NanoVibronix, Inc. (NAOV): Business Model Canvas [Dec-2025 Updated]

You're digging into NanoVibronix, Inc. after that big ENvue Medical merger back in February 2025, trying to map out where the real value is now. Honestly, it's not just a pain management story anymore; the business model is now a complex integration of their core Surface Acoustic Wave (SAW) technology across three distinct value streams: non-invasive pain relief, catheter infection defense, and the new, real-time imaging guidance from ENvue. With PainShield MD still driving 56% of the Q1 2025 product revenue, you need to see how the R&D pipeline, like ENvue Drive, and key distribution deals-like the one with Ultra Pain Products-are set to reshape their $2.69 million trailing twelve-month revenue base. Keep reading below for the defintely precise breakdown of their nine building blocks.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive NanoVibronix, Inc.'s market access and scaling efforts as of late 2025. These partnerships are critical, especially following the major structural shift from the ENvue Medical Holdings LLC merger earlier in the year. Honestly, the numbers tell a story of integration costs alongside platform expansion.

The Key Partnerships section of the Business Model Canvas for NanoVibronix, Inc. is heavily weighted toward distribution and strategic alignment, as evidenced by the following entities:

• - ENvue Medical Holdings LLC (merger completed February 14, 2025)
• - Ultra Pain Products, LLC (largest direct medical distributor)
• - Dukehill Healthcare Pty Ltd (exclusive distribution in Australia)
• - CB Medical, LLC (distribution to the US VA system for UroShield)
• - Peak Medical Limited (UK distributor leveraging NHS contract)

The merger with ENvue Medical Holdings LLC on February 14, 2025 immediately altered the balance sheet and revenue profile. For the first quarter of 2025, total revenues hit approximately $1,025,000, marking an 11% increase over the $921,000 reported in Q1 2024, largely due to the ENvue contribution. This integration, however, came with significant associated costs. Total Assets ballooned to $44.1 million by Q1 2025, up from $6.23 million the prior year, with associated Total Liabilities rising to $8.43 million. The goodwill recognized from the acquisition stood at $38,631,000 as of June 30, 2025. The net loss for Q1 2025 widened substantially to approximately $(2,495,000) compared to the $(588,000) loss in Q1 2024, reflecting the surge in operating expenses, such as R&D expenses climbing to $530,000 in Q1 2025 from $121,000 in Q1 2024. For the six months ending June 30, 2025, the net loss reached $(5,843,000), while the six-month gross profit remained positive at $334,000, though the gross margin compressed to ~22% from 63%. Cash and equivalents improved to $4,060,000 by June 30, 2025. The strategic focus now centers on the ENvue® feeding-tube placement system, which is driving a planned corporate rebranding to ENvue Medical.

The partnership with Ultra Pain Products, LLC (referred to as UPPI in filings) is a significant revenue driver for legacy products. In December 2024, NanoVibronix, Inc. renewed the exclusive distribution agreement for PainShield for another five years, securing a minimum purchase commitment valued at $12 million. This is an evolution from an earlier private label agreement that increased the revenue opportunity from an initial target of $1.1 million over two years to $7.8 million over three years.

For international reach, Dukehill Healthcare Pty Ltd is key in Australia. In April 2025, the exclusive three-year distribution agreement was expanded to cover all Australian states, following increased demand after an independent study on UroShield. At that time, NanoVibronix, Inc.'s market capitalization stood at $2.44 million.

Access to the U.S. VA system is facilitated through CB Medical, LLC, a Service-Disabled Veteran-Owned Small Business (SDVOSB). This multi-year agreement grants CB Medical the right to distribute UroShield within the VA system, where reimbursement for the product remains in effect.

In the UK, Peak Medical Limited leverages the NHS structure. The contract with NHS Supply Chain for UroShield was extended for up to four years. Critically, UroShield actuators gained approval for the NHS Prescription Services' Drug Tariff, ensuring full reimbursement by the NHS, which began on November 1, 2023.

