ELMSFORD, N.Y. - NanoVibronix, Inc. (NASDAQ:NAOV), a New York-based medical device company, has announced a new partnership with Veranex, Inc. to support the development of the next generation of their UroShield and PainShield products. The collaboration aims to enhance therapeutic functionality and reduce production costs for these portable ultrasonic therapeutic devices.
Brian Murphy, CEO of NanoVibronix, stated that the alliance with Veranex will leverage the latter's industry expertise and manufacturing knowledge to advance their products and maintain a competitive edge. Murphy emphasized the goal of increasing clinician and patient satisfaction while also reducing the cost of goods through this partnership.
Veranex is known for assisting medtech companies from the initial concept to commercialization, including clinical trial management, regulatory approval, and ensuring EU MDR compliance. By offering a comprehensive approach to product development, Veranex collaborates closely with clients to deliver high-quality, compliant solutions.
NanoVibronix specializes in low-intensity surface acoustic wave (SAW) technology, which is used in medical devices for various applications such as disrupting biofilms, bacterial colonization, and pain relief. The company's primary products, PainShield and UroShield, are designed for home use without the need for medical professional assistance.
This partnership announcement is based on a press release statement and does not include any subjective assessment or promotional content. NanoVibronix's collaboration with Veranex represents a strategic move to enhance their product offerings and address market needs effectively.
InvestingPro Insights
As NanoVibronix, Inc. (NASDAQ:NAOV) moves forward with its strategic partnership with Veranex, the company's financial metrics and market performance provide a broader context for understanding its current position. With a market capitalization of just $1.91 million and a negative P/E ratio reflecting a lack of profitability over the last twelve months, NanoVibronix faces significant financial challenges. The company's revenue has seen a sharp decrease by 38.37% over the last twelve months as of Q3 2023, but it's worth noting a substantial quarterly revenue growth of 372.16% in Q3 2023, signaling potential volatility or a turning point in sales performance.
InvestingPro Tips indicate that while NanoVibronix holds more cash than debt on its balance sheet, it is quickly burning through cash, which may raise concerns about the sustainability of its operations. Additionally, the company's valuation implies a poor free cash flow yield, and it does not pay a dividend to shareholders, which may affect investor sentiment. However, it's worth noting that liquid assets exceed short-term obligations, providing some financial cushion in the near term.
Investors considering NanoVibronix as a potential addition to their portfolio may find additional insights by exploring the 7 InvestingPro Tips available at Investing.com/pro/NAOV. To access these tips and more in-depth analysis, use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these tools, investors can make more informed decisions based on real-time data and expert analysis.
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