EMvision Medical Devices Ltd (ASX: EMV) is the subject of investor interest going by a 70% bounce back after coming under short-selling pressure in March. Price action indicates the stock is on its way to 2020 highs, as bulls continue to win the fight against short sellers.
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EMvision Medical Devices Outperformance
The blockbuster rally has come at a time when the broader stock market appears to have turned bearish. Investors’ overall sentiments about stock market have turned sour as growing concerns about a looming economic recession continue to exacerbate the situation. However, for EMvision Medical Devices, market sentiments have improved, as investors react to improving underlying fundamentals.
The Australian-based medical device company has carved a niche for itself on the development and commercialization of medical imaging technology. The company is currently working on a game-changing portable and cost-effective brain scanner, to be used in imaging to check and detect strokes.
Promising Brain Scanner Technology
EMvision Medical Devices market sentiments have received a boost on the company confirming positive preliminary images from its clinical study of the brain scanner under development. Ischemic patient data sets generated by the brain scanner, under trial, continue to show encouraging progress.
Likewise, the functional imaging scans magnetic resonance imaging and computed tomography continues to show robust correlation with ground truth scans.
“Our first set of images, while preliminary, is certainly encouraging […]. We are confident that as we continue to process further stroke patient data, we will demonstrate our unique value proposition to meet a major unmet clinical need in rapid and portable stroke diagnosis and monitoring,” said CEO, Dr. Ron Weinberger.
Strengthened Balance Sheet
EMvision Medical Devices remains well-positioned to bring the brain scanner technology to fruition, having strengthened its balance early late last year. The boosting of the balance sheet means the company is well-financed to oversee clinical trials going forward.
Quarterly report for December indicates that the company’s balance sheet received a $3.7 million increase in cash reserves. Conversely, EMvision Medical Devices started the year with $6.8 million, ideal for advancing product development and conducting clinical trials.
EMvision Medical Devices also secured a $191,000 CRC-P grant income as well as $658,000 from the federal government in tax incentive rebates. Backed by a solid balance sheet, the research and development company is well-positioned to conduct clinical trials for the portable brain scanner. The company has already tested the scanner at Princess Alexandra Hospital targeting healthy volunteers.
Amidst the COVID-19 pandemic that seems to have taken a toll on various sectors of the economy, EMvision Medical Devices is well-positioned to weather down its effects. Development of the scanner is continuing nicely in line with the original six-month timeline for trials.
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