NanoVibronix Highlights Second Quarter Revenue Growth and Narrowing of Loss from Operations in Letter to Stockholders
NanoVibronix (NASDAQ: NAOV) reported significant growth in Q2 2024, with revenue reaching $817,000, over 2.5 times higher than Q2 2023. The company reduced its loss from operations by more than 30% to approximately ($674,000). Key highlights include:
1. Increased revenues from Veterans' Health System and Workers' Compensation markets
2. Strong balance sheet with $2.2 million cash and $2.4 million inventory
3. Progress in domestic sales channels, including VA facilities and DME distributors
4. International expansion in Australia, New Zealand, and the UK
5. Ongoing product development and research initiatives
The company remains focused on expanding distribution channels, nurturing relationships with accounts, and engaging consumers to drive profitable growth.
NanoVibronix (NASDAQ: NAOV) ha riportato una crescita significativa nel secondo trimestre del 2024, con un fatturato che ha raggiunto $817,000, oltre 2,5 volte superiore rispetto al secondo trimestre del 2023. L'azienda ha ridotto la propria perdita operativa di oltre 30%, attestandosi a circa (674.000 $). I punti salienti includono:
1. Aumento dei ricavi dai mercati del Servizio Sanitario dei Veterani e delle Indennità per Infortuni sul Lavoro
2. Un bilancio solido con 2,2 milioni di dollari in contante e 2,4 milioni di dollari in inventario
3. Progressi nei canali di vendita domestica, incluse le strutture VA e i distributori DME
4. Espansione internazionale in Australia, Nuova Zelanda e Regno Unito
5. Sviluppo continuo di prodotti e iniziative di ricerca
L'azienda rimane concentrata sull'espansione dei canali di distribuzione, sul nurturing delle relazioni con i clienti e sul coinvolgimento dei consumatori per guidare una crescita redditizia.
NanoVibronix (NASDAQ: NAOV) reportó un crecimiento significativo en el segundo trimestre de 2024, con ingresos que alcanzaron $817,000, más de 2.5 veces superiores al segundo trimestre de 2023. La empresa redujo su pérdida operativa en más de 30%, quedando en aproximadamente (674,000 $). Los puntos clave incluyen:
1. Aumento de ingresos de los mercados del Sistema de Salud de Veteranos y Compensación por Trabajo
2. Un balance sólido con 2.2 millones de dólares en efectivo y 2.4 millones de dólares en inventario
3. Progreso en los canales de ventas domésticas, incluidas las instalaciones de VA y los distribuidores de DME
4. Expansión internacional en Australia, Nueva Zelanda y el Reino Unido
5. Desarrollo continuo de productos e iniciativas de investigación
La empresa sigue centrada en expandir los canales de distribución, fomentar relaciones con cuentas y comprometer a los consumidores para impulsar un crecimiento rentable.
NanoVibronix (NASDAQ: NAOV)는 2024년 2분기에 중요한 성장을 보고했으며, 수익은 $817,000에 달해 2023년 2분기보다 2.5배 이상 증가했습니다. 회사는 운영 손실을 30% 이상 줄여 약 (674,000 $)로 감소했습니다. 주요 하이라이트는 다음과 같습니다:
1. 재향군인 건강 시스템 및 근로자 보상 시장에서의 수익 증가
2. 220만 달러의 현금과 240만 달러의 재고를 보유한 강력한 재무 상태
3. VA 시설 및 DME 유통업체를 포함한 국내 판매 채널에서의 진전
4. 호주, 뉴질랜드, 영국으로의 국제 확장
5. 지속적인 제품 개발 및 연구 이니셔티브
회사는 유통 채널 확장, 계정과의 관계 육성 및 소비자 참여를 통해 수익성 있는 성장을 이끌어내는 데 집중하고 있습니다.
NanoVibronix (NASDAQ: NAOV) a signalé une croissance significative au deuxième trimestre 2024, avec un chiffre d'affaires atteignant $817,000, plus de 2,5 fois supérieur à celui du deuxième trimestre 2023. L'entreprise a réduit sa perte d'exploitation de plus de 30% pour atteindre environ (674,000 $). Les points clés incluent :
1. Augmentation des revenus provenant des marchés du système de santé des vétérans et de l'indemnisation des travailleurs
2. Bilan solide avec 2,2 millions de dollars en liquidités et 2,4 millions de dollars en stocks
3. Progrès réalisés dans les canaux de vente domestiques, y compris les installations VA et les distributeurs DME
4. Expansion internationale en Australie, Nouvelle-Zélande et au Royaume-Uni
5. Développement continu de produits et initiatives de recherche
L'entreprise reste concentrée sur l'expansion des canaux de distribution, le renforcement des relations avec les clients et l'engagement des consommateurs pour favoriser une croissance rentable.
