Hot stock: Biolidics, Medtecs fall amid heavy trading post H1 results

SHARES of Catalist-listed medical technology (medtech) players Biolidics and Medtecs International fell on Monday morning, after both companies announced their H1 financial results on Friday following the close of trading.

No married deals were recorded in early trade for either counter, according to ShareInvestor data.

As at 9.41am on Monday, Biolidics 8YY : 8YY 0%had dipped below 52-week-low levels to 21 Singapore cents, down 22.2 per cent or six cents after 2.1 million shares changed hands.

The medtech company last Friday reported a S$3 million loss for the six months ended June 2021, widening from the S$0.1 million loss in the year-ago period. This came amid a "highly competitive market" with a growing supply of antigen and antibody test kits, said the firm in its results filing.

Meanwhile, protective gear maker Medtecs 546 : 546 0% fell 17.9 per cent or 22.5 Singapore cents to a year-to-date low of 57.5 cents as at 9.30am on Monday, with some 10.5 million shares traded.

Medtecs on Friday reported that its H1 profit had halved year on year to US$19.1 million from US$38.9 million, as revenue fell on lower sales of personal protective equipment and face masks after a build-up of stocks by most of its customers in the previous year.

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As at 10.10am on Monday, Biolidics had inched up marginally to trade at 22 cents, down 4.5 cents or 16.7 per cent. Shares of Medtecs recovered slightly to trade 16 Singapore cents or 20 per cent lower at 64 cents.