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ELMSFORD, N.Y. - NanoVibronix, Inc. (NASDAQ: NAOV), a medical device company with a market capitalization of $2.44 million, today announced the expansion of its distribution agreement with Dukehill Healthcare Pty Ltd. to include all Australian states. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and impressive revenue growth of 228% over the last twelve months. This development follows a surge in demand for the company’s UroShield device, particularly in South Australia and Victoria, after the publication of an independent study highlighting its effectiveness.
The study, which was not detailed in terms of its methodology or the specifics of its findings, has reportedly demonstrated UroShield’s ability to reduce catheter-associated complications and improve patient outcomes. These results have led to an increase in inquiries and orders from healthcare facilities across Australia. The company’s strong gross profit margin of nearly 60% suggests efficient production costs, though InvestingPro analysis indicates the company is currently burning through cash rapidly despite maintaining a solid current ratio of 1.74.
NanoVibronix’s CEO, Brian Murphy, expressed confidence in the continued success of UroShield in the market, attributing the growth to the device’s recognized benefits in patient care. Dukehill’s Director, Toni Hill, echoed this sentiment, emphasizing the potential impact of UroShield on the management of urinary catheters and patient quality of life.
In addition to the distribution expansion, Dukehill plans to present the benefits of UroShield at the 33rd National Conference on Incontinence in Hobart in May 2025, providing clinicians an opportunity to discuss the recent study’s findings.
NanoVibronix, based in Tyler, Texas, with R&D in Nesher, Israel, focuses on non-invasive therapeutic devices using patented low intensity surface acoustic wave technology. Its primary products, including PainShield and UroShield, are designed for home use or in various care settings.
The press release also contains forward-looking statements regarding the company’s performance and market acceptance of its products. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
This news is based on a press release statement from NanoVibronix, Inc.
In other recent news, NanoVibronix, Inc. has completed a reverse stock split at a ratio of 1-for-11, reducing its outstanding shares from approximately 8.7 million to about 792,394. This move, authorized by shareholders, aims to meet Nasdaq listing requirements and enhance the stock’s marketability. Additionally, NanoVibronix has acquired ENvue Medical Holdings Corp., a provider of enteral feeding solutions, in a stock-for-stock transaction. This acquisition is expected to bolster NanoVibronix’s position in the medical device sector, with ENvue’s shareholders potentially owning 85% of NanoVibronix’s common stock, subject to approval.
The company has also entered into a securities exchange agreement with an institutional investor, issuing new shares and warrants in exchange for an existing warrant. This exchange aligns with SEC regulations and involves the issuance of 456,478 shares and warrants to purchase up to 3,703,633 shares. Moreover, NanoVibronix has advanced the development of its PainShield® and UroShield® devices, completing the design phase with improvements aimed at reducing costs and enhancing usability. These developments reflect the company’s ongoing efforts to innovate and expand its market presence.
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