Full Press Release Details
Announces Second Quarter of 2024 Financial Results and
the deployment of Nanox ARC in the US market,
a new 510k application to the FDA to expand Nanox.ARC indications to include
use, including chest
Nanox.AI Receives FDA
510K Clearance for HealthCCSng V 2.0, upgraded version of its AI Cardiac Solution
to host conference call and webcast Tuesday, August 20, 2024 at 8:30 AM ET
TIKVA, Israel- August 20, 2024 - NANO-X IMAGING LTD (NASDAQ: NNOX) ("Nanox" or the "Company"),
an innovative medical imaging technology company, today announced results for the second quarter ended June 30, 2024 and provided a business
| Announces the development of system to be called Nanox.ARC X, that will be introduced in our next investor relations' event | ||
| Nanox.AI Receives FDA 510K Clearance for HealthCCSng V2.0, upgraded version of the cardiac solution, introduces additional zero calcium' categorization of coronary calcium (CAC) and generates an exact calcium score with corresponding CAC detection category output. | ||
| Nanox.AI Cardiac Solution, HealthCCSng, was highlighted in multiple scientific presentations at the 2024 SSCCT annual meeting. |
"The second quarter of 2024 was one of commercial
advances as the Nanox team pursues its vision of making medical imaging more accessible worldwide," said Erez Meltzer, Nanox Chief
Executive Officer and Acting Chairman. "Our vision is to extend Nanox technology within and beyond hospitals, targeting underserved
segments like urgent care and orthopedic clinics. We deliver a seamless scan-to-diagnosis solution, leveraging AI for smarter, more efficient
healthcare, with a focus on aligning innovation with clinical needs to enhance patient outcomes globally. Nanox is dedicated to accelerating
the execution of our commercial infrastructure and future strategic collaborations in the U.S. Our mission is to provide healthcare practices
with a transformative imaging advantage with the Nanox.ARC - an accessible, cost-effective solution that not only provides advanced
diagnostic imaging capabilities but also elevates overall patient care".
results for three months ended June 30, 2024
the three months ended June 30, 2024 (the "reported period"), the Company reported a net loss of $13.6 million, compared
to a net loss of $17.4 million for the three months ended June 30, 2023 (which is referred as the "comparable period"), representing
a decrease of $3.8 million. The decrease was largely due to a decrease of $2.1 million in the research and development expenses and a
decrease of $1.7 million in the general and administrative expenses and increase of $0.5 million in the Company's financial income
which was mitigated by an increase of $1.2 in the Company's gross loss.
Company reported revenue of $2.7 million in the reported period, compared to $2.6 million in the comparable period. During the reported
period, the Company generated revenue through teleradiology services, the sales of its Imaging devices and services and the sale of its
The Company's gross loss during the reported
period totaled $2.9 million (gross loss margin of 106%)) on a GAAP basis, as compared to $1.7 million (gross loss margin of (66%)) in
the comparable period. Non-GAAP gross loss for the reported period was $0.2 million (gross loss margin of approximately 9%), as compared
to Non-GAAP gross profit of $0.9 million (gross profit margin of approximately 34%) in the comparable period.
The Company's revenue from teleradiology services
for the reported and comparable periods was $2.5 million. The Company's GAAP gross profit from teleradiology services for the reported
and comparable periods was $0.4 million (gross profit margin of approximately 15%) a. Non-GAAP gross profit of the Company's
teleradiology services for the reported and comparable periods was $0.9 million (gross profit margin of approximately 37%).
the reported period the Company generated revenue through the sales and deployment of its imaging systems which amounted to $68 thousand
for the reported period, with a gross loss of $1.3 million on a GAAP and non-GAAP basis. The revenue stems from the sale and deployment
of our 2D systems in Africa and our Nanox.ARC systems in the U.S.
Company's revenue from its AI solutions for the reported period was $113 thousand with a gross loss of $2.0 million on a GAAP basis,
as compared to revenue of $53 thousand with a gross loss of $2.1 million in the comparable period. Non-GAAP gross profit of the Company's
AI solutions for the reported period was $57 thousand, as compared to a loss of 42 thousand in the comparable period.
Research and development expenses, net for the reported
period were $4.8 million, as compared to $6.9 million in the comparable period, reflecting a decrease of $2.1 million. The decrease was
mainly due to decrease of $1.2 million in salaries and wages and a decrease of $0.2 million in share-based compensation and $0.7 million
in the expenses related to our research and development activities.
and marketing expenses for the reported and the comparable periods were $0.8 million.
and administrative expenses for the reported period were $5.9 million, as compared to $7.6 million in the comparable period. The decrease
of $1.7 million was mainly due to a decrease in our legal expenses in the amount of $1.6 million, largely as result of the finalization
of the SEC investigation and the settlement of the class action and a decrease in the cost of the directors' and officers'
liability insurance premium in the amount of $0.4 million.
net loss attributable to ordinary shares for the reported period was $8.4 million, as compared to $9.9 million in the comparable period.
