One of the companies from the medical diagnostic devices space that investors may consider looking into at this point in time is Therma Bright  (TSXV:THRM) (OTCQB:TBRIF). At this point in time, the company is best known for having worked on the development of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test.

Market Action

On Friday, THRM.C stock closed at C$0.07 Canadian C$0.135 on Soaring Volume over the past week.

In the US market, TBRIF stock closed at $0.10.

However, at the same time, the company is also working on the development and distribution of other devices that could make lives better for both customers as well as healthcare professionals. Therma Bright also possesses its own breakthrough proprietary technology as well which helps in delivering non-invasive and suitably effective and painless skincare.

In addition to that, it is also important for investors to keep in mind that the company had also got Class II medical device status for its platform technology from the United States Food and Drug Administration.

Last month on October 27 the company made a major new announcement when it revealed that it had been awarded PDAC (pricing, data analysis, and coding) billing codes, for its Venowave product. That was a major new development for Therma Bright considering the fact that the receipt of those billing codes would help the company in getting reimbursements far more easily through Medicaid and Medicare.

Previously on September 20, the company had announced that the initial sales of the Venowave product had been done in the United States under the then-existing reimbursement code. However, that resulted in significant delays in getting the reimbursement.

Traders Note

THRM.V stock is trading above the 50-Day and 200-Day Moving averages of $0.09 and $0.08 respectively. However, the stock is trading below the 20-Day moving average of $0.17.

By Bina Murarka

I am Nitin Harlalka, and I have been a passionate writer for close to a decade. I have a graduate degree in Economics and have worked as a business writer for a range of publications. Over the past couple of years, I have also started working on emerging industries like the cannabis industry and blockchain.

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