Financial Performance - For the three months ended September 30, 2023, revenues increased by approximately 372% to $458,000 compared to $97,000 for the same period in 2022[85]. - Gross profit for the three months ended September 30, 2023 was approximately $349,000, an increase of approximately 336% from $80,000 in the same period in 2022[87]. - Revenues for the nine months ended September 30, 2023, were approximately $1,106,000, an increase of approximately 30%, or $252,000, compared to $854,000 in the same period of 2022[99]. - Gross profit for the nine months ended September 30, 2023, was approximately $800,000, an increase of approximately 71%, or $333,000, from $467,000 in the same period of 2022[102]. - Net loss decreased by approximately $228,000, or 24%, to approximately $727,000 for the three months ended September 30, 2023, from approximately $955,000 in the same period of 2022[98]. Expenses - Research and development expenses decreased by approximately 7% to $33,000 for the three months ended September 30, 2023, down from $49,000 in 2022[90]. - Selling and marketing expenses decreased by approximately 12% to $190,000 for the three months ended September 30, 2023, compared to $217,000 in 2022[93]. - General and administrative expenses increased by approximately 8% to $796,000 for the three months ended September 30, 2023, up from $738,000 in 2022[95]. - Research and development expenses decreased by approximately 30%, or $53,000, to approximately $123,000 for the nine months ended September 30, 2023, from $176,000 in the same period of 2022[104]. - Selling and marketing expenses decreased by approximately 17%, or $129,000, to approximately $631,000 for the nine months ended September 30, 2023, from $760,000 in the same period of 2022[107]. - General and administrative expenses for the nine months ended September 30, 2023, were approximately $2,780,000, a decrease of approximately 2%, or $55,000, from $2,835,000 in the same period of 2022[109]. Market and Revenue Sources - The percentage of revenues attributable to PainShield Plus was 53% for the three months ended September 30, 2023, compared to 0% in 2022[86]. - The percentage of revenues derived from distributors increased to 96% for the three months ended September 30, 2023, up from 83% in 2022[86]. - The global wound care device market is projected to grow from approximately $20.8 billion in 2022 to $27.2 billion by 2027, at a CAGR of 5.4%[73]. Compliance and Financial Position - The company reported stockholders' equity of approximately $2.2 million, below the Nasdaq minimum requirement of $2.5 million[80]. - The company has until November 20, 2023, to demonstrate compliance with Nasdaq's minimum stockholders' equity requirement[81]. - General and administrative expenses as a percentage of total revenues were approximately 174% for the three months ended September 30, 2023, compared to 761% for the same period in 2022[96]. - Interest expense for the three months ended September 30, 2023, was $35,000, up from $0 in the same period of 2022[97]. - Cash used in operating activities was approximately $3,111,000 for the nine months ended September 30, 2023, compared to $5,704,000 for the same period in 2022[122]. - As of September 30, 2023, the company had a cash balance of approximately $3,787,000, compared to approximately $2,713,000 as of December 31, 2022[121].
NanoVibronix(NAOV) - 2023 Q3 - Quarterly Report