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ELMSFORD, N.Y. - NanoVibronix, Inc. (NASDAQ:NAOV), a medical device company with a market capitalization of $2.63 million, has announced the extension of its exclusive distribution agreement with Ultra Pain Products, Inc. (UPPI) for the distribution of its PainShield device. The renewed contract, effective for another five years, guarantees a minimum purchase commitment of $12 million from UPPI. According to InvestingPro analysis, the company currently holds more cash than debt on its balance sheet.
Brian Murphy, CEO of NanoVibronix, expressed satisfaction with the continued partnership, highlighting UPPI's growth and commitment to delivering affordable, non-opioid pain management solutions. The company has demonstrated remarkable growth, with revenue increasing by 227.79% in the last twelve months and maintaining a healthy gross profit margin of 59.62%. The decision to renew the partnership is a nod to UPPI's significant growth over the past four years and its status as a leader in the non-opioid pain management industry.
Ari Alayev, President of UPPI, also remarked on the strength of the collaboration between the two companies, which has been instrumental in expanding the availability of non-opioid treatment options.
The agreement underscores the mutual dedication of both companies to support injury recovery and empower patients with safe and effective medical solutions. NanoVibronix's PainShield is a part of UPPI's expanding portfolio of innovative technologies aimed at advancing the non-opioid treatment landscape in the U.S.
NanoVibronix, based in Tyler, Texas, with R&D in Nesher, Israel, specializes in developing medical devices using patented low-intensity surface acoustic wave technology. This technology has applications in disrupting biofilms and bacterial colonization, as well as providing pain relief. The company's primary products, including PainShield and UroShield, are portable devices designed for use at home or in various care settings.
The information in this article is based on a press release statement from NanoVibronix, Inc.
In other recent news, NanoVibronix, Inc. is facing potential delisting from the Nasdaq due to non-compliance with two key listing requirements. The company has received notices regarding its failure to meet the minimum stockholders' equity threshold and the $1.00 minimum bid price requirement. NanoVibronix is exploring all possible options to address these deficiencies and will present its plan at an upcoming hearing before the Nasdaq Hearings Panel.
On a brighter note, recent developments indicate that NanoVibronix is making strides in its business strategies. The company has initiated a partnership with Kriel Technology Group to assess market opportunities for its UroShield device in South Africa. Additionally, NanoVibronix has expressed its intent to expand the distribution of its UroShield device in Israel through a letter of intent with Medici Medical (TASE:PMCN) LTD.
In executive news, NanoVibronix has renewed its employment agreements with CEO Brian Murphy and CFO Stephen Brown, extending their tenure through August 31, 2025. The revised contracts include provisions for salary, potential bonuses, expense reimbursement, and possible stock option grants. These are recent developments that investors in NanoVibronix should take into account.
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