Nano-X Imaging (NNOX) Q2 2024 earnings summary

Executive summary

• Achieved strong commercial progress in Q2 2024, expanding U.S. and global deployments of imaging systems and advancing clinical and regulatory milestones.

• Revenue for Q2 2024 was $2.7 million, up slightly from $2.6 million in Q2 2023, driven by teleradiology, imaging device sales, and AI solutions.

• Net loss narrowed to $13.6 million from $17.44 million year-over-year, mainly due to lower R&D and G&A expenses.

• Submitted a new 510(k) to the FDA for expanded Nanox.ARC indications, including general tomosynthesis and chest, and received FDA clearance for HealthCCSng 2.0 AI cardiac solution.

• Announced development of Nanox.ARC X system and highlighted AI solution at scientific meetings.

Financial highlights

• Q2 2024 revenue: $2.7M; GAAP net loss: $13.6M; non-GAAP net loss: $8.4M; GAAP gross loss: $2.9M (106% margin).

• Non-GAAP gross loss: $0.2M (9% margin) vs. non-GAAP gross profit of $0.9M (34% margin) in Q2 2023.

• Teleradiology revenue: $2.5M; imaging systems: $68K; AI solutions: $113K.

• R&D expenses decreased to $4.8M from $6.9M; G&A expenses fell to $5.9M from $7.6M, mainly due to lower legal costs.

• Cash, equivalents, and marketable securities totaled $64.2M as of June 30, 2024, down from $82.8M at year-end 2023.

Outlook and guidance

• No seasonality expected in U.S. results; ramping up installed base and anticipating better results in coming quarters.

• Targeting further expansion in U.S. and international markets, with plans to grow U.S. sales force to 30–40 by 2025.

• Preparing for CE mark approval to enable commercialization in Europe and other regions via distributors.

• Focus on expanding U.S. commercial infrastructure and strategic collaborations.

• Targeting broader market segments, including urgent care and orthopedic clinics, with cost-effective imaging solutions.