Gold is 2025’s best performer. UBS sees more upside
Modular Medical (TASE:BLWV), Inc. (NASDAQ:MODD), a San Diego-based company specializing in surgical and medical instruments with a market capitalization of $34.4 million, announced the results of its annual shareholder meeting held on February 28, 2025. According to InvestingPro data, the company’s stock has declined over 56% in the past year, though it maintains a strong balance sheet with more cash than debt. Shareholders voted on several key proposals, including the election of directors and amendments to the company’s equity incentive plan.
In a virtual meeting, shareholders elected all seven director nominees to serve until the next annual meeting. The elected directors are Duane DeSisto, Paul DiPerna, Steven Felsher, Morgan Frank, Philip Sheibley, Carmen Volkart, and Ellen O’Connor Vos. The voting percentages for each director varied, with a significant majority in favor of each candidate.
Additionally, shareholders approved the amendment of the Amended and Restated 2017 Equity Incentive Plan, which includes an increase of 3,000,000 shares reserved for issuance. This proposal received 12,169,001 votes in favor, 7,488,354 against, and 522,723 abstentions. InvestingPro analysis indicates the company’s financial health score is currently rated as WEAK, with the company quickly burning through cash despite maintaining a healthy current ratio of 5.3.
The third proposal, concerning the ratification of Farber Hass Hurley LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2025, was also approved with an overwhelming majority of 30,401,496 votes for, 14,273 against, and 46,503 abstentions.
The shareholder meeting’s outcomes reflect the confidence of Modular Medical’s investors in the current board’s leadership and the company’s strategic direction. With the approval of the equity incentive plan amendment, Modular Medical is positioned to potentially attract and retain talent through its increased share reserve. InvestingPro analysis suggests the stock is currently undervalued, with 12 additional exclusive ProTips available for subscribers, covering crucial aspects like profitability outlook and market performance metrics.
This news is based on a press release statement and provides investors with the latest governance decisions made by the company’s shareholders. It is important to note that the information presented here is factual and does not include any speculative content.
In other recent news, Modular Medical has announced a partnership with Nudge BG to develop an advanced Automated Insulin Delivery (AID) system. This collaboration aims to create a full closed-loop AID system that simplifies diabetes management by eliminating the need for mealtime insulin announcements. The new system will integrate Nudge BG’s adaptive technology with Modular Medical’s MODD1 insulin pump, which is designed to be user-friendly and cost-effective. The combined technology is expected to adjust insulin delivery based on continuous glucose monitoring data, potentially reducing the burden on individuals with insulin-requiring diabetes. Lane Desborough, CEO of Nudge BG, highlighted the goal of automating mealtime insulin delivery to help users achieve their glycemic goals with less effort. Paul DiPerna, President and CTO of Modular Medical, noted that the partnership aligns with their mission to make diabetes management more accessible and less complex. The press release also included cautionary forward-looking statements, indicating that the project’s success involves risks and uncertainties. These developments reflect the company’s ongoing efforts to address the needs of insulin pump users who find current systems too intricate or expensive.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.