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Why did China Jo-Jo Drugstores, Inc. (CJJD) stock skyrocket in premarket?

China Jo-Jo Drugstores, Inc. (CJJD) experienced an incline of 4.46% in the premarket today. However, the last trading session closed at $0.6805 with an increase of 1.73%.

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Redomiciliation Merger

On 30th July 2021, CJJD announced about the re-domiciliation merger to redomicile the Corporation as a Cayman Islands company has been completed. Each outstanding share of the Corporation’s common stock was converted into the opportunity to receive one ordinary share of China Jo-Jo Drugstores. Lastly, CJJD Cayman’s ordinary shares are traded on the NASDAQ Capital Market under the ticker “CJJD”.

Fiscal Year 2021 Financial Results

CJJD reported the fiscal year 2021 financial results on 29th June 2021. Revenue climbed by $15.80 million to $133.13 million in the fiscal year. The boost in revenue was mostly attributable to the expansion of the retail pharmacy, internet pharmacy, and wholesale businesses.

For the fiscal year ending March 31, 2021, gross profit climbed by 14.6 percent to $29.24 million, up from $25.53 million the previous year. Moreover, gross margin grew by 0.2 percent to 22.0 percent, up from 21.8 percent the previous year. Lastly, the company’s net loss for the fiscal year ended March 31, 2021, was $8.38 million compared to $6.46 million in the previous fiscal year.

 Third Quarter Fiscal 2021 Financial Results

CJJD released third-quarter fiscal 2021 financial results on 12th February 2021. For the three months ending December 31, 2020, revenue climbed by 6.5 percent to $35.54 million, up from $33.36 million the previous year. Moreover, gross profit climbed by 11.0 percent to $8.09 million, up from $7.28 million the previous year. The gross margin grew by 1.0 percentage points to 22.8 percent, up from 21.8 percent for the same time the previous year. Last but not least, the company lost $6.29 million, compared to $0.46 million for the same period last year.

Second Quarter 2021 Financial Results

CJJD announced second-quarter 2021 financial results on 13th November 2021. The revenue climbed by 8.8% to $30.84 million, up from $28.35 million the previous year. Also, the gross profit climbed by 4.8 percent to $7.01 million, up from $6.69 million the previous year. Moreover, the gross margin fell to 22.7 percent. Lastly, for the three months ended September 30, 2020, the net loss was $1.53 million compared to a net loss of $1.35 million for the same period the previous year.

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