Expects to Recognize First Revenues from Product in Third Quarter 2021
NanoVibronix, Inc., (NASDAQ:NAOV), a medical device company that produces the UroShield® and PainShield® Surface Acoustic Wave ("SAW") Portable Ultrasonic Therapeutic Devices, today announced it has fulfilled the first order of its next generation pain management device, PainShield Plus®, and expects to recognize revenue for the sale in the third quarter of 2021.
PainShield Plus covers two times the surface area for pain therapy and is sold at a higher gross margin compared to the original PainShield® MD.
"This first shipment represents a significant milestone for our patent pending PainShield Plus," stated Brian Murphy, Chief Executive Officer of NanoVibronix, Inc. "We launched the device late in 2020 to overwhelmingly positive response from orthopedic and neurological patients and healthcare providers. We are increasingly optimistic about the prospects for further market penetration given completion of this first shipment and an increasing interest from distributors and prescribers."
PainShield Plus, like the original PainShield, utilizes ultrasound therapy for the treatment of pain and various soft tissue injuries either directly over joints or orthopedic hardware and without the need for messy ultrasound gels. The device is an effective solution for avoiding opioid treatments and equips patients to receive therapy independently in the comfort and safety of their own homes. The device consists of a reusable driver unit and disposables, which includes a proprietary therapeutic transducer and cover adhesive to deliver a localized ultrasound effect to treat pain and induce soft tissue healing in a targeted area, while keeping the level of ultrasound energy at a safe and consistent level. Its range of applications includes acute and chronic pain resolution through its many mechanisms of action and can be used by patients at home, work or in a clinical setting and can be used even while the patient is sleeping. Patient benefits include ease of application and use, faster recovery time, high compliance, and increased safety and efficacy over existing devices that rely on higher-frequency ultrasound.
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ:NAOV) is a medical device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance of medical professionals. The Company's primary products include PainShield® and UroShield®, which are portable devices suitable for administration at home without assistance of medical professionals. Additional information about NanoVibronix is available at: www.nanovibronix.com.
Forward-looking Statements
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