On January 07, NanoVibronix Inc. (NAOV) announced its presentation at the upcoming H.C. Wainwright BioConnect Virtual Conference. Consequently, the stock became bullish in the after-hours on Friday.
During the regular session, NAOV stock traded in the red with a loss of 3.88% at its close of $0.99. Following the announcement, the stock gained 6.06% to reach $1.05 in the after hours.
The noninvasive biological response-activating devices developer, NanoVibronix Inc. was founded in 2003. Currently, its 27.95 million outstanding shares trade at a market capitalization of $27.67 million.
H.C. Wainwright BioConnect Conference
As per Friday’s announcement, NAOV’s Chief Executive Officer will present at the conference. Furthermore, the H.C. Wainwright BioConnect Virtual Conference will take place from January 10 to January 13, 2022.
Mr. Murphy will provide updates on the company’s business during the presentation.
NAOV’s VA Distribution Network Expansion
On January 06, the company announced the expansion of its VA distribution network. Delta Medical, LLC has been added to the distribution network in order to increase the sale of NAOV’s PainShield products to Veteran’s Administration hospitals and healthcare facilities.
Further, it is owned by Justin A. Brooks, who has vast experience in medical devices and deep-rooted relationships within the VA system.
Previously, the company had sighed a distribution agreement with Applied Medical Solutions, LLC. Applied Medical serves as the distributor of NAOV’s PainShield products to Veteran Administration facilities throughout the U.S. Added to that, now Delta Medical will be the sub-distributor of the products for expanding its access.
PainShieldTM
PainShield is NOAV’s ultrasound device that delivers a localized ultrasound effect for treating pain and inducing soft tissue healing at a targeted area. Moreover, PainShield can be used in any kind of setting, be it home or work or a clinical setting. It has been shown to effectively treat chronic and acute pains without any risk of abuse as is the case with most opioid-based pain treatments.
NAOV’s Financial Results
On November 16, the company announced its third-quarter financial results of 2021.
According to the results, NOAV has revenue of $499,000 in the third quarter of 2021. Comparatively, the revenue was $150,000 in Q3 of 2020. This shows a humungous increase of 233% year over year.
In addition, the company incurred a net loss of $6.7 million in the third quarter of 2021, against $922,000 in the year-ago period. Resultantly, the net loss per basic and diluted share was $0.26 and $0.10 in the third quarter of 2021 and 2020, respectively.
