Nano-X Imaging (NNOX) Sidoti's Small-Cap Virtual Conference summary

Product innovation and technology

• Introduced Nanox.ARC, a 3D digital multi-source tomosynthesis system with cloud integration for streamlined imaging and diagnosis.

• System produces 30-60 images per scan, offering enhanced image quality and reduced false positives compared to traditional X-ray.

• Newer ARC versions feature a smaller footprint, cable-free design, and improved accessibility, with remote operation capabilities.

• AI division, acquired from Zebra Medical, offers FDA- and CE-cleared solutions for bone, cardiac, and liver diagnostics, with ongoing development for additional applications.

• Teleradiology and OEM businesses leverage proprietary chip and tube technology, with cloud-based workflow integration.

Commercialization and business model

• U.S. market uses a direct sales approach targeting imaging centers and clinics, while international markets rely on distributors.

• Offers both capital sales and Medical Scan as a Service (MSaaS) models, charging $30 per scan with a minimum daily usage, plus optional teleradiology services.

• MSaaS model enables customers to avoid large upfront costs and benefit from established reimbursement codes, yielding operator margins of 43-54%.

• Hybrid and third-party financing options are available to increase market adoption.

• Installations and clinical trials are ongoing in Israel, Ghana, and the U.S., with plans to expand deployment.

Regulatory and financial highlights

• Nanox.ARC cleared for MSK use in May 2023, general use in December 2024, and next-gen ARC X cleared in April 2025; CE approval for all-body use in February 2025.

• All AI solutions have FDA and CE clearance.

• Q1 2025 ended with $72.9 million in cash, $2.8 million in revenue, and a $3 million monthly burn rate.

• Significant fixed assets and inventory due to manufacturing investments and devices for pay-per-use deployment.