Kelyniam Global Inc. (OTCMKTS:KLYG) Stock Rockets 293%: What’s The Buzz?

Kelyniam Global Inc. (OTCMKTS: KLYG) jumped 293% last week after announcing its Q2 2021 financial results.  The company reported total revenues of $1.224 million, a 3.25% sales revenue decline from $1.27 million a year ago. In addition, Kelyniam’s operating income was $47,167 relative to $181,395 a year ago, while the company reported a net income of $5,544 relative to $184,567 for the first six months of 2020.

CEO Ross Bjella said that period comparisons for 2020 and 2021 are challenging to assess because of the multiple impacts of the coronavirus pandemic last year. Bjella said that inQ2 2020, the company’s operations were affected considerably because of the backlog of surgeries following the lifting of pandemic restrictions.

The CEO said that the company is yet to witness a similar rebound effect this year. However, despite the continuing surgery delays because of the pandemic, the company has continued to run profitably in the first half of 2021. In addition, the forgiving of the $144,000 Paycheck Protection loan balance announced in July will impact results in Q3. So, in the coming days, KLYG is worth watching.

Market Reaction:

On Wednesday, KLYG stock soared 293% at $0.4350 with more than 3 million shares, compared to its average volume of 44k shares. The stock has moved within a range of $0.1689 – 0.4750 after opening the trade at $0.1689.