XpresSpa Group Inc (NASDAQ:XSPA) jumped 10% after the recent fall. Announced the release of its Q2 2021 financial results in which net revenue was $9.1 million that included $r8.7 million attributable to XpresCheck. The company reported record MSA to practice patient fees increasing from$6.3 in Q1 2021 to $17.1 million in Q2 2021.
Net loss during the quarter narrowed to $4.7 million relative to a net loss of $58.5 million a year ago. XpresSpa ended the quarter in a strong liquidity position with around 4102.5 million in unrestricted cash.
CEO Doug Satzaman said that they are delighted with Q2 2021 results. Satzaman explained that at the start of the COVID-19 pandemic, the company saw an opportunity for testing at various airports across the US and quickly moved to leverage the opportunity. Since then, the company has surpassed expectations with testing numbers increases as travel resumes. He added that the collaboration with government agencies and leading airlines shows confidence in the company. Therefore, in the coming weeks, XSPA is worth watching.
Market Reaction:
On Friday, XSPA stock surged 10% at $1.52 with more than 2.42 million shares, compared to its average volume of 2.70 million shares. The stock has moved within a range of $1.3900 – 1.5500 after opening the trade at $1.39.
