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01/11 11:07
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights several negative aspects: increased financial losses, minimal revenue generation, and lack of a shareholder return plan. While there are some positive indicators, such as regulatory achievements and market expansion plans, these are overshadowed by financial struggles and unclear guidance. The Q&A session reveals concerns about deployment delays and lack of clear break-even strategy. Despite some growth in teleradiology, the overall sentiment is negative due to increased losses and uncertainties, likely leading to a negative stock price reaction.
GAAP Net Loss $13.2 million (increase of $1.0 million from $12.2 million in Q1 2024) due to an increase of $1.1 million in gross loss.
Revenue $2.8 million (increase of $0.2 million from $2.6 million in Q1 2024) driven by growth in teleradiology services.
Gross Loss $3.0 million (increase of $0.9 million from $2.1 million in Q1 2024) attributed to increased operational costs.
Non-GAAP Gross Loss $0.4 million (compared to a gross profit of $0.6 million in Q1 2024) representing a gross loss margin of approximately 15% compared to a gross profit margin of 22% in the comparable period.
Teleradiology Revenue $2.6 million (increase of $0.2 million from $2.4 million in Q1 2024) due to customer retention, increased rates, and increased volume of reading services.
Teleradiology Gross Profit $0.4 million (increase of $0.1 million from $0.3 million in Q1 2024) with a gross profit margin of approximately 17% compared to 14% in the comparable period.
AI Solutions Revenue $0.2 million (increase from $0.1 million in Q1 2024) with a gross loss of $1.9 million compared to a gross loss of $2.0 million in the comparable period.
Research and Development Expenses $5.0 million (decrease of $0.2 million from $5.2 million in Q1 2024) due to a decrease in share-based compensation and R&D activity expenses.
Sales and Marketing Expenses $0.9 million (increase of $0.1 million from $0.8 million in Q1 2024) reflecting increased commercialization efforts.
General and Administrative Expenses $5.1 million (increase of $0.1 million from $5.0 million in Q1 2024) due to increases in salaries, IT, and recruiting expenses.
Cash and Cash Equivalents Approximately $72.9 million as of March 31, 2025.
Short-term Loan $3.1 million from a bank.
Property and Equipment Net of $45.3 million as of March 31, 2025.
Shares Outstanding Approximately 63.8 million shares.
Nanox.ARC: The US deployment of Nanox.ARC is progressing, with over 60 units in various stages of implementation and execution for commercial, demo, and clinical use.
AI Solutions: The AI solutions business is gaining momentum, with strong interest and a growing sales pipeline.
Nanox.AI: Nanox.AI has progressed from a pre-revenue business to one that is now generating growing revenue.
Market Expansion: The sales pipeline has doubled since January 2025, with over 1,000 leads primarily from small and medium-sized health clinics in various countries.
International Deployment: Efforts in the EU have been assisted by securing the CE mark for the Nanox.ARC, with plans to ship units to Greece, Romania, and Mexico.
Workers' Compensation Project: A new project targeting the workers' compensation segment is in the finalization stages, with plans to build a network of medical imaging centers.
Operational Efficiency: Achieving an average target of seven scans per day across operational units.
Sales Team Expansion: The sales team is expanding, with 22 personnel on the ground in the US, targeting 30 to 40 by the end of 2025.
Strategic Acquisitions: Acquired USARAD and Zebra Medical Imaging to enhance the end-to-end solution around Nanox.ARC technology.
Distributor Partnerships: Formed partnerships with distributors, including a non-exclusive agreement with Swissray for sales and services in the US.
Market Uncertainties: Recent market uncertainties could make our guidance subject to change as the year progresses.
Regulatory Challenges: Introducing new and innovative technology in the US market is always challenging.
Sales Process Complexity: The nature of our sales process is clinical, meaning that we dedicated time and resources to educate prospective customers, which takes time.
Supply Chain Issues: We are very active with our OEM partners, particularly to ensure adequate supply of components for the ARC.
Financial Losses: The company reported a GAAP net loss of $13.2 million for Q1 2025, an increase from $12.2 million in Q1 2024.
Revenue Generation: Revenue from the sale and deployment of imaging systems and OEM services was only $33,000 for the reported period.
AI Solutions Losses: The revenue from AI solutions was $0.2 million with a gross loss of $1.9 million on a GAAP basis.
Hiring and Resource Allocation: We are making hiring decisions widely with 22 US personnel on the ground, targeting 30 to 40 by the end of 2025.
Strategic Acquisitions: Nano-X made two strategic acquisitions in 2021: USARAD (teleradiology) and Zebra Medical Imaging (now Nanox.AI) to enhance their end-to-end medical imaging solution.
Sales Pipeline Growth: The sales pipeline has doubled since January 2025, with over 1,000 leads primarily from small and medium-sized health clinics globally.
Deployment Targets: Targeting over 100 Nanox.ARC systems in various stages of deployment by the end of 2025.
Expansion Plans: Plans to establish a network of medical imaging centers in the US, starting with proof-of-concept sites.
International Expansion: Preparing to ship Nanox.ARC systems to Greece, Romania, and Mexico, following CE mark approval.
AI Integration: Continued integration of AI solutions into medical imaging, with strong interest and expanding sales pipeline.
Revenue Expectations: Revenue for Q1 2025 was $2.8 million, with expectations for growth driven by teleradiology and AI solutions.
Financial Projections: GAAP net loss for Q1 2025 was $13.2 million, with a gross loss margin of approximately 15%.
Operational Goals: Aiming for 30 to 40 sales, service, marketing, and support personnel in the US by the end of 2025.
Clinical Trials: Ongoing clinical trials to generate data supporting the use of Nanox.ARC, with new collaborations in Europe.
Regulatory Success: Received 510(K) clearance from the FDA for the Nanox.ARC X system.
Shareholder Return Plan: None
The earnings call presents mixed signals. The company shows revenue growth and improved gross margins in teleradiology services, but faces challenges with AI solutions and a slight net loss increase. The Q&A section reveals unclear management responses, especially regarding system deployment, raising concerns. Despite optimistic guidance for future breakeven and revenue targets, the absence of immediate catalysts and some operational uncertainties suggest a neutral stock price movement over the next two weeks.
The earnings call presents a mixed picture: slight revenue growth and strategic market expansion are positive, but increased losses and vague management responses in the Q&A section are concerning. The company's focus on AI and regulatory achievements offer long-term potential, but short-term financial metrics and execution risks temper optimism. With no clear guidance improvement, the stock is likely to remain stable in the near term.
The earnings call reveals financial struggles, with increased losses and minimal revenue from imaging systems. Despite some growth in AI solutions and teleradiology, profitability remains elusive. The lack of a shareholder return plan and unclear breakeven timeline further dampen sentiment. While there are positive developments like market expansion and regulatory achievements, the overall financial health and guidance provided are weak, leading to a likely negative stock price reaction.
The earnings call highlights several negative aspects: increased financial losses, minimal revenue generation, and lack of a shareholder return plan. While there are some positive indicators, such as regulatory achievements and market expansion plans, these are overshadowed by financial struggles and unclear guidance. The Q&A session reveals concerns about deployment delays and lack of clear break-even strategy. Despite some growth in teleradiology, the overall sentiment is negative due to increased losses and uncertainties, likely leading to a negative stock price reaction.
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