Hot Penny Stock Highlight; IMGG Spikes 21% Mid-day

Posted by on Aug 31, 2010 | No comment

Imaging3 Inc. (OTC: IMGG) is a Burbank, California-based producer and seller of medical equipment, parts and services to hospitals, surgery centers, research labs, physician offices and veterinarians. The company is the largest remanufacturer of C-arms in the world. The company is also the largest distributor of C-arm tables in the U.S.

Imaging3 has also built a proprietary medical technology that will create 3D medical diagnostic images in real time.

Imaging3 announced its second-quarter financial results on August 5. The company reported second-quarter net revenue of $341,698, up from $260,127 reported for the same period in 2009. The company’s gross profit for the second quarter of 2010 was $191,133, compared with $128,752 for the same period in 2009.

Imaging3’s loss from operations for the second quarter of 2010 came in at $369,874, compared with $492,328 reported for the same period in 2009. The company’s net loss for the second quarter of 2010 was $386,133, compared with $506,794 reported for the same period last year.

Imagin3 ended the second quarter of 2010 with cash and cash equivalents of $109,343. This is significantly lower than $633,443 in cash and cash equivalents at December 31, 2009. The decline in cash was mainly due to repayment of indebtedness.  The company currently does not have sufficient capital to meet its current cash need. Therefore it is seeking additional capital and long term debt financing.

In is 10Q filing, the company said that it may look to do more private placements of its stock in the future to raise additional capital. But, this is not assured. The company’s liquidity position remains a concern.

On Monday, the penny stock of Imaging3 Inc. saw a huge rally, climbing more than 30%. The surge came even as here was no major news or development. The penny stock has a 52-week range of $0.04-$1.95. It is currently trading above its 50-day and below its 200-day moving averages. The penny stock has a support level at $0.23 and a resistance level at $0.47.

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