NANO-X IMAGING LTD (NASDAQ:NNOX), an innovative medical imaging technology company, today announced its financial results for the third quarter ended September 30, 2024. Below is a detailed summary of the performance and financial highlights.
Financial Performance Summary
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimates (Q3 2024) |
|---|---|---|---|---|
| Revenue | $3.0 million | $2.5 million | +20% | $3.53 million |
| Net Loss | $13.6 million | $21.4 million | -36% | N/A |
The company reported a 20% year-over-year increase in revenue for the third quarter of 2024, reaching $3.0 million, though it fell short of the consensus estimate of $3.53 million. The net loss for the quarter narrowed significantly to $13.6 million from $21.4 million the previous year, primarily due to decreased expenses related to the impairment of Goodwill.
Segment Revenue Performance
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | Performance Comments |
|---|---|---|---|
| Teleradiology Services | $2.6 million | $2.2 million | Continued growth in service volume and customer retention resulted in an 18% increase in teleradiology revenue. |
| Imaging Systems | $29 thousand | $99 thousand | Decrease in sales, with a gross loss of $1.5 million due to investments in deployment activities. |
| AI Solutions | $0.4 million | $141 thousand | Revenue more than doubled, indicating positive traction in AI-based initiatives. |
Operational Highlights
- Progress in the deployment of Nanox.ARC and Nanox.AI globally, with dozens of units deployed.
- Expansion of the US sales and support team, forming a crucial part of the global strategic growth plan.
- Growth in Nanox.AI business through new distribution agreements and extended agreements with existing partners.
- A multi-site clinical trial for Nanox.ARC is ongoing at Beilinson hospital in Israel and in Ghana.
Executive Commentary
Erez Meltzer, Nanox CEO and Acting Chairman, expressed strong confidence in the company's progress and future potential. He highlighted the robust deployment of the Nanox.ARC and Nanox.AI technologies and underscored the positive feedback from healthcare providers and patients. He emphasized the company's proactive steps with the FDA and EU regulatory bodies to secure further approvals, which are expected to bolster their market position and expand their addressable market.
Forward Guidance
The company did not provide specific forward guidance but indicated a solid expectation to maintain commercial momentum into 2025 due to its expanding infrastructure and regulatory efforts.
Stock Price Reaction
NANO-X IMAGING LTD experienced a 3.51% increase in stock price following the earnings release, reflecting positive investor sentiment based on the reported results and future outlook.
This report provides a thorough overview of NANO-X IMAGING LTD's performance in the third quarter. The company is making strides in its operational deployment, revenue generation from key segments, and regulatory pathways, positioning itself for future growth despite current challenges.
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