ENvue Medical, Inc. FEED
Medical, Inc. (the "Company"), formerly known as NanoVibronix, Inc., was incorporated as a Delaware corporation in
October 2003. In December 2025, the Company changed its name from NanoVibronix, Inc. to ENvue Medical, Inc. Prior to such a name
change, on February 14, 2025, the Company consummated and completed its merger (the "Merger") pursuant to the Agreement
and Plan of Merger, dated as of February 14, 2025 (the "Merger Agreement"), as further described herein. Following the
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6M | $2.6M | $2.3M | $752.0K | $1.7M | $623.0K | $530.0K | $318.0K | $239.0K | $229.0K |
| Cost of revenue | $2.4M | $1.1M | $746.0K | $585.0K | $925.0K | $409.0K | $249.0K | $158.0K | $88.0K | $88.0K |
| Gross profit | $153.0K | $1.5M | $1.5M | $167.0K | $770.0K | $214.0K | $281.0K | $160.0K | $151.0K | $141.0K |
| R&D | $1.8M | $909.0K | $185.0K | $283.0K | $293.0K | $171.0K | $514.0K | $614.0K | $693.0K | $584.0K |
| SG&A | $7.6M | $3.5M | $3.9M | $3.9M | $5.1M | $3.8M | $3.8M | $2.6M | $2.1M | $1.4M |
| Total operating expenses | $23.0M | $5.1M | $5.0M | $5.2M | $6.5M | $4.9M | $5.4M | $4.5M | $3.2M | $2.5M |
| Operating income | -$22.9M | -$3.6M | -$3.4M | -$5.0M | -$5.7M | -$4.7M | -$5.2M | -$4.3M | -$3.1M | -$2.3M |
| Interest expense | — | $135.0K | $135.0K | $347.0K | — | $147.0K | $15.0K | — | — | — |
| Pre-tax income | -$18.5M | -$3.7M | -$3.7M | -$5.4M | -$14.2M | -$4.3M | -$5.8M | -$4.3M | -$4.9M | -$2.7M |
| Income tax | $307.0K | $19.0K | $29.0K | $35.0K | $32.0K | $15.0K | $17.0K | $127.0K | $38.0K | $117.0K |
| Net income | -$18.2M | -$3.7M | -$3.7M | -$5.4M | -$14.3M | -$4.3M | -$5.8M | -$4.2M | -$5.0M | -$2.8M |
| EPS, basic | -26.69 | -137.30 | -23.32 | -3.84 | -11.35 | — | — | — | — | — |
| EPS, diluted | -26.69 | -137.30 | -23.32 | -3.84 | -0.57 | -0.42 | -0.83 | -0.64 | -1.17 | -0.62 |
| Shares, diluted (wtd. avg.) | $628.5K | $27.0K | $159.1K | $1.4M | $1.3M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.2M | $752.0K | $3.3M | $2.7M | $7.7M | $7.1M | $1.3M | $896.0K | $4.4M | $106.0K |
| Receivables | $289.0K | $98.0K | $318.0K | $9.0K | $200.0K | $25.0K | $111.0K | $95.0K | $24.0K | $6.0K |
| Inventory | $2.3M | $2.2M | $2.7M | $2.2M | $175.0K | $145.0K | $121.0K | $144.0K | $76.0K | $67.0K |
| Total current assets | $7.3M | $3.3M | $6.5M | $5.6M | $8.3M | $8.0M | $1.8M | $1.2M | $4.5M | $221.0K |
| Property, plant and equipment | $119.0K | $9.0K | $7.0K | $7.0K | $5.0K | $4.0K | $4.0K | $8.0K | $5.0K | $11.0K |
| Goodwill | $29.1M | — | — | — | — | — | — | — | — | — |
| Other intangibles | $4.4M | — | — | — | — | — | — | — | — | — |
| Total assets | $41.1M | $3.6M | $6.7M | $5.9M | $8.6M | $8.2M | $2.0M | $1.6M | $4.9M | $494.0K |
| Accounts payable | $719.0K | $47.0K | $138.0K | $66.0K | $87.0K | $144.0K | $129.0K | $193.0K | $168.0K | $82.0K |
| Total current liabilities | $6.7M | $2.7M | $2.5M | $2.3M | $1.9M | $2.9M | $409.0K | $640.0K | $797.0K | $565.0K |
| Total liabilities | $7.6M | $3.0M | $2.7M | $2.6M | $2.3M | $5.8M | $688.0K | $1.1M | — | — |
| Retained earnings | -$90.5M | -$69.8M | -$66.1M | -$62.4M | -$56.9M | -$42.7M | -$38.3M | -$32.5M | -$28.4M | -$22.6M |
| Total equity | $33.5M | $627.0K | $4.0M | $3.2M | $6.3M | $2.4M | $1.3M | $463.0K | $3.6M | -$2.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.4M | -$2.5M | -$3.6M | -$7.0M | -$4.4M | -$3.4M | -$3.9M | -$3.5M | -$2.2M | -$1.5M |
| Depreciation and amortisation | $897.0K | $1.0K | $1.0K | $1.0K | $2.0K | $2.0K | $4.0K | $6.0K | $5.0K | $7.0K |
| Stock-based compensation | — | $356.0K | $293.0K | $354.0K | $382.0K | $376.0K | $1.8M | $889.0K | $800.0K | $508.0K |
| Capital expenditure | $60.0K | $3.0K | $1.0K | $3.0K | $3.0K | $2.0K | — | $8.0K | — | $8.0K |
| Investing cash flow | $88.0K | -$3.0K | -$1.0K | -$3.0K | -$3.0K | -$2.0K | — | -$8.0K | — | -$8.0K |
| Financing cash flow | $12.8M | $1.0K | $4.2M | $2.1M | $4.6M | $9.5M | $4.3M | $94.0K | $6.4M | $33.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-016871.
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