IDenta Corp (OTCMKTS:IDTA) Stock Falls After Annual Financial 2021 Results

At this point in time, IDenta Corp (OTCMKTS:IDTA) is one of the biggest worldwide players in the field of Home Diagnostic and Field Detection Testing Kits as well as Forensic Products. Those products are generally meant use by the Homeland Security and also by retail users. However, the IDenta stock was in the middle of a selloff on Thursday and went down by as much as 17% as a consequence.

Market Stats

On Thursday, IDTA stock slumped 17% to $0.4850 with 8.8K shares, compared to its average volume of 417 shares. The stock moved within a range of $0.4850 – 0.6000 after opening trading at $0.60.

IDenta Corp Reports Annual Financial 2021 Results and Continues to Maintain Profitability

The stock actually came into focus yesterday after it announced its financial results for the fiscal year of 2021. The company noted that despite the difficulties that had been caused by the coronavirus pandemic, the company managed to turn a profit.

In the fiscal year 2021, the company managed to bring in revenues of as much as $1,392,136 and that reflected a year on year drop of 4% from the $149,999 that it had clocked in the 2020 fiscal year. However, perhaps more importantly, the company managed to bring in gross profits to the tune of as much as $1065,965 and that worked out to be a 12% rise from the $953,181 in gross profits that the company had announced in the previous fiscal year.

Key Quote

Mr. Amichai Glattstein, Chief Executive Officer, commented: “During 2021 we had several ongoing contracts which were put on hold or were postponed as a result of the COVID pandemic. With all the challenges, including a significant drop in global currency exchange rates and a rise in the price of raw materials, the company has opened new avenues for sales and entry into new markets. In spite of all the challenges, the company has managed to maintain profitability. The company also took advantage of the period to significantly increase product inventory for faster deliveries. IDenta entered stronger and better positioned to continue to deliver value to all customers as we continue our journey to be a top performing company.”

Traders Corner

IDTA stock is trading above the 10-Day and 20-Day Moving averages of $0.5660 and $0.5610 respectively. However, the stock is trading below the 200-Day moving average of $0.9121.