Lost money data warehousing company SCWorx (NASDAQ: WORX) is the latest recipient of a short squeeze. The company’s shares ended at $ 2.75 each on August 20, 2021, but market capitalization remains at about $ 29 million with a stock count of $ 10 million.
The company can find out what medical companies have and it confirmed that its version becomes a single source of truth that enables integration of health company supply chain and databases.
However, not all in the healthcare sector ask for it, nor are they willing to pay a price for it.
SCWorx had two brilliant years in 2018 and 2019, but sales were $ 5 billion. However, shares lost around $ 7.4 billion in 2020, including $ 750 million in the March quarter alone.
Its shares traded at $ 7 in April 2020 but have fallen to $ 3.15. The company had $ 433 million in long-term debt as of the end of March, compared to $ 89 million in cash. SCWorx also replaced the CEO with Tim Hannibal, who founded VaultLogic, a software as a service.
A company like Oracle, SAP and Salesforce can integrate SCWorx into an existing line-up to attract healthcare companies. It is estimated that the company’s value, both debt and equity, was $ 600 million by the end of March. Speculators tried to push Worx shares over the course of the year.