Nano-X Imaging (NNOX)2024-04-01 15:08Financial Data and Key Metrics Changes - The company reported a GAAP net loss of 52.8 million in Q4 2022, primarily due to a goodwill impairment and a decrease in general and administrative expenses [29][30]. - Revenue for Q4 2023 was 2.1 million in the same period last year, with a gross loss of 0.9 million, representing a gross profit margin of approximately 36%, down from 39% in the comparable period [30][31]. Business Line Data and Key Metrics Changes - The company generated 63,000 in the previous period [32]. - Revenue from teleradiology services was 0.3 million, compared to 0.3 million in the prior year [88]. Market Data and Key Metrics Changes - The company has expanded its U.S. deployment of the Nanox.ARC system across five states, with installations in New Jersey, New York, Florida, Kansas, and Georgia [9][12]. - In Africa, the company has three installations, including one at the University of Ghana Medical Center, and has signed a multisite agreement for a clinical trial [13]. Company Strategy and Development Direction - The company aims to accelerate the commercialization of the Nanox.ARC system and expand its U.S. sales and technical teams [8][12]. - The strategy includes a focus on the MSaaS model for revenue generation, with initial deployments validating this approach [10][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2024 being a transformative year for the company, with expectations for increased deployment and revenue generation from the Nanox.ARC system [7][8]. - The company is also pursuing CE Mark designation in the EU and has received local regulatory clearances in countries like Ghana [43][28]. Other Important Information - The company achieved FDA clearance for the Nanox.ARC system, marking a significant milestone in its U.S. commercialization efforts [7][19]. - The company has made progress in its AI solutions, with a 250% increase in its client base compared to the previous quarter [17]. Q&A Session Summary Question: How many systems in the U.S. are operational across the five states deployed in during the fourth quarter? - The company has systems installed in five states but has not disclosed the exact number of operational systems yet [48][49]. Question: What types of centers are adopting ARC, and how is utilization trending? - The company reported that small and medium-sized medical imaging centers are adopting ARC, with some centers achieving up to 15 scans per day [52][76]. Question: Can you provide details on the economics of Connect in Peru and Mexico? - Most agreements for Connect are based on the MSaaS model, with some capital sales depending on the country [53][54]. Question: How do you see the utilization of Nanox.ARC scaling in 2024? - The company anticipates that utilization will increase, with early installations averaging seven scans per day, and some centers achieving higher numbers [75][76]. Question: What is the expected volume of patients analyzed with HealthCCS at Intermountain? - The company noted that 60% of patients in studies were previously undetected with cardiovascular risks, indicating significant potential for future analysis [80][82].