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Medigus Ltd. (NASDAQ: MDGS) is an innovative medical device company renowned for its groundbreaking endoscopic procedures and devices. The company has developed a comprehensive endoscopic system designed for the intraluminal treatment of Gastroesophageal Reflux Disease (GERD), a prevalent chronic condition in the Western world. The centerpiece of Medigus's offering is the SRS system, which integrates a miniaturized video camera, surgical stapler, and ultrasonic sights for precise alignment into a single, flexible endoscope. This unique system allows gastroenterologists and surgeons to perform endoluminal partial anterior fundoplications, thereby eliminating the need for traditional open or laparoscopic surgery, significantly advancing the clinical management of GERD.
Alongside its flagship SRS system, Medigus also designs and manufactures bespoke endoscopy systems for partner companies, leveraging its proprietary technology to meet diverse clinical needs. This dual focus on innovation in GERD treatment and custom endoscopic solutions underscores Medigus's commitment to advancing medical care through minimally invasive techniques.
Based in Israel, Medigus's recent initiatives include strategic partnerships and collaborations to expand the reach and application of their technologies. The company's financial health is bolstered by these partnerships, alongside a strong pipeline of ongoing projects aimed at enhancing patient outcomes and broadening the scope of endoscopic treatments.
For the latest updates, news, and detailed financial information, stakeholders can contact: Tali Dinar, Chief Financial Officer, at ir@medigus.com, or Michal Efraty, Investor Relations, at michal@efraty.com.
Medigus Ltd. (Nasdaq: MDGS) reported impressive financial results from its subsidiary Viewbix for Q3 and the first nine months of 2022. Viewbix's revenues surged to $66.1 million, a 176% increase year-over-year, with Q3 revenues hitting $22.8 million, up 182%. EBITDA for the nine-month period reached $3.5 million, marking a 178% growth. Furthermore, operating income improved to $1.4 million, a turnaround from a loss in 2021. Net cash from operations rose 40% to $2.2 million for the nine months.
Medigus Ltd. (Nasdaq: MDGS) announced a cash capital distribution of $1.6 million approved by the Tel Aviv District Court on November 13, 2022. The court's approval is valid for 180 days. Following this, on November 17, Medigus' board resolved to distribute the cash to holders of the Company’s ADSs and eligible warrant holders based on their holdings. An announcement regarding the exact timing and details of this distribution will follow.
Medigus Ltd. (Nasdaq: MDGS) announced a significant development involving its 40% ownership stake in ParaZero Technologies. ParaZero has secured a purchase order worth approximately $241,000 USD for its SafeAir safety systems from a global aerospace company specializing in UAV development. This order underscores the growing demand for ParaZero's innovative drone safety solutions, which include advanced safety systems designed to autonomously manage emergencies. This partnership enhances Medigus’ positioning in the advanced technology sector.
Medigus Ltd. (Nasdaq: MDGS) announced a non-binding letter of intent with AI Conversation Systems Ltd. for a potential securities exchange agreement. This agreement will enable Medigus' subsidiary, Eventer Technologies Ltd., to become a wholly-owned subsidiary of AI Conversation Systems, acquiring 74.99% of its share capital, provided Eventer is valued at no less than $13 million. CEO Liron Carmel highlights the benefits of going public for Eventer, aiming for improved capital access and market expansion.
Medigus Ltd. (Nasdaq: MDGS) reported strong financial results from its subsidiary, Eventer Technologies Ltd., for the nine months ending September 30, 2022. Eventer's ticket sales reached approximately $49 million, marking an 87% increase from 2021. The firm sold over 1.6 million tickets during this period, generating revenues of around $1.99 million, which is a 69% rise compared to the full year 2021. Eventer maintains a commission rate of approximately 5%. The report indicates a robust growth trajectory for Eventer's innovative event management solutions.
Medigus Ltd. (Nasdaq: MDGS) announced that its subsidiary, Charging Robotics Ltd., has filed a patent application for a new wireless charging method for electric vehicles in automatic car parks. This innovative solution addresses the inability to charge electric vehicles parked in structures where traditional plug connections are impractical. The system will enable high-efficiency charging by aligning transmitting and receiving components. CEO Liron Carmel highlighted the growing demand for accessible charging as electric vehicle use rises, indicating potential benefits for parking owners and users.
Medigus Ltd. (Nasdaq: MDGS) announced that its affiliate, Jeffs' Brands, has launched 16 new products for pets and home décor on Amazon ahead of the holiday season. This expansion aims to enhance their product offerings and capitalize on the busy shopping months of November and December. The products were selected through meticulous market research and technology, focusing on revenue and ROI potential. CEO Viki Hakmon emphasized the importance of responding to customer trends and expanding the brand's portfolio.
Medigus Ltd. (Nasdaq: MDGS) announced that its affiliate, Jeffs' Brands Ltd., which it owns 35.27%, is taking significant steps for growth. Jeffs' Brands has secured an agreement with a U.S.-based storage and logistics center near Newark and JFK Airport to enhance direct sales capabilities and launch new E-commerce platforms. This facility, with 100,000 square feet and 20 loading docks, will allow for improved inventory management and shipping. The shift towards Fulfillment by Merchant (FBM) services responds to Amazon's restrictions on Fulfillment by Amazon (FBA) and aims to empower sellers with greater control over shipping.
Medigus Ltd. (Nasdaq: MDGS) announced a 1:15 ratio change for its American Depositary Receipt (ADR) program, effective November 14, 2022. This change means each ADR will represent fifteen ordinary shares instead of one. The company aims for this adjustment to help meet Nasdaq's minimum bid price requirements after previously failing to comply. The Bank of New York Mellon will manage the exchange of old ADSs for new ones, and no fractional ADSs will be issued. This move is part of Medigus' strategy to enhance its stock performance.
Medigus Ltd. (Nasdaq: MDGS) announced a non-binding letter of intent for Jeffs' Brands Ltd. to acquire an Amazon Marketplace brand for $2.5 million. The brand specializes in nutritional supplements with an estimated $2.7 million in annual revenues in 2022 and over 22,000 positive reviews. The acquisition is pending due diligence and contract finalization. CEO Viki Hakmon emphasized the strategic importance of this acquisition for growth, highlighting plans to leverage technology and expertise to enhance brand performance.
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