Here’s why the EMvision (ASX:EMV) share price is up 9% this week

The EMVision share price is up by almost 10% this week, after the company announced a cash injection and a new chief scientific officer.

| More on:
man jumps up a chart, indicating share price going up on the ASX bank dividend

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The EMVision Medical Devices Ltd (ASX: EMV) share price has had a bumper week so far. Shares in the medical imaging company are up by 1.94% today, on the back of a week of gains. At the time of writing, the EMVision share price is up by 9.7% since the opening bell on Monday morning.

A week of good news for EMVision

EMVision’s gains this week come after the company announced on Monday that it had received a $1.28 million cash refund for the financial year ending 30 June 2020. The incentive was paid to EMVision in relation to its research and development (R&D) work.

This brings EMVision’s cash reserves to $13.1 million. Cash balance is of particular interest when looking at companies involved in R&D, where there are often gaps of time in between project developments.

On Thursday morning, EMVision announced the appointment of Professor Stuart Crozier as Chief Scientific Officer, noting that he is “globally recognised for his breakthroughs in Magnetic Resonance Imaging (MRI)”.

Professor Crozier will now lead R&D efforts of EMVision’s novel imaging products.

So what exactly does EMVision do?

Some Fools might recall us going into detail about what EMVision gets up to back in October. The company website states that EMVision “is developing a portable brain scanner for rapid, point of care, Stroke Diagnosis and Monitoring”.

If that sounds complicated, it’s probably because it is! Put simply, EMVision is working toward a solution that will support people suffering from a stroke, on-site. The company is currently developing a portable brain scanner that could save significant time diagnosing a stroke, therefore potentially lessening the impact of the stroke itself. 

According to a clinical trial result the company announced back in October, “It was observed that the EMVision device was able to classify stroke type (haemorrhagic or ischaemic) with an overall accuracy of between 93.3% and 96%.”

More on the EMVision share price

EMVision shares have had an impressive 12 months. Year-over-year, the share price has rocketed over 300%. During its December 2018 IPO, EMVision’s price was 25 cents a share. Lately, EMVision shares are trading in the $3 range, sitting at $3.16 at the time of writing.

With a market cap of around $213 million, EMVision certainly isn’t the biggest player on the field, but it seems to be garnering plenty of attention since joining the game. 

Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of EMvision Medical Devices Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Top ten gold trophy.
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares ended the week on a high.

Read more »

a shiba inu dog looks happily at eh camera with his tongue out while his owner hods him on his chest as he sleeps on a hammock.
Cryptocurrencies

Here’s why the Dogecoin price has had such a great week

Economic data out of the United States and a surprise announcement by BlackRock offered some healthy tailwinds to cryptos over…

Read more »

A pair of legs can bee seen on the floor buried under a pile of paperwork, indicating a high volume day
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Friday

Our most traded ASX 200 share today has lost more than 10%. Ouch.

Read more »

A futuristic view of electric vehicle technology with speeding bright light trails indicating power.
Resources Shares

New records and looming deficits. Why ASX lithium stocks are in the spotlight

Demand for lithium is booming alongside rocketing growth in EV production, sending the price of the battery critical metal up…

Read more »

A man casually dressed looks to the side in a pensive, thoughtful manner with one hand under his chin, holding a mobile phone in his hand while thinking about something.
Share Market News

Is the Telstra share price a buy after the telco’s FY22 results?

Is the Telstra share price good value now?

Read more »

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Friday

Here's what to expect on the ASX 200 on Friday...

Read more »

Blue light arrows pointing up, indicating a strong rising share price
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares bested the rest on Thursday.

Read more »

Man looks shocked as he works on laptop on top a skyscraper with stockmarket figures in graphic behind him.
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Thursday

Our most traded ASX 200 share of the day was at one stage up 19%...

Read more »