Medical Aesthetics Society
Sopwave
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(Sofwave), received the approval of the FDA, the American Food and Drug Administration, to expand the use of the company’s technology also for improving the appearance of cellulite, in the short term. Is this good news for its stock, which was issued only last year, has fallen 73% this year and in the last three months has fallen by almost 30%?
The scope of the global market for the field of improving the appearance of cellulite is large and was estimated in 2021 at approximately 1.2 billion dollars (about 35% of the field’s revenues originate in the USA), with an expected growth rate of over 11% until 2030. In order to support the application submitted to FDA, in order to obtain approval for improving the appearance of cellulite, the company conducted a multicenter clinical trial. The approval the company has now received for improving the appearance of cellulite, is added to the FDA approval given to the company for other treatments.
The scope of the cellulite treatment market in the world was estimated at approximately 1.2 billion dollars in 2021, and is expected to grow at a compound annual growth rate of 11% until 2030. Sofwave believes that receiving the approval to improve the appearance of cellulite as well as the findings of the clinical trial, are disciplinary for the company and significantly expand the business potential of the company
Last month, Sofwave updated it and received marketing approval for the SUPERB device in Brazil, which is the second largest market in the world, after the US, for non-invasive aesthetic procedures.
Now, let’s talk about numbers: Sofwave’s revenues in the third quarter of 2022 grew by approximately 193% to approximately $8.2 million, next to record revenues of approximately $21.9 million that the company presented in the first nine months of 2022; More than Sofwave’s total revenue in 2021.
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The Sofwave company was established in 2015. It deals in the field of medical aesthetics and is based on parallel ultrasound beam technology, which is approved by the FDA and by CE and many regulatory authorities in key countries in the world. The company is currently active in the USA and Israel, and in 2021 the company issued its shares on the Tel Aviv Stock Exchange. The CEO of the company is Mr. Louis Scafori and the chairman of the company’s board of directors and its co-founder is Dr. Shimon Ekhuiz.
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