Here is a summary of the financial and statistical anchors for these relationships:

Partner Entity	Key Product/Focus	Key Metric/Value	Date/Period Reference
ENvue Medical Holdings LLC	ENvue System Integration	Merger Completion: February 14, 2025	Q1 2025
ENvue Medical Holdings LLC	Revenue Contribution	Q1 2025 Revenue: $1,025,000 (11% YoY growth)	Q1 2025
ENvue Medical Holdings LLC	Balance Sheet Impact	Total Assets: $44.1 million; Goodwill: $38,631,000	Q1/Q2 2025
Ultra Pain Products, LLC	PainShield Distribution	Minimum Purchase Commitment: $12 million	Dec 2024
Ultra Pain Products, LLC	Previous Revenue Target	Increased Target: $7.8 million over three years	Prior Agreement
Dukehill Healthcare Pty Ltd	UroShield Distribution	Agreement Expansion to All Australian States	April 2025
Dukehill Healthcare Pty Ltd	Contextual Valuation	Company Market Cap: $2.44 million	April 2025
CB Medical, LLC	UroShield Distribution	Access Channel: US VA system	Ongoing
Peak Medical Limited	UroShield Distribution	NHS Contract Extension: Up to four years	Sept 2023
Peak Medical Limited	Reimbursement Status	Full reimbursement via NHS Drug Tariff	Starting November 1, 2023

The reliance on these established channels is clear. For instance, the $12 million commitment from Ultra Pain Products, LLC provides a floor for PainShield sales, while the full reimbursement status in the UK via Peak Medical Limited removes a major barrier to adoption there. The expansion with Dukehill Healthcare Pty Ltd across all Australian states is a direct attempt to capitalize on positive study results, aiming to convert inquiries into consistent revenue streams.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Key Activities

You're looking at the core engine driving NanoVibronix, Inc. (NAOV) as it pivots hard toward the ENvue platform. The Key Activities section of the Business Model Canvas shows where the company must spend its time and capital to deliver value, and right now, that's heavily weighted toward navigation technology.

The activities are centered on advancing the new core platform while managing the legacy assets, which the company is actively looking to divest or partner away from, as of November 2025.

• - R&D for new platforms like ENvue Drive (AI-driven robotics)

This is a major focus for the ENvue Medical division. The ENvue Drive robotic platform is currently in preclinical development, with engineering prototypes underway as of June 2025. The goal is to have a functional prototype by the end of the year, with formal regulatory planning and submission milestones expected later in 2025. This activity targets a combined market opportunity exceeding $10 billion, leveraging the existing FDA-cleared electromagnetic guidance technology.

• - Manufacturing and supply chain management via subcontractors

For the legacy acoustic-based therapeutic devices, PainShield and UroShield, the design phase for next-generation prototypes was completed by a third-party contractor in December 2024, aiming to lower componentry costs and streamline assembly. For the core ENvue system, manufacturing relies on scaling production to meet demand from the 38 U.S. hospitals using the system as of November 2025. Honestly, the near-term financial activity involved raising capital to support this scaling, evidenced by the September 2025 registered direct offering expected to raise approximately $2 million in gross proceeds.

• - Clinical data generation and regulatory compliance (FDA/CE Mark)

Regulatory status dictates market access, so this remains a critical, ongoing activity. The core ENvue system already holds 510(k) FDA clearance for enteral tube placements. For the legacy products, PainShield carries FDA clearance, while both UroShield and PainShield have achieved CE Mark certification. The new ENvue Drive platform, however, has not yet been submitted to the FDA, with submissions planned for later in 2025.

Here's a quick look at the regulatory and market context for the key product lines:

Product Platform	Key Regulatory Status	Latest Known U.S. Adoption/Milestone	Market Projection Context (by 2030)
ENvue System	510(k) FDA-cleared	In use across 38 U.S. hospitals (as of Nov 2025)	U.S. Enteral Feeding Devices Market $\approx$ $1.8 billion
ENvue Drive	Preclinical Development (No Submission)	Functional prototype expected by year-end 2025	Vascular Access Market Forecast $\approx$ $10.5 billion (Total Market $\approx$ $10 billion+)
PainShield	FDA cleared; CE Mark certified	NextGen prototype design completed Dec 2024	Legacy asset under strategic review
UroShield	CE Mark certified	Reimbursement active for Veterans Administration segment	Legacy asset under strategic review

• - Sales and marketing of PainShield and UroShield products

While the strategic focus is shifting, these activities continue, though they are being managed under the exploration of strategic alternatives like divestitures. For UroShield, reimbursement remains active within the Veterans Health System. You should note that sales momentum for these legacy products was strong back in Q3 2021, with revenue at $499,000 and a backlog exceeding $600,000, but the current 2025 sales figures aren't publicly detailed due to the strategic pivot.

