Nano X Imaging Ltd (NNOX) Q3 2024 Earnings Call Highlights: Navigating Financial Challenges ...

GuruFocus.com11-22

Revenue: $3.0 million for the third quarter of 2024. Net Loss: GAAP net loss of $13.6 million for the third quarter of 2024. Gross Loss: $2.8 million on a GAAP basis for the third quarter of 2024. Non...

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GuruFocus has detected 2 Warning Sign with NNOX.\n\nRelease Date: November 21, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nNano X Imaging Ltd (NASDAQ:NNOX) has successfully deployed 47 units of its Nano-X ARC technology across various stages of shipments and deployments for both commercial and clinical use.\nThe company has doubled its sales and service personnel in the US to support its expanding client base, indicating strong growth and commitment to market penetration.\nNano X Imaging Ltd (NASDAQ:NNOX) has signed several new deals for its Nano-X AI solutions, including partnerships with prestigious institutions like Oxford University Hospitals in the UK.\nThe company's USARAD business generated a record $2.6 million in revenues for the quarter, showcasing its ability to produce meaningful revenue streams.\nNano X Imaging Ltd (NASDAQ:NNOX) is actively working on expanding its regulatory approvals, with ongoing communications with the US FDA and European regulatory bodies to secure necessary clearances.\n\n Negative Points \n\nNano X Imaging Ltd (NASDAQ:NNOX) reported a GAAP net loss of $13.6 million for the third quarter of 2024, indicating ongoing financial challenges.\nThe company experienced a gross loss of $2.8 million on a GAAP basis, compared to a gross loss of $1.7 million in the comparable period, highlighting increased financial strain.\nRevenue from the sales and deployment of imaging systems was only $29,000, with a gross loss of $1.5 million, suggesting difficulties in monetizing this segment.\nResearch and development expenses remain high at $4.7 million, although slightly decreased from the previous period, indicating continued investment without immediate returns.\nThe company faces uncertainties regarding the timing of regulatory approvals, which could impact its ability to expand its market presence and revenue potential.\n\n Q & A Highlights \nQ: How many systems did you deploy in the US during the quarter, and what types of imaging centers are adopting them? A: We deployed a total of 47 systems. The majority are in small to medium imaging centers, with some in imaging medical chains, hospitals, multifunctionality medical centers, and a few in chiropractors or orthopedic clinics.\nQ: How has average utilization trended in terms of scans per day or month for ARC? A: Utilization remains similar to previous reports, with approximately seven scans per day during working days.\nQ: Could you provide updates on ongoing conversations with the FDA and any updates on ARC-X and the label extension for full body? A: We have answered all questions from the FDA, and indications are positive. We plan to submit ARC-X early next year, with deployment expected in the second half of the year, pending FDA approval.\nQ: How do you anticipate the European market will develop after obtaining the CE Mark, and what are your plans for commercialization there? A: Europe will primarily be served through distributors, with several agreements already in place. We have received high interest from new distributors and have concrete purchase orders ready to execute once we receive the CE Mark.\nQ: How should we think about the opportunity in Europe and the rest of the world relative to the US? A: While the US remains a priority due to FDA approval and market access, Europe and other regions will follow. We have a strategic plan in place for these markets, and once the CE Mark is obtained, we will accelerate our efforts there.\nQ: Revenues for AI solutions were higher than the trend line. Is this a signal that AI solutions revenue should continue to be higher, and is there any seasonality involved? A: Yes, we anticipate continued growth in AI solutions revenue. The increase is not due to seasonality but rather the completion of projects and expansion of our customer base.\nQ: When should we expect to see an inflection point in revenue trajectory? A: The trajectory will be influenced by several milestones, including expanded FDA clearances, CE Mark approval, and the launch of ARC-X. Each milestone could be a game changer, contributing to revenue growth.\nQ: Could you provide an update on Nano-X Connect and its anticipated platform for 2025? A: We expect more clarity on Nano-X Connect in 2025, with Mexico likely being the next market once regulatory approvals are obtained.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485828471"}