NNOX - Nano-X Imaging falls after 1Q revenue miss

Nano-X Imaging (NASDAQ:NNOX), an Israel-based developer of medical imaging technology, has lost ~8% in the pre-market Thursday after the company reported lower than expected revenue with its 1Q 2022 financials. During its first full quarter of revenue generation, Nano-X (NNOX) reported ~38% growth from the preceding quarter as revenue reached $1.8M falling short of Street forecasts of $2.39M. However, non-GAAP net loss at $0.23 per share exceeded analyst expectations of $0.26 per share. Net loss for the period grew ~71% YoY on a GAAP basis to $21.7M, mainly due to expenses related to the consolidation of Nanox.AI and USARAD units and the acquisition of MDWEB assets, Nano-X (NNOX) said. Higher R&D and general & administrative costs also expanded net loss, rising ~152% YoY and ~38% YoY to $6.8M and $11.3M, respectively. As of March end, the company reported $73.7M of cash, cash equivalents and short-term marketable securities compared to $88.7M at 2021

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Nano-X Imaging falls after 1Q revenue miss