NanoVibronix (NASDAQ: NAOV) berichtete über ein signifikantes Wachstum im 2. Quartal 2024, mit einem Umsatz von $817,000, der mehr als 2,5-mal höher ist als im 2. Quartal 2023. Das Unternehmen verringerte seinen operativen Verlust um mehr als 30% auf etwa (674.000 $). Die wichtigsten Highlights sind:
1. Steigende Einnahmen aus dem Veterans' Health System und den Märkten für Arbeitsunfallentschädigung
2. Starke Bilanz mit 2,2 Millionen Dollar in bar und 2,4 Millionen Dollar an Inventar
3. Fortschritte im nationalen Vertrieb, einschließlich VA-Einrichtungen und DME-Händlern
4. Internationale Expansion nach Australien, Neuseeland und Großbritannien
5. Laufende Produktentwicklungen und Forschungsinitiativen
Das Unternehmen bleibt fokussiert auf die Erweiterung der Vertriebskanäle, den Aufbau von Beziehungen zu Konten und das Engagement von Verbrauchern, um profitables Wachstum voranzutreiben.
- Record Q2 revenue of $817,000, 2.5 times higher than Q2 2023
- Loss from operations reduced by over 30% to ($674,000)
- Strong balance sheet with $2.2 million cash and $2.4 million inventory
- Increased revenues from Veterans' Health System and Workers' Compensation markets
- GSA contract awarded to sales partner Delta Medical, expected to accelerate product adoption
- Expansion of DME distributor network for PainShield
- Progress in international markets: Australia, New Zealand, and UK
- Ongoing evaluation with German urologic pharmaceutical company for potential partnership
- University of Michigan initiating Randomized Control Trial study on UroShield efficacy
- Company still operating at a loss, albeit reduced
- Full reimbursement for UroShield in Australia and New Zealand markets still pending
- COVID-19 interrupted momentum in some business discussions
Insights
NanoVibronix's Q2 2024 results show promising growth. Revenue reached
The balance sheet remains solid with
NanoVibronix's product portfolio, including UroShield®, PainShield® and WoundShield®, shows promise in addressing unmet medical needs. The increasing adoption of PainShield as an alternative to opioids for pain management is particularly noteworthy. The upcoming Randomized Control Trial (RCT) at the University of Michigan for UroShield could provide important clinical evidence to support its efficacy in reducing urinary tract infections and improving patient quality of life.
The company's focus on product development, aiming to improve therapy, reduce costs and "future-proof" components, demonstrates a commitment to innovation. However, the lack of specific details on these improvements and new product opportunities leaves some uncertainty about the potential impact on future sales and market position.
NanoVibronix's market strategy appears well-targeted, focusing on key segments like Veterans' Health System and Workers' Compensation. The exclusive distribution agreements and GSA contract position the company favorably for growth in these areas. International expansion efforts, particularly in Australia, New Zealand and the UK, show potential for market diversification.
The ongoing evaluation with a German urologic pharmaceutical company could open significant opportunities in Europe. However, the success of these initiatives will depend on securing reimbursement approvals and effectively penetrating new markets. The company's emphasis on private label agreements and sector-specific distribution could lead to more predictable revenue streams, but execution risks remain. Investors should monitor progress on the stated near-term milestones as indicators of the company's ability to capitalize on its market opportunities.
To Our Shareholders:
We are committed to our strategic vision of developing, improving and commercializing our distinct and effective therapies, which we believe enable healthcare providers to treat patients in need, fill a void in the market and have the potential to increase stockholder value. We are focused on several areas that we believe will have a substantial impact on our growth and product adoption. Many of those areas of focus have begun showing positive results, as reflected in our most recent quarter’s financial results for the quarter ended June 30, 2024. Our products continue to deliver impressive outcomes with high patient satisfaction, with no reportable adverse events. Moreover, we are investing in sales improvement and long-term opportunities with all of our products.
