NNOX - 2 Red-Hot Growth Stocks That Are Still Over 300% Away From 2021 Highs
2023-07-12 06:45:00 ET
A couple of stocks that have more than doubled this year are Nano-X Imaging (NASDAQ: NNOX) and C3.ai (NYSE: AI) . But as lofty as their valuations have gotten, they are still nowhere near the highs they hit in 2021. Can these stocks get back to those levels again, or is it too late to invest in these businesses?
Up roughly 100% so far in 2023, Nano-X has been one of the best healthcare stocks to own this year. The company doesn't generate a whole lot of revenue ($8.6 million over the trailing 12 months) and it remains unprofitable. But what investors are bullish about is its future, with the company's multisource X-ray system, Nano.ARC, recently obtaining 510(k) safety clearance from the Food and Drug Administration.
Nano-X says the system can make medical imaging both more affordable and accessible. The uncertainty is how much revenue it can generate because Nano-X plans to deploy it on a pay-per-scan basis. That means if there isn't robust demand and hospitals and clinics aren't using it, sales might not be that strong.
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2 Red-Hot Growth Stocks That Are Still Over 300% Away From 2021 Highs