• - Integration of ENvue Medical's minimally invasive navigation technology

This activity is about scaling the core competency. The ENvue system provides real-time anatomical navigation, which is the foundation for future expansion plans. These plans include integrating the technology into pediatric applications, developing an X-ray navigation overlay, and expanding into vascular access navigation. The company's strategy is explicitly focused on building a comprehensive enteral-feeding ecosystem around ENvue, aiming to scale hospital utilization across the more than 5,000 acute care hospitals nationwide.

Finance: draft 13-week cash view by Friday.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Key Resources

You're looking at the hard assets that underpin NanoVibronix, Inc.'s current operations as of late 2025. These aren't abstract concepts; they are the tangible and intangible levers the company is using to execute its strategy.

The foundation is the proprietary low-intensity Surface Acoustic Wave (SAW) technology. This is the core engine that drives their therapeutic devices, creating low-frequency ultrasound waves for applications like pain relief and biofilm disruption. This technology is the basis for their established product lines, but the real near-term value is being unlocked by applying it to new platforms.

Financing is a critical resource right now, especially given the recent operational cash needs. NanoVibronix, Inc. has been actively shoring up its balance sheet through equity placements in 2025. Here's the quick math on the capital secured or committed:

Financing Event/Component	Amount/Value	Date/Term
Maximum Series H Convertible Preferred Stock Financing	Up to $50 million	Agreed in July 2025
Initial Gross Proceeds from Series H (8,889 shares)	Approximately $8 million (stated value: $8,888,889)	Expected Initial Closing July 21, 2025
Potential Gross Proceeds from Investment Rights	Additional $40 million	Over the next 36 months
Registered Direct Offering (Common Stock/Equivalents)	Aggregate Gross Proceeds of approximately $2.0 million	Announced September 16, 2025
Price Per Share in September Offering	$7.01 per share	September 2025
Series X Preferred Stock Redemption from Initial Closing	$5 million	July 2025 proceeds allocation

The Intellectual Property (IP) portfolio is the moat protecting this technology. The most recent, concrete addition to this asset base is the patent grant for the ENvue system. This is defintely a key resource for their navigation platform.

• Proprietary systems and methods for guiding medical device insertion using electromagnetic positioning technology.
• US Patent No. 12,409,105 B2 issued on September 9, 2025, to ENvue Medical Holdings LLC.
• The patent title is 'Insertion Device Positioning Guidance System and Method.'
• NanoVibronix, Inc. reports having multiple granted U.S. and international patents protecting its technology.

The core products represent the current commercialized application of the SAW technology, though the company is clearly investing heavily in the next generation. You should note the market ambition tied to one of these assets:

• PainShield: Acoustic-based therapeutic device for pain management.
• UroShield: Acoustic-based therapeutic device for preventing catheter-related complications; targets markets projected at $14.5 billion by 2030.
• ENvue System: Electromagnetic navigation platform for feeding tube placement, which has FDA 510(k) clearance for adult use.

Finally, the human capital and physical infrastructure supporting innovation is centered in Israel. The company is headquartered in Tyler, Texas, but the R&D engine is located there. While specific R&D team size isn't public, the overall company employee count is reported in the range of 11-50 employees.

• R&D and engineering team location: Nesher, Israel.

Finance: draft 13-week cash view by Friday.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Value Propositions

You're looking at the core reasons a customer chooses NanoVibronix, Inc. (NAOV) products over the alternatives. It boils down to superior, non-invasive outcomes and ease of use, which is critical when you see the company's financial reality-for instance, the nine months ending September 30, 2025, showed sales of $2.24 million but a net loss of $5.33 million. Still, the clinical data backs the potential value.

Non-invasive, wearable therapeutic ultrasound for localized pain relief (PainShield)

The value here is offering drug-free pain management, which aligns with legislative efforts like the Non-Opioids Prevent Addiction in the Nation Act (S. 586/H.R. 3259), potentially expanding demand for PainShield as a non-opioid alternative. The devices are designed for home administration, meaning less reliance on clinical settings for chronic pain management.

