Venus Concept (NASDAQ:VERO) stock is rocketing higher on Wednesday following approval for its fractional skin resurfacing technology.
The U.S. Food and Drug Administration (FDA) has signed off on the company’s surgical robotic technology platform called AI.ME. It makes use of artificial intelligence (AI) algorithms, as well as a smart array of micro-coring hollow punches, to handle fractional skin resurfacing.
According to Venus Concept, the 510(k) clearance from the FDA puts it one step closer to the commercialization of AI.ME in the U.S. This has it expecting its first physician partners to make use of AI.ME starting sometime next year.
Girish Munavalli, MD, MHS, an advisor to Venus Concept, said the following about the news:
“This new technology may become a real game-changer in the area of medical aesthetics, offering a new level of consistency, predictability, and visualization which will differentiate it from existing energy-based solutions. We had the privilege to participate in the early clinical studies of AI.ME and it is clear that the advancements that its robotic technology presents to our practice can go far beyond fractional skin resurfacing.”
VERO Stockholders’ Reaction to the News
Shares of VERO stock are seeing heavy trading on Wednesday following the FDA approval. This has more than 34 million shares on the move as of this writing. That’s well above the company’s daily average trading volume of 598,000 shares.
VERO stock is up 81.3% as of Wednesday morning.
Investors can check out all of the latest stock market news below!
We’ve got all of the hottest stock news traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, as well as the latest details on Tesla (NASDAQ:TSLA) and Mullen Automotive (NASDAQ:MULN) stock. You can find out more at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.