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NanoVibronix Inc (NASDAQ:NAOV) Stock Tanks After Quarterly Earnings

Ash K , , , ,

Yesterday, it was not a particular great time in the markets for NanoVibronix Inc (NASDAQ:NAOV) shareholders as the company’s stock took a dive and fell sharply by as much as 10% as a consequence.

Market Stats

On Tuesday, NAOV stock ended lower by 9.72% at $1.3 with more than 2.47 million, compared to its average volume of 5.74 million shares. The stock has moved within a range of $1.2700 – 1.4100 after opening trading at $1.41.

Earnings Recap

The medical device company was in the news yesterday after it announced its third fiscal quarter financial results. However, it seems that the numbers did not quite impress investors and he stock suffered from a selloff as a consequence. In this situation, it might be a good move by investors to consider taking a closer look at the company’s financial results.

NanoVibronix managed to generate revenues of as much as $499000 for the period and that worked out to a year on year rise of as much as 233%. That was a massive jump and it is something that investors out to keep in mind when looking into the stock.

On the other hand, the company also expanded the size of its market through an entry into the worker’s compensation space by way of an agreement with one of the biggest national payers. As of the end of the quarter on September 30, 2021, the backlog of orders was valued at as much as $600,000.

Key Quote

“We are increasingly encouraged by the progress we believe we are making towards broad adoption and commercialization of our products,” stated Brian Murphy, CEO of NanoVibronix. “As of September 30, we had a backlog of orders that exceeded this quarter’s revenue, a telling metric that demonstrates growing sales throughput of our product and revenue to be recognized in the future. Looking beyond year end, we have commitments to deliver a more significant quantity of product than ever before and an improved contract manufacturing position that we expect will enable a significant increase in product delivery through the first quarter of 2022.

Traders Corner

NAOV stock is trading below the 20-Day and 50-Day Moving averages of $1.50 and $1.76 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.43. The stock is down 20% in the past month.