NanoVibronix Inc. (NAOV) shares gained 0.89% in after-hours on Monday, August 16, 2021, and closed the daily trading at $3.40. In the regular trading session of Monday, NAOV’s stock soared 33.73%. NAOV shares have risen 165.35% over the last 12 months, and they have moved up 47.81% in the past week. Over the past three months, the stock has gained 305.88%, while over the past six months. The company has a current market of $93.21 million and its outstanding shares stood at 24.17 million.
Let’s see is there any reason behind its exceptional surge on Monday?
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NAOV recent financial results announcement
On August 16, 2021, NanoVibronix, Inc (NAOV) released its financial results for the quarter ended June 30, 2021.
Q2 2021 financial highlights
- NAOV reported revenue of $318,000 for Q2 2021 compared to $269,000 for the second quarter of 2020.
- Gross profit was $208,000 in the second quarter of 2021 compared with $38,000 in the 2020 period.
- Total operating expenses were $1.2 million in Q2 2021 compared with $1.5 million in the prior-year period.
- It suffered a net loss of $216,000, or $0.01 per basic and diluted share in Q2 2021 compared to a loss of $1.5 million or $0.20 per basic and diluted share for Q2 2020.
NAOV expanding its product portfolio
On August 16, 2021, NanoVibronix, Inc announced that it intends to enter the Over-the-Counter (OTC) pain relief market with the introduction of PainShield RELIEF™, a non-prescription ultrasound therapy device that delivers fast pain relief for nerve and soft tissue damage.
NAOV has submitted its trademark application to the U.S. Patent and Trademark Office (USPTO) for protection of the PainShield RELIEF and expects to submit for clearance to the U.S. Food and Drug Administration (FDA) in the very near term.
NAOV seeking CMS Reimbursement Code
On August 05, 2021, NanoVibronix, Inc (NAOV) completed the application process with the Centers for Medicare and Medicaid (CMS) to receive a reimbursement code for its UroShield and PainShield Plus devices.
NAOV launching its products in Australia
On July 29, 2021, NanoVibronix, Inc (NAOV), announced that the Therapeutic Goods Administration (TGA), The Australian Regulatory body for Therapeutic Devices, has approved for its UroShield to be used by patients in Australia.
In addition, the Company also announced that it has signed an agreement with DukeHill Healthcare Pty Ltd to distribute the Company’s UroShield® and PainShield® technologies in Australia.
The recent financial results announcement was the reason behind its dream start on Monday and it can continue its positive momentum in the coming days.