NanoVibronix Reports First Quarter 2022 Financial Results
2022-05-17 05:30 PT - News Release
Expanded Distribution, Entry into New Geographic Markets and Regulatory Approvals Advancing Efforts Towards Full Commercialization
ELMSFORD, N.Y. -- (Business Wire)
NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today reported its financial results for the quarter ended March 31, 2022.
First Quarter 2022 Financial and Recent Business Highlights
- Revenue of $272,000, an increase of 164% compared to the prior year period
- Significant backlog of orders to be filled in Q2
- Supply chain challenges are expected to abate moving into the second half of 2022
- Submitted a 510(k) application to the U.S. Food and Drug Administration (FDA) for PainShield(TM) MD PLUS
- Engaged a prominent researcher to facilitate a "gold standard" study for UroShield to submit to FDA for full 510k clearance
- Received published recommendation guidance from the National Institute for Health and Care Excellence (NICE) to advance efforts to achieve NHS approval of UroShield
- Received licensing approval from Health Canada / Sante Canada for PainGuard and UroGuard
- Signed a Provider Agreement with EZ Health Care to advance position in workers' compensation market
- Continued to broaden the PainShield footprint in the VA system nationwide through Delta Medical
- Entered into an International Marketing, Sales and Clinical Management Agreement with leading commercialization firm to extend reach of UroShield and PainSheild
- Filed three U.S. patent applications related to SAW technology and indwelling medical devices
- Expanded Board of Directors with appointment of two new independent directors
- Balance sheet remains strong with $6.0 million in cash and $0 long-term debt as of March 31, 2022
"We continued our efforts to expand distribution of our products through new partnerships in the workers' compensation market and by securing regulatory approvals both domestically and in the U.K. and Canada," stated Brian Murphy, CEO of Nanovibronix, Inc. "First quarter sales were up significantly year-over-year despite component sourcing challenges that caused a delay in first quarter order shipments of approximately $300,000. We expect that the delay will only impact the timing of revenue recognition as demand for our products remains robust. We continue to improve our approved reimbursement channels and are working to further enhance them going forward. We believe our manufacturing is stable, and we do not expect our supply chain to be an issue for the remainder of the year."
Murphy added, "Our balance sheet remains strong with $6.0 million in cash on hand and zero debt at the end of the first quarter of 2022. We believe we are in a solid position to fund our growth and continue to advance our products towards full commercialization. We continue to be optimistic about the future of NanoVibronix."