Shares of the NanoVibronix, Inc. (NAOV) stock were rising in the intraday trading session today on December 7, 2021. NAOV stock price saw a push of 2.19% to reach $1.16 a share at the time of this writing. The trading volume on the last check was 319,338. Let’s dig in to understand the reason behind this rise.
What’s Happening?
NanoVibronix, Inc. announced the positive interim results of the real-world patient study of UroShield after which the stock become bullish today. Both the qualitative as well as quantitative results were encouraging according to the study team. The company is keen on the commercialization of UroShield and this is an important milestone to achieve this task. In most patients, urine analysis demonstrated an approximate 1 log reduction in bacterial numbers. This represents that UroShield is effective in reducing the bacterial load that colonizes the catheter that results in infection.
NAOV stock launched the study in the first half of 2021. The purpose of the study was to evaluate the UroShield to decrease the infection rate by resisting bacterial colonization.
Financial View of NAOV stock
- According to third-quarter 2021 financial results, NAOV stock generated $499,000 in revenue. This represents a 233% increase as compared to $150,000 in the same quarter of last year. The PainShield sales increase resulted in this rise.
- The gross profit of the NAOV stock reached $228,000 in the third quarter of 2021. In the same quarter of last year, the company reported $99,000 in gross profit.
- NAOV stock spent $1.1 million in operating expenses in the third quarter of 2021. This compares to $903,000 operating expenses in the same tenure of the previous year. The 10.3% increase is mainly attributable to the increase in general and administrative expenses in the reported quarter.
- NAOV stock suffered a net loss of $6.7 million in the recently reported quarter as compared to $922,000 in the same quarter of last year.
- By the end of the third quarter, NAOV stock had $8.6 million in cash and $0 long-term debt.
Conclusion
Investors are responding positively to the recent announcement of Nano stock in the stock market. The stock has progressed well in 2021 as it gained approximately 41% year to date. From the investment perspective, it is better to do fundamental as well as technical analysis before adding this stock to the portfolio.
