Nano-X Imaging (NNOX) Q2 Virtual Investor Summit Event earnings summary

Technology overview and product innovation

• Introduced a proprietary 3D digital multi-source imaging system, Nanox.ARC, using a cold cathode MEMS chip and cloud-based platform for real-time processing and AI integration.

• System offers tomosynthetic imaging with reduced superimposition, improved detail, and expedited diagnosis, positioned between traditional X-ray and CT in terms of image quality and radiation dose.

• Upgraded version features a smaller footprint, plug-and-play design, and cost-effective glass tubes, enabling installation in smaller spaces.

• Cloud platform supports AI solutions, teleradiology, and billing, streamlining workflow from scan to diagnosis.

• AI solutions address bone health, cardiac, and liver diagnostics, with future applications in orthopedics and body composition.

Regulatory and commercialization progress

• Achieved FDA 510(k) clearance for MSK in May 2023 and general use in 2024; CE mark for all body in February 2025 and for the new version in April 2025.

• Most AI solutions are FDA and CE cleared; clinical clearances obtained in multiple countries.

• Commercialization began in the U.S. in early 2024, with deployments in eight states and expansion via direct sales and distributor partnerships.

• Ex-U.S. commercialization is distributor-based, with installations in Israel, Ghana, and the U.K.

• Over 100 units targeted for deployment globally, with several dozen systems in various stages of rollout.

Business model and financial highlights

• Offers both capex sales and a pay-per-use MSaaS model, charging $30 per scan with a minimum of seven scans per day under multi-year agreements.

• U.S. reimbursement for tomosynthetic procedures ranges from $88–$109, with operators retaining an estimated $43–$54 margin per scan.

• Teleradiology services add $20 per scan, and OEM partnerships leverage core chip and tube technology.

• As of March 31, 2025, held $73 million in cash and cash equivalents, with a quarterly run rate of $3 million and 165 full-time employees.

• Major AI clients include Kaiser Permanente, Intermountain, Covera Health, and Dundee Health; U.K. project entered commercialization phase in 2025.