ELMSFORD, N.Y. - NanoVibronix, Inc. (NASDAQ:NAOV), a New York-based medical device company, has announced the inclusion of its PainShield product on the U.S. Department of Veterans Affairs' (VA) Federal Supply Schedule (FSS). The FSS program facilitates the procurement of healthcare products by the VA and other government agencies. The contract, effective today, is awarded to Delta Medical, LLC, a service-disabled veteran-owned small business, for a period of five years.
PainShield, developed by NanoVibronix, is a portable therapeutic device that uses low-frequency ultrasound waves for pain management, potentially reducing the need for pharmacological treatments. The product's addition to the FSS is seen as an opportunity to expand its reach within the VA, which serves nine million enrolled veterans annually.
Brian Murphy, CEO of NanoVibronix, expressed optimism about the contract's potential impact on PainShield's adoption. He highlighted the healthcare system's growing interest in non-pharmacological treatments for pain management.
Justin A. Brooks, Principal Owner of Delta Medical, emphasized the contract's significance in enabling the pursuit of sole source distribution agreements throughout the United States. This arrangement aims to streamline the acquisition process for the VA and improve accessibility for veterans.
NanoVibronix's patented Surface Acoustic Wave (SAW) technology underpins its product line, which includes applications for disrupting biofilms, preventing bacterial colonization, and providing pain relief. PainShield is designed for home use without medical professional assistance.
This press release contains forward-looking statements that involve risks and uncertainties, including market acceptance, competition, and the company's dependency on certain suppliers and subcontractors. Investors are directed to the SEC's website for more detailed information about the company's risks and financial disclosures.
The information reported is based on a press release statement from NanoVibronix, Inc.
InvestingPro Insights
In light of NanoVibronix's recent announcement regarding PainShield's inclusion on the Federal Supply Schedule, investors may be keen on understanding the financial health and market performance of the company. According to InvestingPro data, NanoVibronix has a market capitalization of $2.05 million and a significant revenue growth of 203.59% over the last twelve months as of Q4 2023. This growth is further accentuated by an extraordinary quarterly revenue growth of 1253.92% in Q4 2023, which may reflect the company's potential to expand its market share and increase sales. Despite these promising growth figures, NanoVibronix has reported a negative operating income margin of -134.73% for the same period, indicating that the company is currently not profitable and faces challenges in managing its expenses relative to its revenues.
From an investment standpoint, the InvestingPro Tips for NanoVibronix reveal a mixed picture. The company holds more cash than debt, suggesting a stable financial position in terms of liquidity (Tip #0). However, it is also quickly burning through cash (Tip #1), which could be a concern for long-term sustainability. Additionally, the stock has fared poorly over the last month with a price total return of -16.48%, and it is trading near its 52-week low (Tip #5), which may indicate a bearish sentiment among investors. It's also worth noting that NanoVibronix does not pay a dividend to shareholders (Tip #8), which could influence the investment decisions of income-focused investors.
For those interested in a deeper analysis, there are 9 additional InvestingPro Tips available for NanoVibronix, which can provide further insights into the company's financial metrics and stock performance. Readers looking to access these tips can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.