Reduction of bacterial colonization and complications in urinary catheters (UroShield)

This proposition is heavily quantified by clinical results demonstrating significant risk reduction. A retrospective case series covering September 2023 through January 2025 showed compelling efficacy:

• - 94% average reduction in Catheter-Associated Urinary Tract Infections (CAUTIs) and catheter blockages.
• - 92% decrease in unplanned hospital visits related to catheter issues.
• - Extended intervals between catheter changes, directly improving patient comfort.

Furthermore, the product has achieved significant market access, with UroShield actuators gaining approval for full reimbursement on the NHS Prescription Services' Drug Tariff in the U.K. starting November 1, 2023.

Real-time imaging guidance for safer feeding tube and vascular line insertion (ENvue System)

The value proposition centers on safety and procedural efficiency, driven by proprietary technology that received U.S. Patent No. 12,409,105 B2 on September 9, 2025. Adoption is accelerating, evidenced by a major hospital in Greater New Orleans now using the ENvue System. To further support this, NanoVibronix, Inc. launched the "Oscar" training aid to standardize and speed up clinician training, which is key to broader market acceptance.

Ease of use: Devices are portable and suitable for home administration

The core technology, Surface Acoustic Wave (SAW), allows for low-frequency, low-intensity ultrasound delivery through portable, patch-based devices. This portability is a major value driver, enabling care outside of traditional medical facilities. The company markets these solutions extensively across the United States and Israel.

Here's a quick look at the financial context surrounding these value drivers as of late 2025, which you need to keep in mind when assessing the business's ability to deliver on these promises:

Metric	Value (Latest Available)	Context/Period
Gross Profit Margin	45.6%	Recent Report
Q3 2025 Net Income	$0.51 million	Quarterly Result
Trailing 12-Month Earnings	-$5.2 million	Ending September 30, 2025
Debt / Equity Ratio	0.11	Recent Financial Health Indicator
Current Ratio	0.5	Indicates constrained short-term liquidity
Shares Outstanding Change (YoY)	-15.01%	Post 1:10 Reverse Split on August 12, 2025

The management structure also shifted to support these products; the CEO contract was renewed through August 2025, but Doron Besser, who heads the ENvue Medical division, stepped in as the new CEO following Brian Murphy's departure around June 2025. The value proposition is clear, but the path to consistent profitability, as shown by the negative operating margins, remains the primary challenge for NanoVibronix, Inc. right now.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Customer Relationships

You're looking at how NanoVibronix, Inc. manages its connections with the end-users of its medical devices, which is heavily reliant on partners, especially given the company's current financial structure and focus on scaling adoption.

The core of NanoVibronix, Inc.'s customer relationship strategy leans heavily on indirect relationship management through key distributors. This approach allows the company to tap into established networks without immediately building out a massive internal sales force, which is critical when the trailing EPS was reported at -$13.53 and the company recently closed a $10 million public offering to bolster its financial position.

This indirect model is cemented by long-term, exclusive distribution agreements. For instance, the agreement with Ultra Pain Products, Inc. (UPPI) for the PainShield product was renewed for another five years, securing a minimum purchase commitment valued at $12 million. This structure shifts some of the direct customer management burden to the distributor, who often handles the billing capabilities across workers' compensation, motor vehicle, and private insurance in the U.S.. Similarly, the exclusive three-year distribution agreement with Dukehill Healthcare Pty Ltd in Australia was renewed and expanded to cover all Australian States.

Here's a quick look at the structure of these key partnerships:

Distributor Partner	Product Focus	Agreement Term/Commitment	Geographic/Sector Focus
Ultra Pain Products, Inc. (UPPI)	PainShield (Privately Labeled)	Renewed for another five years; $12 million minimum purchase commitment	Durable Medical Equipment (DME) distribution sector in the U.S.
Dukehill Healthcare Pty Ltd	UroShield	Renewed exclusive three-year agreement	All Australian States, with noted growth in South Australia and Victoria

For the ENvue Medical division, the relationship strategy pivots to dedicated support and training for hospital adoption. NanoVibronix, Inc. launched the "Oscar" advanced training aid specifically to address the barrier of onboarding new technologies by providing clinicians and educators a standardized, repeatable platform for practicing naso-enteral feeding procedures. The goal is to reduce onboarding time and accelerate the adoption of the ENvue System. While Oscar is not classified as a medical device itself, the company plans for it to begin contributing directly to revenue through training programs starting in 2026, while simultaneously accelerating ENvue adoption now. This support framework is intended to strengthen hospital relationships.

