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Nano-X Imaging (NNOX) - 2023 Q2 - Quarterly Report
2023-05-22 12:01
Exhibit 99.1 Nanox Announces First Quarter of 2023 Financial Results and Provides Business Update Reports progress towards global supply chain development Ended the first quarter of 2023 with cash, cash equivalents, restricted cash and marketable securities of $91.0 million Management to host conference call and webcast Monday, May 22, 2023 at 8:30 AM ET NEVE ILAN, Israel— May 22, 2023 -- NANO-X IMAGING LTD (NASDAQ: NNOX) ("Nanox" or the "Company"), an innovative medical imaging technology company, today an ...
Nano-X Imaging (NNOX) - 2022 Q4 - Annual Report
2023-05-01 12:57
Exhibit 99.1 Nanox.ARC Imaging System Receives FDA Clearance, Pioneering a New Era in Medical Imaging NEVE ILAN, Israel, May 1, 2023 (GLOBE NEWSWIRE) – NANO-X IMAGING LTD ("Nanox" or the "Company," Nasdaq: NNOX), an innovative medical imaging technology company, today announced that it has received a 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market the multi-source Nanox.ARC, including the Nanox.CLOUD, its accompanying cloud- based infrastructure. Nanox.ARC is a stationary X-ray s ...
Nano-X Imaging (NNOX) - 2022 Q4 - Annual Report
2023-05-01 10:37
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...
Nano-X Imaging (NNOX) - 2022 Q4 - Earnings Call Transcript
2023-03-09 18:58
Nano-X Imaging Ltd. (NASDAQ:NNOX) Q4 2022 Earnings Call Transcript March 9, 2023 8:30 AM ET Company Participants Mike Cavanaugh - Investor Relations Erez Meltzer - Chief Executive Officer Ran Daniel - Chief Financial Officer Conference Call Participants Jeff Cohen - Ladenburg Ross Osborn - Cantor Fitzgerald Rahul Rakhit - LifeSci Capital Operator Good day, and welcome to the Nano-X Q4 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, the ...
Nano-X Imaging (NNOX) - 2023 Q1 - Quarterly Report
2023-03-09 13:05
Exhibit 99.1 Nanox Announces Fourth Quarter 2022 Financial Results and Provides Business Update Reports progress towards global supply chain development Ended the fourth quarter of 2022 with cash, cash equivalents and marketable securities of $102.9 million Management to host conference call and webcast Thursday, March 9, 2023 at 8:30 AM ET NEVE ILAN, Israel— March 9, 2023 -- NANO-X IMAGING LTD (NASDAQ: NNOX) ("Nanox" or the "Company"), an innovative medical imaging technology company, today announced resul ...
Nano-X Imaging (NNOX) - 2022 Q3 - Earnings Call Transcript
2022-11-10 16:43
Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $19.1 million for Q3 2022, compared to a net loss of $13.5 million in Q3 2021, primarily due to the consolidation of Nanox.AI and USARAD, increased R&D expenses, and higher general and administrative expenses [13][17][18] - Revenues for Q3 2022 were $2.4 million, with a gross loss of $1.4 million, reflecting an increase in revenue from data monetization projects [14][18] - Non-GAAP net loss for Q3 2022 was $8.1 million, compared to a non-GAAP net loss of $8.4 million for the same period in 2021 [18] Business Line Data and Key Metrics Changes - Revenue from teleradiology services in Q3 2022 was $2.4 million, up from $2.2 million in Q2 2022, driven by new client additions and organic growth [10] - The company signed nine new client agreements for teleradiology services during Q3 2022, indicating growth in this segment [10][28] Market Data and Key Metrics Changes - The company has a total of 6,850 pre-ordered units globally, with plans to deploy the multi-source Nanox.ARC system in Nigeria and other early adopting countries [8] - The company received an import license for Nigeria and is preparing to ship the first system upon securing regulatory approval [8] Company Strategy and Development Direction - The company aims to begin deploying the multi-source Nanox.ARC system in 2022 and is actively pursuing CE Mark approval in the EU [8] - The strategy includes a stepwise approach to FDA submissions, utilizing Q submissions for ongoing dialogue with the FDA [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in Q3 2022 and the potential for future growth as regulatory approvals are secured [21] - The company is focused on making medical imaging accessible globally and is preparing for large-scale commercialization [11] Other Important Information - The company has engaged with VSI for CE Mark approval in the EU and is conducting clinical trials in Israel with expected results in Q4 2022 [9][58] - As of September 30, 2022, the company had cash, cash equivalents, and marketable securities of approximately $117.1 million [19] Q&A Session Summary Question: Update on Nigeria and available units - Management confirmed that they are ready to ship units once regulatory approvals are obtained and are preparing for customer engagement and training in Nigeria [25][27] Question: Teleradiology account growth and utilization trends - The company added nine accounts this quarter, bringing the total to approximately 40 accounts, with a significant portion