ENvue Medical, Inc. Segments Disclosure
NOTE 16 – SEGMENT INFORMATION
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented by operating segment in making operating decisions, allocating resources, and evaluating financial performance.
The Company conducted the business through two primary operating segments: NanoVibronix and ENvue. NanoVibronix derives revenues from selling its products directly to patients as well as through distributor agreements. ENvue derives revenues from selling its Systems and Nasoenteral tubes. Non-allocated administrative and other expenses are reflected in Corporate.
The Company’s chief executive officer is its chief operating decision maker (CODM), who allocates resources to and assesses the performance of each operating segment using information about the operating segment’s loss from operations.
Goodwill and Assets
| NanoVibronix | ENvue | Corporate | Total | |||||||||||||
| Balance sheet at December 31, 2025 | ||||||||||||||||
| Goodwill | $ | $ | 29,082 | $ | - | $ | 29,082 | |||||||||
| Assets | $ | 1,924 | $ | 39,200 | $ | $ | 41,124 | |||||||||
| Balance sheet at December 31, 2024 | ||||||||||||||||
| Goodwill | $ | $ | $ | $ | ||||||||||||
| Assets | $ | 3,629 | $ | $ | $ | 3,629 | ||||||||||
Segment operating results
| Year ended December 31, 2025: | NanoVibronix | ENvue | Corporate | Total | ||||||||||||
| Revenues | $ | 1,857 | $ | 696 | $ | $ | 2,553 | |||||||||
| Cost of revenues | 1,370 | 1,030 | 2,400 | |||||||||||||
| Research and development | 1,088 | 674 | 1,762 | |||||||||||||
| Selling and marketing | 541 | 1,952 | 2,493 | |||||||||||||
| General and administrative | 2,102 | 2,337 | 3,194 | 7,633 | ||||||||||||
| Impairment expense | 11,154 | 11,154 | ||||||||||||||
| Total operating loss | $ | (3,244 | ) | $ | (16,451 | ) | $ | 3,194 | $ | (22,889 | ) | |||||
| Year ended December 31, 2024: | NanoVibronix | ENvue | Corporate | Total | ||||||||||||
| Revenues | $ | 2,558 | $ | $ | $ | 2,558 | ||||||||||
| Cost of revenues | 1,050 | 1,050 | ||||||||||||||
| Research and development | 909 | 909 | ||||||||||||||
| Selling and marketing | 720 | 720 | ||||||||||||||
| General and administrative | 3,461 | 3,461 | ||||||||||||||
| Total operating loss | $ | (3,582 | ) | $ | $ | $ | (3,582 | ) | ||||||||
ENVUE MEDICAL, INC.
Notes to Consolidated Financial Statements
(Amounts in thousands except share and per share data)
Geographic Information and Major Customer Data
The following is a summary of revenues within geographic areas:
| Year ended December 31 | ||||||||
| 2025 | 2024 | |||||||
| United States | $ | 2,510 | $ | 2,450 | ||||
| Europe | 8 | 17 | ||||||
| Australia/New Zealand | 20 | 41 | ||||||
| Other | 15 | 50 | ||||||
| Total | $ | 2,553 | $ | 2,558 | ||||
Major Customer Data as a Percentage of Total Revenues
The following is a summary of revenues:
| Year ended December 31 | ||||||||
| 2025 | 2024 | |||||||
| Customer A | 31 | % | 36 | % | ||||
| Customer B | 23 | % | 19 | % | ||||
| Customer C | 14 | % | 34 | % | ||||
| Total | 68 | % | 88 | % | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 15, 2026 | Showing above |
| 2018 | Apr 15, 2019 | |
| 2017 | Mar 29, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.