Nano-X Imaging (NNOX) Q3 Earnings call transcript Nov 21, 2024

Daily EarningsThursday, Nov 21, 2024 7:24 pm ET

2min read

Nanox Imaging Ltd. held its third-quarter 2024 earnings call, providing insights into its financial performance and strategic initiatives. The call, led by CEO and Acting Chairman Erez Meltzer and CFO Ran Daniel, highlighted the company's progress in deploying its innovative Nanox.ARC technology and expanding its footprint in both the U.S. and international markets.

Financial Performance and Strategic Focus

The company reported a GAAP net loss of $13.6 million for the third quarter of 2024, a decrease from the net loss of $21.4 million in the same period last year. Revenue for the quarter was $3.0 million, with a gross loss of $2.8 million on a GAAP basis. The company also reported revenue of $2.6 million from its teleradiology services, a quarterly record, and $0.4 million from the sales of its AI solutions. These figures underscore the company's efforts to diversify its revenue streams and expand its reach in the medical imaging market.

Deployment of Nanox.ARC Technology

The deployment of Nanox.ARC technology in the U.S. has been a strategic focus for the company. With 47 units in various stages of shipments and deployments across seven states, Nanox is making significant strides in penetrating the competitive U.S. market. The company has also expanded its sales and service personnel in the U.S. to support its growing customer base and drive commercialization efforts.

Regulatory and Clinical Updates

Regulatory approvals continue to be a key focus for Nanox. The company is working closely with the U.S. FDA and European regulatory bodies to secure necessary approvals for its Nanox.ARC technology, including for general use and the CE Mark designation. The company also announced the signing of several new deals for its Nanox AI solutions, including with Oxford University Hospitals in the U.K., further solidifying its position in the market.

Looking Ahead

The company's strategic focus remains on expanding its footprint, enhancing its technology, and driving innovation. Nanox is committed to accelerating its efforts to make advanced medical imaging accessible and affordable worldwide. With a robust pipeline and deal flow, the company is poised for growth, especially with the anticipated CE approval in Europe and the deployment of its Nanox.ARC-X technology.

Investor Relations

Investors and analysts were given the opportunity to ask questions during the call, with queries focusing on the company's deployment strategies, regulatory updates, and revenue projections. The company's executives provided detailed responses, offering insights into the company's operations and future plans.

Conclusion

Nanox Imaging Ltd.'s third-quarter 2024 earnings call provided a comprehensive overview of the company's financial performance and strategic initiatives. With a focus on expanding its footprint in key markets, driving technological innovation, and securing regulatory approvals, Nanox is well positioned for growth. As the company continues to make strides in the medical imaging market, investors and stakeholders will be watching closely for updates on its progress and future milestones.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.