of revenue coming from a few key clients [28][29] Question: Goodwill impairment for the quarter - There was no impairment expense for Q3, but management indicated that they would continue to assess goodwill impairment based on changing discount rates [30][31] Question: FDA review status and expectations - Management refrained from predicting the timing of FDA responses but emphasized their efforts to enhance the likelihood of clearance [32][33] Question: Update on the Ghana contract - Management stated they are awaiting regulatory processes and will provide updates once approvals are secured [36] Question: Workflow for commercialization in Nigeria - The manufacturing and assembly processes involve collaboration between facilities in Korea and Israel, with training and installation conducted on-site in Nigeria [44][45] Question: Confidence in fulfilling pre-orders - Management expressed that confidence in contracts is contingent on regulatory approvals and ongoing dialogue with business entities [49][50] Question: Initial utilization levels at Northwell - Management noted ongoing discussions with Northwell and indicated potential for higher revenues from the partnership [52][56] Question: Clinical trials in Israel - The company received permits to conduct trials and anticipates generating images of multiple body organs in Q4 2022 [58]
Nano-X Imaging (NNOX) - 2022 Q2 - Earnings Call Transcript
2022-08-16 14:35
Financial Data and Key Metrics Changes - Nano-X generated top line revenue of $2.2 million in Q2 2022, compared to $1.8 million in Q1 2022, indicating a quarter-over-quarter growth [10] - The GAAP net loss for Q2 2022 was $19.6 million, compared to a net loss of $13.6 million in Q2 2021, largely due to acquisition-related expenses and increased R&D costs [25] - Non-GAAP net loss for Q2 2022 was $8.2 million, compared to a non-GAAP net loss of $8.6 million for the same period in 2021 [31] Business Line Data and Key Metrics Changes - Revenue from teleradiology services was $2.1 million with a gross profit of $0.0 million on a GAAP basis, and $0.9 million on a non-GAAP basis, representing a gross profit margin of approximately 43% [26] - The AI solutions business generated $0.1 million in revenue with a gross loss of $2.1 million on a GAAP basis [26] - The company signed 14 new client agreements for teleradiology services during Q2 2022, indicating accelerated revenue growth [12] Market Data and Key Metrics Changes - The company is preparing for global deployment of the Nanox.ARC system, with significant progress in Nigeria and Ghana [18][19] - A strategic agreement was signed with Spectrum Health, an integrated healthcare network in Michigan, to use the AI population health solution [14] Company Strategy and Development Direction - The company aims to advance the Nanox.ARC system towards commercialization and is focused on obtaining FDA clearance [8] - A technology development center is being established in Israel to enhance R&D capabilities, complementing existing facilities in Korea and Japan [22] - The company is pushing forward with the deployment of the Nanox.ARC in Nigeria and has signed an agreement to deploy 350 units in Ghana [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in the FDA clearance process and the potential for accelerated revenue growth from teleradiology services [15][12] - The management team acknowledged the challenges posed by supply chain issues but remains committed to advancing production and deployment timelines [42] Other Important Information - The company was added to the Russell 2000 and Russell 3000 indexes effective June 27, 2022, which is seen as a positive development [24] - Cash, cash equivalents, and marketable securities as of June 30, 2022, were approximately $126.7 million [33] Q&A Session Summary Question: Can you talk about the technology center in Israel and its capabilities? - The technology center will focus on advanced technologies and will complement existing facilities in Korea and Japan, which are more manufacturing-oriented [41] Question: What is the anticipated number of ARCs manufactured by the end of the year? - Production is being accelerated, with the first 1,000 units expected to be assembled in Israel, and further discussions on mass production are ongoing [42] Question: Will there be any goodwill impairment in Q3 or Q4? - Future goodwill impairment will depend on market parameters and internal management estimates [46] Question: What is the status of the CE Mark for Nanox.ARC? - All necessary documentation for CE marking has been submitted, and the company is hopeful for a timely process [57] Question: Can you provide an update on the AI agreements and their revenue potential? - The integration of AI solutions is ongoing, with revenue potential ranging from a few hundred thousand to several million dollars [66]
Nano-X Imaging (NNOX) - 2022 Q2 - Quarterly Report
2022-08-16 12:13
