Data warehousing company SCWorx (NASDAQ:WORX), which has been losing money, is the recent recipient of a short squeeze. The company shares on August 20, 2021, ended at $2.75 each but the market capitalization remains about $29 million with the share count at 10 million.
The company can figure what medical companies have and it confirmed its version is becoming a single source of truth, enabling supply chain integration and health care company’s databases.
However, not all in the health care business require it and they are not willing to give a price for the same.
SCWorx had two brilliant years in 2018 and 2019 but its sales hovered at $5 billion. However, its shares lost about $7.4 billion in 2020, with $750 million just in the March quarter.
Its shares traded at $7 in April 2020 but have dropped to $3.15. The company had $433 million long-term debt by March-end against $89 million in cash. SCWorx also replaced the CEO with Tim Hannibal, who had founded VaultLogic, a software as a service.
A firm such as Oracle, SAP, and Salesforce may plug the outfit, SCWorx, into an existing lineup, to allure healthcare companies. It is estimated that the enterprise value, both debt and equity, was $ 600 million by March-end. Speculators have been attempting to push Worx stock in the year.