Nano-X Imaging (NNOX) Q4 2024 earnings summary

Executive summary

• Achieved FDA general use clearance for Nanox.ARC and received CE mark for European commercialization, expanding regulatory validation and market access.

• Advanced U.S. deployment with new state coverage, increased channel partnerships, and robust customer pipeline; initial European distribution agreements signed in Romania and Greece.

• AI solutions gained traction with new U.S. and international customers, including Ezra AI Inc. and an outpatient imaging provider, and collaborations for early detection.

• Continued progress in clinical trials and validation, with positive independent review committee feedback on image quality and clinical value.

• Q4 2024 revenue was $3.0 million, up from $2.4 million in Q4 2023, driven by teleradiology, imaging products, and AI solutions.

Financial highlights

• Reported GAAP net loss of $14.1 million for Q4 2024, compared to $10.2 million in Q4 2023, mainly due to higher gross loss and absence of prior period one-time insurance income.

• Revenue was $3.0 million (up from $2.4 million year-over-year); gross loss of $2.9 million on a GAAP basis.

• Tele-radiology services revenue was $2.8 million with a GAAP gross profit margin of 21% (up from 14%); non-GAAP gross profit margin was 41%.

• Imaging systems revenue was $136,000, up from $17,000 year-over-year; AI solutions revenue was $83,000, flat year-over-year.

• Cash, equivalents, and marketable securities totaled $83.5 million as of December 31, 2024.

Outlook and guidance

• 2025 expected to be a strong year for AI solutions, with increased client and pilot activity likely translating into higher revenue.

• No formal guidance provided, but management highlighted robust pipeline, ongoing expansion, and anticipated inflection point as deployments and regulatory clearances scale.

• European commercialization to focus on capital sales, with installations expected to begin within the next two quarters.

• Focus remains on expanding commercialization, regulatory progress, and portfolio innovation in 2025.