The EMvision Medical Devices Ltd (ASX: EMV) share price has emerged from a trading halt on Wednesday morning, and shot 8% into the green.
Prior to their halt, EMVision shares closed at $1.94. Upon returning to trade, they have been sitting in the green amid the release of a company announcement. At the time of writing, EMvision shares are swapping hands at $2.05.
What did EMVision announce?
The company advised it has entered into an original equipment manufacturer (OEM) agreement with Keysight Technologies Inc (NYSE: KEYS).
According to the release, “Keysight is the world leader in radiofrequency (RF) test and measurement technology”. Specifically, the company signed its agreement with Keysight’s Australian subsidiary.
Under the agreement, EMvision will receive exclusive supply for ‘fast sweep’ features in the vector network analyser (VNA).
For reference, EMvision says the VNA is a custom solution developed in collaboration with Keysight.
“The VNA is a high performance, lower component count, miniaturised module responsible for accurate signal measurement,” states the release.
“The custom VNA represents a strategic investment by Keysight into the electromagnetic imaging sector.”
Regarding the announcement, EMvision CEO Dr Ron Weinberger says the collaboration “has been first class”.
This Agreement recognises the roles that both parties have played in the development of the bespoke VNA over a period of 3 years. I would like to thank the Keysight team for their concerted work in developing a best-of-breed solution for EMvision and look forward to the commercial phase of our relationship.
Noteworthy is that Keysight is not a medical device manufacturer. However, it does possess “the strongest portfolio of Vector Network Analysers (VNA), which are core to the sensors that are being used inside EMvision’s portable brain scanner,” says the company.
The agreement builds on a relationship that spawned back in 2019. Then, the pair entered into a strategic collaboration to develop “custom healthcare-focused VNA solutions”.
EMvision share price snapshot
In the last 12 months the EMvision share price has fallen more than 38%. Meanwhile, it is 23.5% in the red since trading resumed this year.
Following this announcement, shares have bounced from a low point and are tracking back towards monthly highs.
The post Here’s why the EMvision share price surged 8% on Wednesday appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended 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 Scott Phillips.
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