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Summary
- US-based healthcare company NanoVibronix offered a private placement to raise US$6 million.
- Last month the company reported strong Q3 2020 earnings with 49 per cent revenue growth year-over-year.
- NanoVibronix stocks are up by 29 per cent in the last one month.
US-based medical device producer NanoVibronix announced that it has partnered with certain institutional and certified investors to secure a US$ 6.0 million fund. The company is offering 8.57 million common stocks at a price of US$ 0.70 per stock in a private placement. The company is expected to conclude this private placement by December 4, 2020.
In the wake of this announcement, its stock rose 55.17 per cent during opening bell on December 3.
NanoVibronix is a New York-based healthcare device manufacturer with its research and development (R&D) operations based in Nesher, Israel. It centers on producing medical equipment using its patented low-intensity surface acoustic wave (SAW) technology. The company provides remedies through its technology for disruption of biofilms and bacterial colonization, as well as for pain aid. Its primary medical products are PainShield®, UroShield®, and WoundShield®.
NanoVibronix Stock Performance
The healthcare stock has soared almost 29 per cent in the last one month and over 14 per cent in the last three months . However, the medical device producer stocks are down 75 per cent year-to-date.
The stock’s profit to book (P/B) ratio is 75.63, and debt to equity ratio is 4.41. Its price to cash flow ratio is 73.70, according to data available on the TMX portal.
NanoVibronix’s current market cap is approximately US$ 8 billion. Its 10-day stock trading volume has amplified to 18.51 million units. Its 30-days trading volume is 6.58 million units.
Its current price-to-book ratio stands at 2.20, and the debt to equity ratio is 0.01, as per the TMX portal.
NanoVibronix stock’s one-month performance (Source: EODHD/Others, Thomson Reuters)
NanoVibronix Financial Highlights
In the third quarter of 2020, the healthcare company recorded revenue of US$150,000, a 49 per cent rise compared to US$ 101,000 for the third quarter of 2019, led by increased sales to the company’s medical devices distributors.
Its gross profit was 66 per cent of the total revenue generated in Q3 2020. These gains were propelled by beneficial pricing with the company’s distributors and curtailed discounts.
The company posted total operating costs of US$ 903,000 in Q3 2020 compared with US$ 840,000 in Q3 2019, an increase led by expenditure on marketing campaigns.
The company got U.S. Food and Drug Administration (FDA) approval for the entry of UroShield® devices at home market amid the Covid-19 pandemic, as per the company’s exchange filing.
