NNOX - Why Nanox Stock Lost Almost 30% in December
Shares of Nano-X Imaging (NASDAQ: NNOX) , commonly referred to as Nanox, fell 29.5% in December, according to data provided by S&P Global Market Intelligence . The stock price just keeps tumbling for the company that aspires to revolutionize the X-ray industry, having now declined 84% from its high in 2021. The company did get Food and Drug Administration (FDA) clearance in December, but not the one investors were hoping for, which might explain the stock's underperformance for the month.
Nanox plans to commercialize a medical device called the multi-source Nanox.ARC, which can quickly and cheaply make a digital X-ray. It plans to make these devices available free to speed their adoption and charge a usage-based fee. It refers to this business model as medical screening as a service (MSaaS). The only problem is, it's waiting for the FDA to clear the device, which may or may not happen anytime soon.
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Why Nanox Stock Lost Almost 30% in December