Q2 Financial Results
We recorded revenues of approximately
Domestic update
We continue to make progress in several channels of domestic sales and product adoption. Our Veterans' Affairs penetration continues to improve in terms of the number of facilities served, and we have added valuable sales resources in areas previously uncovered by our current sales partner, Delta Medical.
Delta Medical was awarded a GSA grant that we believe will provide for an accelerated uptick in product adoption within the Veterans' Health facilities. The GSA contract became effective on May 1, 2024, so we have yet to realize a full quarter impact. The GSA contract is expected to have a positive impact on both sales and adoption, as well as provide a significant competitive advantage, and we are optimistic that we will see the effects of the GSA in the second half of 2024. We are also optimistic about our future sales growth within this important business sector.
Additionally, we continue to make progress in the Workers’ Compensation area of our business, from multiple sales channels. Our Durable Medical Equipment (“DME”) exclusive distributor has been steadily delivering and expanding its reach through the addition of qualified and competent dealers, and we believe there is significant upside potential in this area. We are gratified to see the adoption of PainShield increase within both reimbursable market segments and become the accepted product of choice for the DME market. The PainShield product family is increasingly becoming a recognizable and acceptable standard for pain relief and the avoidance of opioids.
Reimbursement
Reimbursement is currently approved in the Veterans’ Health System and several Workers' Compensation plans, Third Party Administrators and insurance companies. Our revenues in these markets have grown and continue to grow substantially. Through our strategic, exclusive distributor partners for select markets, and through our direct sales efforts, we are seeing growth every month. The sales growth follows the payer and patient testimonials of superior product efficacy, which is heavily scrutinized in these markets. It is truly gratifying to witness the product loyalty and increased adoption of PainShield.
Reimbursement for UroShield remains in effect for the Veterans' Administration segment.
International update
We continue to make progress and generate additional sales in the Australian and
In the
Relative to the broader market in
Research
The University of
Product development
We have been working on several exciting improvements to the existing product portfolio as well as exploring new product opportunities. The goals of the product development are to improve the therapy, reduce costs and “future-proof” the componentry. The “kick-off” for the project began on time and the development process is progressing rapidly.
A look ahead
We remain focused on driving profitable growth by expanding and increasing our distribution and licensing channels, nurturing relationships with new and existing accounts and engaging consumers through a variety of creative mediums. Today, we have initial distribution agreements in place, a solid manufacturing partner and the necessary working capital to meet existing and anticipated near-term demand.
We continue to negotiate for sector-specific private label agreements. This strategy is intended to develop long-lasting, profitable, forecastable revenue. COVID-19 interrupted our momentum, but these discussions are moving forward.
In the near-term, we are primarily focused on achieving the following milestones:
- Supplementing distribution to achieve broader geographic coverage in both VA and Workers' Compensation channels
- Selection of UroShield distribution to key markets
-
Adding market segment specific distribution for PainShield in the
U.S. -
Finalizing a private label partnership for PainShield in the
U.S. - Expanding UroShield distribution throughout the world.
Thank you for your continued support. We remain optimistic and motivated to deliver improved results for 2024.
Kind regards,
Brian Murphy
Chief Executive Officer
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company headquartered in
Forward-looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) market acceptance of our existing and new products or lengthy product delays in key markets; (ii) negative or unreliable clinical trial results; (iii) inability to secure regulatory approvals for the sale of our products; (iv) intense competition in the medical device industry from much larger, multinational companies; (v) product liability claims; (vi) product malfunctions; (vii) our limited manufacturing capabilities and reliance on subcontractor assistance; (viii) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (ix) our ability to successfully obtain and maintain intellectual property protection covering our products; (x) legislative or regulatory reform impacting the healthcare system in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821272005/en/
Investor Contact:
Brett Maas, Managing Principal, Hayden IR, LLC
brett@haydenir.com
(646) 536-7331
Source: NanoVibronix, Inc.
FAQ
What was NanoVibronix's (NAOV) revenue for Q2 2024?
How much did NanoVibronix (NAOV) reduce its loss from operations in Q2 2024?
What is the cash position of NanoVibronix (NAOV) as of June 30, 2024?
What markets are driving revenue growth for NanoVibronix (NAOV)?