Regarding direct sales representative support for key accounts, the current model shows this is primarily executed through the exclusive distributors. For instance, UPPI is granted the exclusive right to sell privately labeled PainShield products to and through distributors within the U.S. DME sector, leveraging UPPI's established billing capabilities. This suggests that direct support for high-volume accounts is integrated into the distributor's service offering rather than being a separate, direct-to-hospital function managed by NanoVibronix, Inc. staff, though the company does maintain direct engagement with its distribution partners, such as the CEO commenting on UPPI's performance. The gross profit margin for the company was reported between 53% and 60% in some reports, which needs to cover these channel costs.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Channels

You're looking at how NanoVibronix, Inc. gets its products-like PainShield and UroShield-out to the clinicians and patients who need them as of late 2025. The channel strategy is a mix of established third-party relationships and direct engagement, which is typical for a growing medical device player trying to cover diverse markets.

The overall financial scale you're dealing with right now is important context for these channels. For the trailing twelve months ending September 30, 2025, total revenue for NanoVibronix, Inc. was reported at $2.69 million. That followed an annual revenue of $2.56 million for the full fiscal year 2024. The most recent reported quarter, Q3 2025, brought in $722.00K in revenue.

Here's a snapshot of the company's scale as we look at channel capacity:

Metric	Value (as of late 2025 data)	Notes
TTM Revenue (ending Sep 30, 2025)	$2.69M	Total sales across all channels.
Q3 2025 Revenue	$722.00K	Quarterly sales performance.
Total Employees	31	Indicates reliance on partners over a massive internal sales force.
UPPI Minimum Purchase Commitment	$12 million	Committed minimum over the five-year agreement term.

The US distribution backbone relies heavily on specialized partners for specific product lines and market segments. This is where you see the most concrete commitments.

• - Direct medical distributors in the US, exemplified by the relationship with Ultra Pain Products, Inc. (UPPI).
• - NanoVibronix, Inc. renewed an exclusive distribution agreement with UPPI for PainShield, securing a minimum purchase commitment valued at $12 million over five years, focusing on the Durable Medical Equipment (DME) sector.
• - The company markets its products extensively in the United States.

Accessing the federal healthcare system is a key strategic goal, often requiring specialized intermediaries.

• - US Veterans Affairs (VA) system via specialized partners.
• - The company is focused on expanding its market presence, though specific 2025 VA contract revenue is not segmented publicly.

International reach is supported by regulatory milestones, paving the way for distribution partners.

• - International distribution networks (Australia, UK/NHS, Europe).
• - Products have received CE Mark approval, allowing for distribution in the European Union.
• - Marketing efforts are noted as extensive in Israel, in addition to the US.

For direct engagement, the structure suggests a lean approach, leveraging the existing partner network.

• - Direct sales force targeting hospitals and clinics.
• - The company serves a diverse customer base including hospitals, clinics, and rehabilitation centers.
• - With only 31 employees reported as of late 2025, direct sales efforts are likely highly focused or heavily supplemented by distributor sales teams.

Finance: draft updated channel revenue attribution model by end of Q1 2026.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Customer Segments

You're looking at how NanoVibronix, Inc. (NAOV) segments its market based on the latest available data, which points heavily toward the US healthcare system for revenue generation.

The company's customer base is segmented by the specific medical need addressed by its proprietary low-intensity, surface acoustic wave technology products. For the three months ended March 31, 2025, the company generated total revenues of $1.025 million, with approximately $986,000 coming from the United States.

The immediate customer base can be broken down by product focus, which directly maps to the patient groups you mentioned. Here's a look at the product revenue contribution for the first quarter of 2025:

Customer Segment Focus	Related Product(s)	Revenue Percentage (Q1 2025)	Latest Reported Quarterly Revenue
Patients with chronic pain and muscle spasms	PainShield MD, PainShield Plus	75% (56% MD + 19% Plus)	$0.72 million (Q3 2025)
Catheterized patients at risk of infection	UroShield™, NG-Shield™	Data Not Separately Itemized	$1.025 million (Q1 2025 Total Revenue)

The segment focused on chronic pain, served by the PainShield line, represented a significant portion of the product revenue mix in early 2025. The PainShield product specifically carries FDA clearance.

