Australia's Control Bionics jumps as revenue rises on faster approvals

Control Bionics

04/10/2024 06:38

** Shares of Control Bionics  CBL.AX  rise 17.1% to A$0.082,
on track for the best day since Aug. 19, if current gains hold
    ** Stock hits highest level since Sept. 12
    ** Medical device co received approvals of about A$400,000
($273,720) from Australia's National Disability Insurance Scheme
(NDIS) over the past eight weeks
    ** Amount higher than what co received from NDIS over last
five months
    ** Says approvals will be recognized as revenue after
devices are shipped to customers
    ** Stock adds ~22.4% in value so far this week, set for best
week since Aug. 2
    ** More than 341,000 shares change hands by 0519 GMT, 1.4X
30-day avg volume of shares
    ** Stock up ~78.3% YTD, including current session's moves

($1 = 1.4603 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))