The decrease of $1.5 million was mainly due to a decrease in non-GAAP operating expenses of $2.2 million and an increase of $0.5 million
in our non-GAAP interest income which was offset by decrease of $1.1 million in our non-GAAP gross profit.
gross loss for the reported period was $0.2 million, as compared to a Non-GAAP gross profit of $0.9 million in the comparable period.
Non-GAAP research and development expenses, net for the reported period, were $4.1 million, as compared to $6.0 million in the comparable
period. Non-GAAP sales and marketing expenses for the reported period were $0.5 million, as compared to $0.6 million in the comparable
period. Non-GAAP general and administrative expenses for the reported period were $4.3 million as compared to $4.7 million in the comparable
difference between the GAAP and non-GAAP financial measures above is mainly attributable to amortization of intangible assets, share-based
compensation, change in contingent earnout liability, expenses related to an offering and legal fee in connection with the class-action
litigation and the SEC investigation. A reconciliation between GAAP and non-GAAP financial measures for the three and six months periods
ended June 30, 2024, and 2023 is provided in the financial results that are part of this press release.
and Capital Resources
of Jume 30, 2024, the Company had total cash, cash equivalents, restricted deposits and marketable securities of $64.2 million, compared
to $82.8 million as of December 31, 2023. The decrease of $18.6 million during the reported period was primarily due to negative cash
flow from operations of $17.9 million.
of June 30, 2024 the Company had property and equipment of $44.4 million, compared to $42.3 million as of December 31, 2023.
of June 30, 2024, the Company had intangible assets of $75.3 million as compared to $80.6 million as of December 31, 2023. The decrease
was attributable to the periodic amortization of intangible assets in the amount of $5.3 million.
of June 30, 2024 the Company had approximately 58.5 million shares outstanding. As of December 31, 2023, the Company had approximately
57.8 million shares outstanding.
Call and Webcast Details
August 20, 2024 @ 8:30am ET
interested in listening to the conference call may do so by joining the live webcast on the Investors section of the Nanox website under
Events and Presentations. Alternatively, individuals can register online to receive a dial-in number and personalized PIN to participate
in the call. An archived webcast of the event will be available for replay following the event.
(NASDAQ: NNOX) is focused on applying its proprietary medical imaging technology and solutions to make diagnostic medicine more accessible
and affordable across the globe. Nanox's vision is to increase access, reduce costs and enhance the efficiency of routine medical
imaging technology and processes, in order to improve early detection and treatment, which Nanox believes is key to helping people achieve
better health outcomes, and, ultimately, to save lives. The Nanox ecosystem includes Nanox.ARC- a multi-source Digital Tomosynthesis
system that is cost-effective and user-friendly; an AI-based suite of algorithms that augment the readings of routine CT imaging to highlight
early signs often related to chronic disease (Nanox.AI); a cloud-based infrastructure (Nanox.CLOUD); and a proprietary decentralized
marketplace, through Nanox's subsidiary, USARAD Holdings Inc., that provides remote access to radiology and cardiology experts;
and a comprehensive teleradiology services platform (Nanox.MARKETPLACE). Together, Nanox's products and services create a worldwide,
innovative, and comprehensive solution that connects medical imaging solutions, from scan to diagnosis. For more information, please
visit www.nanox.vision.
press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical
facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, those relating
to the initiation, timing, progress and results of the Company's research and development, manufacturing, and commercialization
activities with respect to its X-ray source technology and the Nanox.ARC, the ability to realize the expected benefits of its recent
acquisitions and the projected business prospects of the Company and the acquired companies. In some cases, you can identify forward-looking
statements by terminology such as "can," "might," "believe," "may," "estimate,"
"continue," "anticipate," "intend," "should," "plan," "should,"
"could," "expect," "predict," "potential," or the negative of these terms or other similar
expressions. Forward-looking statements are based on information the Company has when those statements are made or management's
good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual
results to differ materially from those currently anticipated include: risks related to (i) Nanox's ability to continue to develop
of the Nanox imaging system; (ii) Nanox's ability to successfully demonstrate the feasibility of its technology for commercial
applications; (iii) Nanox's expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory
clearances or approvals regarding its technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies worldwide and its ongoing compliance
with applicable quality standards and regulatory requirements; (iv) Nanox's ability to realize the anticipated benefits of acquisitions,