Gaining Traction with Increased Distribution and Lower Cost Manufacturing
NanoVibronix, Inc ., (NASDAQ: NAOV), a medical device company that produces the UroShield®, PainShield® and WoundShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today reported its financial results for the quarter ended September 30, 2020 and provided a business update.
Financial and Business Highlights
- Revenue increased 49% to $150,000
- Expanded offerings with introduction of PainShield Plus
- Received U.S. Food and Drug Administration (FDA) authorization for entry of UroShield into the U.S. during the Covid-19 pandemic
- Completed first shipments of UroShield devices to the United Kingdom
- Signed a two-year agreement for the distribution of PainShield devices and components by Durable Medical Equipment (DME) distributors throughout the United States
- Expanded license agreement for distribution of UroShield and PainShield in Canada and Turkey
- Secured Medicare reimbursement code from Centers for Medicare and Medicaid Services (CMS) for PainShield
- Received the coveted Plus X Award 2020 for its PainShield PT 100 ultrasound therapy device in the categories of high quality, design, ease of use and functionality
- Strengthened balance sheet with approximately $4.1 million in aggregate net proceeds from two offerings of common stock