Nano-X Imaging (NNOX) Q3 2024 earnings summary

Executive summary

• Achieved commercial deployment of 47 Nanox.ARC units across seven U.S. states and internationally, with ongoing expansion in Europe, Mexico, and Chile.

• Revenue grew to $3.0 million in Q3 2024 from $2.5 million in Q3 2023, driven by teleradiology and AI solutions.

• Net loss narrowed to $13.6 million from $21.4 million year-over-year, mainly due to lower impairment expenses.

• Expanded U.S. sales/support teams, signed new distribution agreements, and strengthened distributor networks in Europe and LATAM.

• Nanox.AI business segment gained traction, securing new contracts, including a three-year deal with Oxford University Hospitals NHS Foundation Trust and recognition in Time's Best Inventions of 2024.

Financial highlights

• Q3 2024 revenue: $3.0 million (up from $2.5 million in Q3 2023); teleradiology services contributed $2.6 million.

• GAAP net loss was $13.6 million, down from $21.4 million in Q3 2023, mainly due to lower impairment expenses.

• Non-GAAP net loss was $8.7 million, compared to $9.4 million in the prior year.

• AI solutions revenue grew to $0.4 million, up from $0.1 million year-over-year.

• Cash, equivalents, and marketable securities: $57.1 million as of September 30, 2024.

Outlook and guidance

• Management expects continued commercial momentum into 2025, supported by expanded sales infrastructure and anticipated regulatory approvals.

• Expects regulatory milestones, including FDA and CE mark approvals, to drive future revenue inflection points.

• Plans to increase U.S. sales, service, and support personnel to 30-40 by end of 2025.

• Ongoing clinical trials and regulatory submissions expected to support broader adoption.