Medical Disposables hits 2020 high
Investors are looking to Medical Disposables and Supplies (MDS) as a resistant stock to the raging coronavirus (COVID-19).
The stock traded at a year-to-date high of $8.24 on Friday before closing at $7.51.
Overall it gained 12.5 per cent on the trading day and 36 per cent from March lows of $5.52.
Medical Disposables distributes healthcare and consumer products islandwide, with a catalogue that spans pharmaceuticals, vaccines, injectables, hospital supplies, medical disposable items, medical sundries, consumer products and beauty items.
Investors are betting that MDS will see increased business as it provides health workers with medical supplies to fight the virus.
In the third-quarter ending December 2019, MDS made $603 million in revenue or 12 per cent more than the previous year. The company benefited from increased sales across all its business divisions. Profit decreased to $6.5 million down by $13 million or 67 per cent over the previous year.
Year-to-date sales over nine months grew to $1.7 billion or 9.2 per cent more than the previous year, and profit over that period decreased to $29.2 million down by 47 per cent over the previous year.
Shareholder equity grew 8.4 per cent to $759.4 million by December 2019.