Financial Performance - The company generated $2.2 million in revenue for Q2 2022, up from $1.8 million in Q1 2022, representing a growth of over 15% in sales of radiology services [4]. - The company reported a net loss of $19.6 million for Q2 2022, compared to a net loss of $13.6 million in the same period last year [6]. - Revenue for the six months ended June 30, 2022, was $4,008 thousand, compared to $0 for the same period in 2021 [32]. - Gross loss for the six months ended June 30, 2022, was $(3,674) thousand, with a gross loss of $(1,755) thousand for the three months ended June 30, 2022 [32]. - Net loss for the six months ended June 30, 2022, was $(41,280) thousand, compared to $(26,294) thousand for the same period in 2021, representing a 57.1% increase in loss [32]. - The company reported a basic and diluted loss per share of $(0.79) for the six months ended June 30, 2022, compared to $(0.56) for the same period in 2021 [32]. - The company reported a basic and diluted loss per share of $0.38 for the six months ended June 30, 2022, compared to $0.33 for the same period in 2021 [44]. Expenses - Research and development expenses increased to $6.5 million in Q2 2022 from $4.3 million in the comparable period, primarily due to the consolidation of Nanox.AI [7]. - Total operating expenses for the six months ended June 30, 2022, were $40,451 thousand, an increase of 54.5% from $26,168 thousand in the same period of 2021 [32]. - Research and development expenses for the six months ended June 30, 2022, were $13,323 thousand, up from $7,052 thousand in the same period of 2021, reflecting an increase of 88.5% [32]. - GAAP research and development expenses for the six months ended June 30, 2022, were $13.32 million, compared to $7.05 million in 2021, representing an increase of 89% [45]. - The company incurred $11.53 million in share-based compensation for the six months ended June 30, 2022, compared to $9.53 million in 2021, a 21% increase [44]. Cash and Assets - The company ended Q2 2022 with cash, cash equivalents, and marketable securities totaling $126.7 million [14]. - Cash and cash equivalents decreased to $51,676 thousand as of June 30, 2022, from $66,645 thousand as of December 31, 2021 [28]. - Total assets decreased to $317,724 thousand as of June 30, 2022, from $363,170 thousand as of December 31, 2021 [28]. - The company had total current assets of $89.8 million and total current liabilities of $40.6 million, resulting in working capital of $49.2 million as of June 30, 2022 [14]. - Cash and cash equivalents at the end of the period were $51.80 million, down from $116.86 million at the end of the same period in 2021, a decrease of 56% [41]. Liabilities and Equity - The company reported a goodwill impairment of $14.3 million in Q2 2022 due to changes in management estimates [10]. - Total liabilities decreased to $55,448 thousand as of June 30, 2022, from $71,022 thousand as of December 31, 2021 [28]. - The company had a total shareholders' equity of $262,276 thousand as of June 30, 2022, down from $292,148 thousand as of December 31, 2021 [28]. - Non-GAAP net loss attributable to ordinary shareholders for the six months ended June 30, 2022, was $19.78 million, up from $15.73 million in 2021, indicating a 25% increase [44]. Financing and Investments - Cash used in operating activities for the six months ended June 30, 2022, was $22.28 million, compared to $11.75 million in 2021, reflecting a 90% increase in cash outflow [41]. - Net cash provided by financing activities was $14.08 million for the six months ended June 30, 2022, compared to $3.90 million in 2021, indicating a significant increase in financing [41]. - The company’s total cash outflow from investing activities was $6.77 million for the six months ended June 30, 2022, compared to $89.08 million in 2021, showing a significant reduction in investment cash outflow [41]. Strategic Initiatives - The company secured an agreement with BIO Ventures for Global Health to develop a medical imaging training initiative in Nigeria [4]. - The company plans to make a 510(k) submission to the FDA for the multi-source Nanox.ARC system [3]. - The company was added to the Russell 2000® and Russell 3000® Indexes effective June 27, 2022 [4]. - The company reported a change in contingent earnout liability of $12.26 million for the six months ended June 30, 2022, which was not present in the previous year [41].
Nano-X Imaging (NNOX) - 2022 Q1 - Earnings Call Transcript
2022-05-19 14:49
Nano-X Imaging Ltd (NASDAQ:NNOX) Q1 2022 Earnings Conference Call May 19, 2022 8:30 AM ET Company Participants Mike Cavanaugh - IR, ICR Westwicke Erez Meltzer - Chief Executive Officer Ran Daniel - Chief Financial Officer Conference Call Participants Suraj Kalia - Oppenheimer Jeffrey Cohen - Ladenbrug Thalmann Rahul Rakhit - LifeSci Capital Operator Good day, and thank you for standing by. Welcome to the NANO-X IMAGING First Quarter 2022 Earnings Conference Call. At this time, all participants are in a list ...
Nano-X Imaging (NNOX) - 2021 Q4 - Annual Report
2022-05-02 12:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...