Nano-X Imaging (NNOX) - 2024 Q3 - Quarterly Report

Financial Performance - The company generated $3.0 million in revenue for Q3 2024, a 20% increase from $2.5 million in Q3 2023[3] - The net loss for Q3 2024 was $13.6 million, a decrease of $7.8 million compared to a net loss of $21.4 million in Q3 2023[6] - Revenue for the nine months ended September 30, 2024, increased to $8,283,000, compared to $7,508,000 for the same period in 2023, representing a growth of 10.3%[36] - The net loss for the nine months ended September 30, 2024, was $(39,455,000), compared to $(50,528,000) for the same period in 2023, showing an improvement of 21.7%[36] - The company reported a basic and diluted loss per share of $(0.68) for the nine months ended September 30, 2024, compared to $(0.90) for the same period in 2023[36] - The company reported a basic and diluted loss per share of $0.43 for the nine months ended September 30, 2024, compared to $0.53 for the same period in 2023[45] Revenue Sources - Revenue from teleradiology services increased to $2.6 million in Q3 2024, up from $2.2 million in Q3 2023[9] Expenses - Gross loss margin for Q3 2024 was 93%, compared to 67% in the comparable period[8] - Research and development expenses decreased to $4.7 million in Q3 2024 from $6.0 million in Q3 2023[13] - Total operating expenses for the nine months ended September 30, 2024, were $34,052,000, down from $47,026,000 in the same period of 2023, a decrease of 27.6%[36] - Research and development expenses for the nine months ended September 30, 2024, were $14,781,000, compared to $19,237,000 for the same period in 2023, a decrease of 23.2%[36] - Share-based compensation for the nine months ended September 30, 2024, was $5,845,000, compared to $4,981,000 for the same period in 2023, representing a 17% increase[45] Cash and Assets - The company had total cash and equivalents of $57.1 million as of September 30, 2024, down from $82.8 million at the end of 2023[20] - Total current assets decreased to $930,000 as of September 30, 2024, from $1,092,000 as of December 31, 2023, a decline of 14.8%[34] - The total accumulated deficit increased to $309,985,000 as of September 30, 2023, from $288,582,000 at the beginning of the period[39] Liabilities and Equity - Total liabilities decreased to $20,054,000 as of September 30, 2024, from $23,134,000 as of December 31, 2023, a reduction of 13.3%[34] - Shareholders' equity as of September 30, 2024, was $163,887,000, down from $195,514,000 as of December 31, 2023, a decrease of 16.2%[34] Regulatory and Strategic Initiatives - The company is working with the FDA and EU regulatory bodies to secure approvals for its technologies, which is expected to expand its total addressable market[5] - The company has expanded its US sales and support teams and deployed dozens of units globally as part of its growth strategy[3] - The company aims to enhance health outcomes worldwide through its innovative medical imaging technologies and AI solutions[25] Non-GAAP Metrics - The company reported a non-GAAP net loss of $8.7 million for Q3 2024, compared to $9.4 million in the comparable period[17] - Non-GAAP net loss attributable to ordinary shares for the nine months ended September 30, 2024, was $25,155,000, down from $29,821,000 in the same period of 2023, reflecting a 16% reduction[45] - Non-GAAP gross profit margin improved to 1% from a GAAP gross loss margin of (93%) in the latest period[47] - Non-GAAP research and development expenses decreased by 34% from GAAP figures, indicating cost management efforts[47] - Non-GAAP sales and marketing expenses showed a reduction of 34% compared to GAAP expenses, reflecting efficiency improvements[47] Other Financial Information - The company experienced a net cash used in operating activities of $26,066,000 for the nine months ended September 30, 2024, an improvement from $32,263,000 in the same period of 2023[41] - The company issued 2,142,858 ordinary shares and warrants during the period, raising $27,139,000 net of issuance expenses[39] - The weighted average number of ordinary shares increased to 58,182,000 for the nine months ended September 30, 2024, compared to 55,900,000 for the same period in 2023[45]