- Revenues for the nine months ended September 30, 2019 also increased 293% to $161,720
- Company is selling SofPulse(R), its noninvasive Electroceutical(R) therapeutic device, in 7 hospitals, 11 surgery centers and 14 other medical facilities
- The device is currently under evaluation in 112 other healthcare facilities and Endonovo expects to become a premier supplier to hospitals nationwide for post-operative pain management
Commercial-stage developer of innovative medical devices Endonovo Therapeutics Inc. (OTCQB: ENDV) reported its financial results for the third quarter of 2019 via a press release issued on November 19, 2019 (http://nnw.fm/x0ATU). According to the announcement, Endonovo’s revenues increased by 153% to $54,039 in the third quarter of 2019, compared to $21,306 in the third quarter of 2018. Revenues for the nine months that ended on September 30, 2019 increased 293% to $161,720, as compared to $41,132 for the same period last year.
While the results fell short of initial projections, the company’s achievements in the first nine months of the year have been nonetheless significant, especially in what regards the national rollout of its flagship product, SofPulse(R) Electroceutical(TM) Therapy. A bioelectronics pain management device, Endonovo’s proprietary SofPulse(R) uses electromagnetic waves to speed up recovery by reducing inflammation. The device can treat cardiovascular diseases, inflammatory conditions, and central nervous system disorders such as traumatic brain injury acute concussions, post-concussion syndrome, and multiple sclerosis. The device also facilitates surgical wound recovery.
According to the company press release, SofPulse(R) is currently being used in seven hospitals, 11 surgery centers and 14 other medical facilities, and is being evaluated in other 92 hospitals and 20 additional medical centers. “The national rollout has been successful, however, hospitals testing and evaluation periods have been longer than initially expected. We respect the process, the policies and procedures some hospitals have before accepting a product into their medical facility and as part of their post-operative pain management protocols,” Endonovo Therapeutics CEO Alan Collier said.
The Electroceutical(R) Therapy device has prospects to reduce the need and intake of prescription drugs over the long term. Studies have shown a greater than 2.2-fold reduction in narcotic use over the first 48 hours post-procedure in patients using SofPulse(R), according to company data. Use of the device leads to a 500% increase in new blood vessels, 59% increase in surgical wound recovery, 57% reduction in pain at one-hour post-op, 55% less pain medication, and 50% less inflammation. SofPulse (R) works by restoring key electrochemical processes that initiate anti-inflammatory and growth-factor cascades necessary for recovery to occur.
The company currently has 113 trained sales representatives and masmter principals deployed across 50 states, and its main focus is to expand operations and get its Electroceutical(R) Therapy in use at as many healthcare facilities as possible. “We continue to expand our client base and have seen significant traction in building Endonovo into a premier supplier to hospitals nationwide for post-operative pain,” Collier said. Plans to conduct studies and trials for additional medical indications such as myocardial infarction, chronic kidney disease, post-concussive syndrome and others have been shelved for the time being until the company becomes profitable.
According to Collier, the company is making bold decisions to accelerate operations and take full advantage of the multiple opportunities presented by the fast-changing post-op pain management market. “The opioid epidemic has been a global catastrophe and we remain committed to being at the forefront of replacing opioids in a natural and safe manner. We are targeting areas to drive improved marketing performance and are confident we are pursuing the necessary changes to deliver superior shareholder value,” Collier concluded.
For more information, visit the company’s website at www.Endonovo.com
NOTE TO INVESTORS: The latest news and updates relating to ENDV are available in the company’s newsroom at http://nnw.fm/ENDV
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