Here are 1-3 brief analogies to describe ENvue Medical (symbol: FEED):

• Vertex Pharmaceuticals for urological cancers.
• Biogen focused on bladder and kidney diseases.

• AcQCross™ Transseptal Access System: A suite of medical devices designed to provide safe and efficient transseptal access during left-sided cardiac procedures, facilitating interventions like left atrial ablation.

ENvue Medical (symbol: FEED), as a medical device company, primarily sells its products to other companies and healthcare institutions rather than directly to individual consumers.

Due to the broad and often diffuse nature of the healthcare market, specific major customer names (such as individual hospital systems or distributors) are typically not publicly disclosed by medical device manufacturers unless one customer represents a significant portion of their revenue (e.g., over 10%). Without such specific disclosures for ENvue Medical, we can identify the major categories of organizations that would serve as its customers:

• Hospitals and Integrated Delivery Networks (IDNs): These are the primary end-users for many medical devices, encompassing individual hospitals, large university medical centers, and multi-facility healthcare systems. These institutions purchase devices for use in patient care, diagnostics, and surgical procedures.
• Group Purchasing Organizations (GPOs): GPOs are entities that represent a collective of hospitals, healthcare systems, and other providers. They negotiate purchasing contracts with manufacturers like ENvue Medical on behalf of their members to achieve economies of scale and better pricing for medical supplies and devices. While GPOs are not direct end-users, they are critical intermediaries through which medical device companies secure sales to a vast network of providers.
• Medical Device Distributors: These companies act as intermediaries, purchasing products from manufacturers and then reselling and distributing them to a wide range of healthcare providers, including hospitals, smaller clinics, doctor's offices, and other facilities that procure supplies through distributors. They often handle logistics, warehousing, and provide sales support for the manufacturer's products.

Doron Besser, M.D. Chief Executive Officer

Dr. Besser previously served as the Chief Executive Officer of ENvue Medical Holdings LLC prior to its acquisition by NanoVibronix (which later rebranded as ENvue Medical) in February 2025. He assumed the role of CEO of ENvue Medical in June 2025. Dr. Besser also led all ENvizion entities as CEO when Alpha Capital Anstalt acquired the operating assets and intellectual property of ENvizion Medical Ltd. in July 2024. He has spearheaded ENvue Medical's strategic shift to focus primarily on its ENvue feeding-tube placement system, aiming to scale hospital utilization and build a comprehensive enteral-feeding ecosystem.

Stephen R. Brown Chief Financial Officer and Principal Accounting Officer

Mr. Brown holds the position of Chief Financial Officer and Principal Accounting Officer at ENvue Medical.

Harold Jacob Chief Medical Officer

Dr. Jacob serves as the Chief Medical Officer for ENvue Medical.

Rita Silberberg Executive Vice President of Finance, Chief Accounting Officer and Secretary

Ms. Silberberg is the Executive Vice President of Finance, Chief Accounting Officer and Secretary at ENvue Medical.

The public company ENvue Medical (symbol: FEED) faces several key risks, primarily centered on its financial viability and market position.

1. Financial Health and Liquidity: ENvue Medical exhibits significant financial challenges, including negative operating and net margins (with an operating margin of -351.77% and a net margin of -275.12%). The company has also experienced a concerning three-year revenue growth rate of -15%. Indicators such as a current ratio of 0.86 and a quick ratio of 0.67 suggest potential liquidity issues, meaning the company may struggle to meet its short-term obligations. Furthermore, a distressing Altman Z-Score of -2.16 points to a high risk of bankruptcy within two years, while a Piotroski F-Score of 3 suggests poor business operations and a Beneish M-Score of 6.56 raises concerns about potential financial manipulation. The company has also received deficiency notices from Nasdaq regarding non-compliance with stockholders' equity and minimum bid price requirements, leading to a risk of delisting.
2. Market Acceptance and Intense Competition: A key risk is the market acceptance of ENvue Medical's existing and new products within the highly competitive medical device industry. While the company aims to innovate in feeding-tube placement, an area with unmet needs, securing broad market adoption and competing effectively against established players remains a significant hurdle.
3. Regulatory and Product-Related Challenges: ENvue Medical is exposed to risks related to product development, regulation, and performance. These include potential delays or complications in product implementation, product liability or performance issues, and the need to navigate evolving healthcare regulatory changes in the U.S. and abroad. The company's expansion plans, particularly into neonatal and pediatric populations, are contingent upon securing additional FDA 510(k) clearances.

