Nano-X Imaging (NasdaqGM:NNOX) Conference Transcript

Summary of Nano-X Imaging Conference Call (December 10, 2025) Company Overview - Company: Nano-X Imaging (Ticker: NNOX) - Industry: Medical Imaging Technology - Core Offering: Advanced diagnostic imaging solutions, including hardware, AI solutions, teleradiology services, and OEM business [2][3][4] Key Points and Arguments Business Model and Technology - Nano-X Arc: A digital multi-source 3D tomosynthesis imaging system cleared by the FDA and CE, ready for commercialization in the U.S. and European markets [2][3] - AI Solutions: Comprises three main applications for chest, bone, and liver diagnostics, all FDA and CE cleared, aimed at early detection of chronic diseases [3][21] - Teleradiology Services: Acquired USARAD in November 2021, enhancing service offerings [3] - OEM Business: Involves proprietary tube and chip technology, applicable in medical and other industries [4][23] Recent Developments - FDA Clearance: Recently cleared the Arc-X, a second-generation imaging device that is smaller, mobile, and has lower radiation exposure compared to traditional CT machines [11][12] - Commercial Deployment: Started commercial deployment of Arc systems in the U.S. and EU, with consistent utilization and clinical adoption reported [6][14] - Production Plans: Initial production of Nanox.ARC-X in Israel, with mass production set to commence in Thailand in 2026 [14] Financial Highlights - Q3 2025 Financials: - Cash and cash equivalents: $55 million - Shareholders' equity: $156 million - Revenue: $3.5 million - Inventory for pay-per-use model: $49.5 million [24][25] - Funding: Recently raised $50 million to support commercialization efforts [24][27] Market Strategy - Target Markets: Imaging centers, orthopedic clinics, multispecialty clinics, and urgent care facilities [14] - Reimbursement Model: Utilizes CPT code 76100, allowing operators to charge $90-$110 per scan, with a pay-per-use model at $30 per scan [13][17] - Sales Strategy: Direct sales force in the U.S. and distributor sales in Europe, focusing on shorter sales cycles due to lower capital investment required [15][17] Clinical and Competitive Advantages - 3D Imaging: Provides superior imaging capabilities compared to traditional 2D and CT imaging, with reduced radiation exposure [18][19] - AI Integration: AI tools enhance diagnostic capabilities and integrate with PACS systems, providing value to radiologists and other medical professionals [21][22] Future Outlook - Focus on Profitability: Transitioning from R&D to a product-focused company, with an emphasis on commercialization and shareholder value [27][28] - AI Expansion: Plans to accelerate monetization of AI tools and expand business models, indicating potential growth in 2026 [29][30] Additional Important Information - Regulatory Approvals: Holds multiple regulatory approvals, including FDA and CE, with installations in Israel and Ghana for clinical data accumulation [18] - Market Reception: Positive reception at the RSNA conference, indicating strong interest from prospective clients and distributors [26]