NNOX - Nano-X Imaging gains despite Q2 miss
2023-08-17 10:13:50 ET
Nano-X Imaging ( NASDAQ: NNOX ) traded higher at the market open on Thursday as investors looked past the Israel-based medical device maker's Q2 2022 results, which fell short of expectations for the sixth consecutive quarter.
"The second quarter of 2023 was another successful quarter for Nanox, as we received the 510(k) FDA clearance for the Nanox.ARC system," CEO Erez Meltzer said, referring to the recent U.S. clearance of the company's imaging system.
Updating on its market launch, Nano-X ( NNOX ) said the company is on track to deploy the first Nanox.ARC system in a clinical setting in an East Coast healthcare facility in the U.S. After receiving an import license in Q2, the company added that the X-ray system it plans to deliver reached the U.S. during the quarter.
For Q2, NNOX recorded $2.6M in revenue with ~18% YoY growth, and its net loss narrowed by ~11% YoY to $17.4M, while general and administrative expenses fell ~32% YoY to $7.6M.
However, non-GAAP gross margin slipped to 34% from 37% in the prior-year period, while R&D costs rose ~6% YoY to $6.9M.
The company reported $42.0M in cash and cash equivalents at the end of the quarter, marking a 9% improvement from the 2022 year-end.
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Nano-X Imaging gains despite Q2 miss