For the catheter-related segment, the UroShield device has shown efficacy in reducing catheter-associated infections, and both UroShield™ and NG-Shield™ are CE mark certified catheter-based products. The company is also developing ENvue Drive, a platform for bedside feeding tube and vascular line navigation, which targets a similar patient population requiring line management.

Regarding the channels, the sales structure in Q1 2025 showed a high degree of concentration through specific partners:

• - Largest direct medical distributor accounted for 49% of total revenue in Q1 2025.
• - Two largest sales representatives accounted for 37% of total revenue in Q1 2025.

While specific revenue figures tied directly to the US Veterans Affairs (VA) or Worker's Compensation channels are not detailed in the latest public filings, the company's primary market is the United States, and its products are designed for conditions relevant to these sectors, such as pain management and catheter care.

The segment of Hospitals and healthcare facilities adopting navigation technology is being targeted by the ENvue System, which recently saw adoption in a major hospital in Greater New Orleans. The company's overall revenue structure suggests that direct sales channels and major distributors are the primary conduits to these facilities.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Cost Structure

You're looking at the cost side of NanoVibronix, Inc. (NAOV) following the ENvue merger, and the numbers clearly show where the money is going right now. The cost structure is heavily weighted toward post-merger integration and future development.

The total operating expenses for the first quarter of 2025 hit $2,221,000. This represents an 80% increase compared to the same period last year, signaling a major ramp-up in spending to support the combined entity's operations and scaling efforts. The resulting Loss from Operations for Q1 2025 was $(1,852,000).

The pressure on profitability is evident when you look at the gross profit, which fell to approximately $369,000 in Q1 2025 from $664,000 year-over-year. This decline is directly attributed to increased cost of revenues, which impacted the gross margin percentage.

The bulk of the spending is concentrated in three main areas, driven by the strategic push post-merger. Here's the quick math on how those operating expenses broke down for the three months ended March 31, 2025:

Cost Component	Q1 2025 Amount (USD)	Q1 2024 Amount (USD)
General and Administrative (G&A)	$1,342,000	$946,000
Research and Development (R&D)	$530,000	$121,000
Selling and Marketing	$349,000	$165,000

The Significant R&D investment for ENvue integration and new products is a major cost driver. R&D expenses soared to $530,000 in Q1 2025, a substantial jump from $121,000 in Q1 2024, reflecting heavy investment in product development and clinical trials.

You're seeing the impact of scaling in the other major categories:

• - Selling and marketing expenses increased to $349,000 from $165,000 in Q1 2024.
• - General and administrative (G&A) overhead rose to $1,342,000, up from $946,000.

The net loss for the quarter escalated to approximately $(2,495,000), largely reflecting these higher operational expenditures. Finance: draft 13-week cash view by Friday.

NanoVibronix, Inc. (NAOV) - Canvas Business Model: Revenue Streams

You're looking at the top-line generation for NanoVibronix, Inc. as of late 2025. The total revenue for the last twelve months ending September 30, 2025, clocked in at $2.69 million. This figure reflects the combined output from the legacy business and the recently integrated ENvue Medical operations, which is key to understanding the current revenue mix.

The composition of revenue in the first quarter of 2025 shows a clear reliance on specific product lines, which you need to track closely for near-term stability. Here's a quick look at how the revenue was segmented for that quarter:

Revenue Source	Q1 2025 Revenue (Approximate USD)	Percentage of Q1 2025 Revenue
PainShield MD Sales	$574,000	56%
PainShield Plus Sales	$194,750	19%
Monthly Kits (Recurring)	$102,500	10%
Other Revenue	$153,750	15%

The structure of these streams tells a story about where the immediate cash is coming from. The product sales are definitely driving the bulk of the top line, but you can't ignore the smaller, more predictable components, either.

Here are the specific statistical points defining the revenue streams as of Q1 2025 and the trailing twelve months:

• - Product sales of PainShield MD accounted for 56% of Q1 2025 revenue.
• - Recurring revenue from Monthly Kits represented 10% of Q1 2025 revenue.
• - US sales dominance is evident, generating approximately $986,000 in Q1 2025, though Q3 2025 data shows the US at 95.78% of total revenue.
• - Total revenue for the last twelve months ending September 30, 2025, reached $2.69 million.

The Q1 2025 total revenue was reported at approximately $1,025,000, which helps frame those percentages. The reliance on the US market is defintely a concentration risk you should map against any domestic regulatory or reimbursement changes.