only in our numbers but in the many things we've accomplished. The fact that a company of our size was able to achieve these results during such an unsettling time, is truly remarkable.”