Shares of dually-listed Medifocus Inc. (TSX-V:MFS)(OTCQB:MDFZF) are generally thinly traded, but not so on Thursday after the biotech reported results from the latest quarter showing its restructuring efforts launched a year ago are working. Toronto-listed shares of Medifocus rocketed ahead by 60% to 4 cents per share on big volume following the release after closing Wednesday at 3 cents.
Sales of the Prolieve Thermodilatation™ System, an in-office treatment to relieve symptoms of Benign Prostatic Hyperplasia, edged down to $1.04 million in the quarter ended December 31, 2016, compared to $1.14 million in the year prior quarter. Cost reduction measures helped right the ship, resulting in an operating profit of $33,694, versus a loss of $1.08 million during the same quarter in 2015.
For the nine months ended December 31, 2016, sales for the Columbia, Maryland-based company were off 7% from a year prior to $3.17 million. Operating losses were shaved from $2.68 million to only $239,129.
Shares hitting a high of 4.5 cents in morning action marked the highest level for the stock since last May. Shortly after noon ET, more than 1.7 million shares have traded hands, the highest volume in years for MFS.
