Medstone Chief Says He’s Puzzled by Volatility of Firm’s Stock Price
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Medstone International Inc., a Costa Mesa company that developed a technology to remove kidney stones with shock waves instead of surgery, has seen its stock price plummet from $26 a share a week ago to $21.75 Friday.
“There is no fundamental reason for the recent volatility in the company’s common stock,” Freeman Rose, chairman and chief executive of Medstone, said Friday in a statement.
In June, Medstone went public at $16 a share. The stock rapidly traded up to $42 in late August, but has steadily dropped since then.
Last week the company reported revenue of $2.6 million for the third quarter, up from $856,159 for the same period a year earlier.
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