The rapid advancement and increasing adoption of theranostics by competitors represent a clear emerging threat. Theranostics combine diagnostic imaging with targeted radionuclide therapy using the same molecular target, creating integrated diagnostic and therapeutic solutions. Companies heavily investing in this space, such as Novartis (with Pluvicto for PSMA-positive prostate cancer), are seeing significant clinical success and market adoption for these combined approaches. If ENvue Medical's core business is predominantly focused on standalone diagnostic radiopharmaceuticals without a robust theranostics pipeline or offering, the growing preference for combined theranostic approaches could reduce the market demand for their traditional diagnostic products in specific indications where theranostics become the standard of care. This shifts the value proposition from pure diagnosis to an integrated diagnostic and therapeutic package, challenging companies solely focused on the former.

Here are 3-5 expected drivers of future revenue growth for ENvue Medical (symbol: FEED) over the next 2-3 years:

1. Scaling Hospital Utilization of the ENvue System: ENvue Medical's primary strategic focus is to significantly increase the adoption and utilization of its ENvue feeding-tube placement system in hospitals. The company aims to scale its presence beyond the current 38 hospitals to target a potential market of over 5,000 acute care hospitals in the U.S.. This expansion in customer base for its flagship product is expected to be a key driver of revenue growth.
2. Expansion into New Patient Populations and Clinical Applications: The company plans to expand the ENvue platform beyond its current FDA 510(k) clearance for adult use. Notably, ENvue Medical has received a U.S. patent for its pediatric feeding tube guidance system and is preparing to pursue FDA 510(k) clearance for pediatric applications. Future platform expansion may also include vascular access applications. This expansion into pediatric and potentially vascular access markets represents a significant opportunity to grow revenue by addressing new patient populations and clinical needs.
3. Strengthening Commercial Footprint: ENvue Medical is focused on enhancing its commercial capabilities, which includes strengthening its sales force and distribution networks. This effort is aimed at more effectively reaching and engaging with hospitals and healthcare providers to drive the adoption and utilization of the ENvue system.
4. Building a Comprehensive Enteral-Feeding Ecosystem: The company's strategy includes building a comprehensive enteral-feeding ecosystem around ENvue through both internal development and external business development opportunities. This indicates a potential for launching new complementary products or services, or forming strategic partnerships, to offer a more integrated solution for enteral feeding, thereby creating additional revenue streams.

Share Repurchases

• ENvue Medical (formerly NanoVibronix) did not report any significant common stock repurchases during the 2020-2025 period.

Share Issuance

• In 2025, ENvue Medical completed a $2.0 million registered direct offering in September, and a public offering of Series G Convertible Preferred Stock and warrants in May, raising approximately $10 million in gross proceeds.
• The company also entered into an agreement in July 2025 for a private placement of Series H Convertible Preferred Stock with an institutional investor, expected to yield approximately $8 million initially, with a potential for an additional $2 million.
• As part of the February 2025 acquisition of ENvue Medical Holdings, Corp., NanoVibronix issued 1,734,995 shares of common stock and 57,720 shares of Series X Non-Voting Convertible Preferred Stock.
• Annual capital stock issuance for NanoVibronix was reported as approximately $5.1 million in 2020, $4.3 million in 2021, $9.5 million in 2022, $2.1 million in 2023, and $4.2 million in 2024.
• A 1-for-20 reverse stock split was effected on February 8, 2023.

Inbound Investments

• On February 14, 2025, NanoVibronix completed the acquisition of privately-held ENvue Medical Holdings, Corp. in a stock-for-stock transaction, integrating its enteral feeding solutions.
• Concurrently with the ENvue acquisition in February 2025, NanoVibronix raised $500,000 through a private placement of a senior convertible debenture with an institutional investor, which was subsequently increased to $1.3 million in March 2025.
• In July 2025, NanoVibronix secured approximately $8 million in gross proceeds from the initial closing of a private placement of Series H Convertible Preferred Stock from an institutional investor.

Outbound Investments

• The company has focused on evaluating alternatives for or divesting legacy products, such as PainShield and UroShield, as part of its strategic shift to concentrate on the ENvue Navigation Platform.

Capital Expenditures

• Research and Development (R&D) expenses were approximately $0.17 million in 2020, $0.29 million in 2021, $0.28 million in 2022, $0.19 million in 2023, $0.91 million in 2024, and $2.08 million for the trailing twelve months ending September 2025.
• The primary focus of capital allocation is on scaling hospital utilization, strengthening the commercial footprint, and building a comprehensive enteral-feeding ecosystem around the ENvue system through internal and external business development.
• In March 2024, NanoVibronix entered a contract for up to approximately $1.1 million for R&D services for its next-generation UroShield and PainShield products.