Medical and diagnostic devices manufacturing company Therma Bright (TSXV:THRM) (OTCQB:TBRIF) is one of the companies that has slowly but surely come to the attention of investors in a big way over the past weeks. Yesterday, the stock was in significant focus among investors after it made a major new announcement with regard to its Venowave product.
On Tuesday, In Canada, THRM.V stock moved up 7.14% to C$0.075 with more than 1.03 million shares. The stock opened at C$0.07 and moved within a range of C$0.0650-C$0.075.
On the other hand, in the US market, TBRIF stock moved up 6.9% to $0.0550 with more than 7K shares, compared to its average volume of 6.5K shares. The stock moved within a range of $0.0513 – 0.0550 after opening trading at $0.0513.
The Therma Bright stock ended up with gains of as much as 7% yesterday amidst significant interest and it is going to be interesting to see if it can manage to add to its gains over the coming days or not. At this point in time, the company is best known for having developed the AcuVid™ COVID-19 Rapid Antigen Saliva Test and many other medical and diagnostic devices of a progressive nature.
The company announced yesterday that the initial order of the Venowave product, which had been updated, had been sold to customers located in the United States. The product was sold through DME Authority, the exclusive distributor of the company.
The company also announced that it had also received the payments pertaining to the particular order. The initial sales in the United States were completed by way of an already existing reimbursement code and hence, there was the requirement of approval from the insurance provider of the patient. As a result, the sales cycle had been longer than expected for all parties concerned with the orders.
However, the company is currently working on many more reimbursement codes in the United States which would make it quicker and simpler for patients as well as doctors to order the Venowave product. The new codes are going to become effective at some point in the first half of 2023 and once that happens, a larger chunk of the United States market is going to open up for Venowave.
THRM stock is trading below the 20-Day and 50-Day Moving averages of C$0.1002 and C$0.1294 respectively. However, the stock is trading above the 200-Day moving average of C$0.2201.