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NanoVibronix, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $376,000, a decrease from $458,000 in the same quarter the previous year. The decrease is attributed to lower sales to certain customers due to reduced wholesale prices.
Cost of revenues for the quarter was $243,000, resulting in a gross profit of $133,000 compared to $349,000 in the previous year. Gross profit as a percentage of revenues decreased to 35% from 76%.
Research and development expenses increased to $249,000 from $33,000, mainly due to product redevelopment costs.
Selling and marketing expenses were $181,000, a slight decrease from $190,000, attributed to reduced fees related to completed web development.
General and administrative expenses decreased to $673,000 from $796,000, primarily due to reduced legal and accounting fees.
Net loss for the quarter was $998,000, up from $727,000 in the previous year. The increase is primarily due to decreased gross profit and increased research and development expenses.
Cash used in operating activities was $1,968,000 for the nine months ended September 30, 2024. The company had a cash balance of $1,305,000 as of September 30, 2024.
The company continues to face challenges related to ongoing litigation with Protrade Systems, Inc., with an arbitration award of approximately $2 million accrued in liabilities.
NanoVibronix is addressing material weaknesses in its internal control over financial reporting and has taken steps to remediate these issues.
The company is also addressing compliance with Nasdaq's (NDAQ-0.10%) continued listing requirements, having received a notice regarding non-compliance with the minimum bid price requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NanoVibronix Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.