NNOX - Nanox gains after Q1 update on market expansion

2023-05-22 12:50:22 ET

Shares of Nano-X Imaging ( NASDAQ: NNOX ) added ~9% on Monday after the Israel-based medical imaging company announced Q1 2023 results alongside updates on its actions to boost its market presence.

Noting its efforts to expand in Africa, Nano-X ( NNOX ) said that Vital Tech SARL inked a three-year distribution agreement with the company on Friday to deploy 270 units of its Nanox.ARC X-ray system in Morocco.

We “advancing our deployment activities in Ghana and Nigeria which we expect to be the first markets with large scale deployments of the Nanox.ARC,” Chief Executive Erez Meltzer remarked.

Citing the recent FDA clearance for Nanox.ARC, Meltzer said the company intends to receive an import license to bring down the products to a demo center it plans to establish in Florida.

In terms of revenue, NNOX reported better than expected $2.4M revenue for the quarter marking a ~33% YoY rise, while its non-GAAP net loss fell short of expectation to reach $10.5M with a ~10% drop.

Meanwhile, non-GAAP gross margin improved to ~43% from ~37% in the prior year period, while the company’s total cash, cash equivalents, and marketable securities reached $78.1M, mostly unchanged from 2022 year-end.

More on Nano-X

• Nano-X Imaging up 63% on FDA approval of imaging system
• Nano-X Imaging announces partnership with Ferrum Health
• Hey, Millennials, Now's A Great Time To Buy Shares Of Nano-X

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