TYLER, Texas - NanoVibronix, Inc. (NASDAQ:NAOV), a medical device company, announced Monday that it has entered into a distribution agreement with CB Medical, LLC for its UroShield product. UroShield is an ultrasound device aimed at preventing infections related to urinary catheters.
The agreement grants CB Medical the rights to distribute UroShield to the U.S. Department of Veteran Affairs (VA) healthcare system. CB Medical is recognized as a Service-Disabled Veteran-Owned Small Business with a history of serving veterans' medical needs.
NanoVibronix CEO Brian Murphy expressed optimism about the partnership, highlighting UroShield's potential to prevent catheter-associated urinary tract infections (CAUTIs) and alleviate pain for catheter users. The device's ability to reduce bacterial colonization and enhance antibiotic effectiveness is particularly beneficial for veterans, many of whom rely on indwelling catheters due to spinal injuries.
Shawn Pinkston, CEO of CB Medical, echoed Murphy's sentiments, emphasizing the company's commitment to offering top-tier medical solutions to VA beneficiaries. Pinkston noted that the addition of UroShield to their catalog is a step forward in providing preventative care and improving the quality of life for veterans with catheters.
NanoVibronix, headquartered in Tyler, Texas, with R&D in Nesher, Israel, focuses on creating medical devices using patented Surface Acoustic Wave (SAW) technology. This technology is applied in their range of products, including PainShield and WoundShield, to address various medical applications such as biofilm disruption and pain relief.
The financial terms of the multi-year agreement were not disclosed. The announcement is based on a press release statement.
InvestingPro Insights
NanoVibronix's recent distribution agreement with CB Medical marks a significant step for the company, as it looks to expand the reach of its UroShield product within the U.S. Department of Veteran Affairs healthcare system. As investors evaluate NanoVibronix's potential, several key financial metrics and InvestingPro Tips provide a deeper understanding of the company's current standing.
An InvestingPro Tip highlights that NanoVibronix is currently trading near its 52-week low, which could indicate a potential entry point for investors believing in the company's long-term growth prospects. Additionally, NanoVibronix holds more cash than debt on its balance sheet, suggesting a degree of financial stability that could support its operational needs and distribution efforts.
InvestingPro Data shows a remarkable revenue growth for NanoVibronix in the last twelve months as of Q4 2023, with an increase of 203.59%. The quarterly revenue growth during Q4 2023 was even more impressive at 1253.92%. Despite these strong growth figures, the company is not profitable over the last twelve months, and the valuation implies a poor free cash flow yield, which investors should consider when assessing the company's financial health.
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