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Nano-X Imaging (NNOX) - 2022 Q2 - Quarterly Report
NNOXNano-X Imaging (NNOX)2022-08-16 12:13
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Financial Performance - The company generated 2.2millioninrevenueforQ22022,upfrom2.2 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 19.6millionforQ22022,comparedtoanetlossof19.6 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 4,008thousand,comparedto4,008 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,withagrosslossof(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,comparedto(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)forthesixmonthsendedJune30,2022,comparedto(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 0.38forthesixmonthsendedJune30,2022,comparedto0.38 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 6.5millioninQ22022from6.5 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 40,451thousand,anincreaseof54.540,451 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 13,323thousand,upfrom13,323 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 13.32million,comparedto13.32 million, compared to 7.05 million in 2021, representing an increase of 89% [45]. - The company incurred 11.53millioninshare−basedcompensationforthesixmonthsendedJune30,2022,comparedto11.53 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 126.7million[14].−Cashandcashequivalentsdecreasedto126.7 million [14]. - Cash and cash equivalents decreased to 51,676 thousand as of June 30, 2022, from 66,645thousandasofDecember31,2021[28].−Totalassetsdecreasedto66,645 thousand as of December 31, 2021 [28]. - Total assets decreased to 317,724 thousand as of June 30, 2022, from 363,170thousandasofDecember31,2021[28].−Thecompanyhadtotalcurrentassetsof363,170 thousand as of December 31, 2021 [28]. - The company had total current assets of 89.8 million and total current liabilities of 40.6million,resultinginworkingcapitalof40.6 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 51.80million,downfrom51.80 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 14.3millioninQ22022duetochangesinmanagementestimates[10].−Totalliabilitiesdecreasedto14.3 million in Q2 2022 due to changes in management estimates [10]. - Total liabilities decreased to 55,448 thousand as of June 30, 2022, from 71,022thousandasofDecember31,2021[28].−Thecompanyhadatotalshareholders′equityof71,022 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 292,148thousandasofDecember31,2021[28].−Non−GAAPnetlossattributabletoordinaryshareholdersforthesixmonthsendedJune30,2022,was292,148 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 15.73millionin2021,indicatinga2515.73 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 11.75millionin2021,reflectinga9011.75 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 3.90millionin2021,indicatingasignificantincreaseinfinancing[41].−Thecompany’stotalcashoutflowfrominvestingactivitieswas3.90 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 89.08millionin2021,showingasignificantreductionininvestmentcashoutflow[41].StrategicInitiatives−ThecompanysecuredanagreementwithBIOVenturesforGlobalHealthtodevelopamedicalimagingtraininginitiativeinNigeria[4].−Thecompanyplanstomakea510(k)submissiontotheFDAforthemulti−sourceNanox.ARCsystem[3].−ThecompanywasaddedtotheRussell2000®andRussell3000®IndexeseffectiveJune27,2022[4].−Thecompanyreportedachangeincontingentearnoutliabilityof89.08 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].