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ELMSFORD, N.Y. - NanoVibronix, Inc. (NASDAQ: NAOV), a medical device company, today announced its intent to expand the distribution of its UroShield device in Israel through a letter of intent with Medici Medical LTD, a prominent distributor in the Israeli healthcare market.
The UroShield, developed by NanoVibronix, is one of the company's Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices designed for medical applications, including the disruption of biofilms and bacterial colonization.
Brian Murphy, CEO of NanoVibronix, emphasized the significance of collaborating with leading distributors like Medici to increase market adoption of UroShield. He expressed optimism about the potential partnership enhancing the company's global distribution network.
Medici Medical LTD, established in 2005, is recognized for its specialization in importing, marketing, and distributing disposable medical devices and biological products, including vaccines and blood products. Nufar Cohen, CEO of Medici, highlighted the company's commitment to innovative solutions for the Israeli healthcare market and expressed interest in the UroShield's reported benefits.
This development could mark a positive step for NanoVibronix in reaching new markets and is based on a press release statement from the company. The letter of intent signifies the preliminary stage of discussions and does not guarantee a finalized agreement.
Investors and stakeholders in the medical device industry may view this potential partnership as an opportunity for NanoVibronix to expand its international presence and for Medici Medical LTD to diversify its product offerings in Israel.
InvestingPro Insights
As NanoVibronix, Inc. (NASDAQ: NAOV) forges ahead with plans to expand the distribution of its UroShield device in Israel, investors are keeping a close watch on the company's financial health and market performance. Notably, NanoVibronix holds more cash than debt on its balance sheet, according to InvestingPro Tips, which can be a positive indicator of the company's financial stability. However, the company is quickly burning through cash, which raises concerns about its long-term sustainability.
InvestingPro Data reveals that NanoVibronix has a market capitalization of just $1.92 million, which positions it as a micro-cap stock, often associated with higher volatility and risk. The company's revenue has seen a significant surge, with a growth rate of 424.57% over the last twelve months as of Q2 2024. Despite this impressive growth, the company remains unprofitable over the same period, with an operating income margin of -66.82%.
The stock price has experienced substantial fluctuations, reflecting the company's volatile nature as highlighted in InvestingPro Tips. Over the last year, the price has fallen by 70.39%, yet it has shown a strong return over the last month with a 17.03% increase. This could be indicative of investor optimism following the announcement of the potential partnership with Medici Medical LTD.
For investors seeking a deeper dive into NanoVibronix's performance and prospects, there are additional InvestingPro Tips available. These tips can offer further insights into the company's valuation, liquidity, and market trends, which can be crucial for making informed investment decisions. Visit https://www.investing.com/pro/NAOV to explore the comprehensive analysis and additional tips on NanoVibronix.
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