- The stock price of G Medical Innovations Holdings Ltd (NASDAQ: GMVD) increased by 18.52% in the most recent trading session. This is why it happened.
The stock price of G Medical Innovations Holdings Ltd (NASDAQ: GMVD) increased by 18.52% today. Investors are responding positively to McDade Products, LLC and G Medical Tests and Services — a division of G Medical Innovations Holdings Ltd. (NASDAQ: GMVD) — announcing an additional $6.5 million purchase order for two million COVID-19 PCR collection test kits.
G Medical is going to be selling these units wholesale for $3.25 each, reflecting a gross profit of approximately $3.5 million. And G Medical expects to be paid an average of $85.00 per test through each patient’s insurance.
The Biden Administration also recently required that private insurers pay for a minimum of 8 COVID 19 test kits per person per month starting January 15th. G Medical Tests and Services said it is delighted to provide McDade with current and future purchase orders.
Orders can be placed for the LiveNow PCR Collection Kits at mcdadegrp.com.
“McDade is pleased to be expanding upon its existing purchase order so quickly and expects to be ordering a further seven million test kits in the next thirty days.”
— Company Statement
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