Business
Nanox Announces Fourth Quarter 2021 Financial Results and Provides Business Update
Management to host conference call and webcast today, March 31, at 8:30 AM ET NEVE ILAN, Israel--(BUSINESS WIRE)-- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox”
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"\nManagement to host conference call and webcast today, March 31, at 8:30 AM ET\n\n NEVE ILAN, Israel--(BUSINESS WIRE)--\nNANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced results for the fourth quarter ended December 31, 2021 and provided a business update.\n\nFourth Quarter Highlights and Recent Developments:\n\n\nRevenue for the fourth quarter of 2021 was $1.3M and non-GAAP gross profit was $0.2 million\n\n\n\nStrengthened leadership positions with the appointments of Erez Meltzer as Chief Executive Officer of the Company and Pini Ben Elazar as General Manager of Nanox.AI\n\n\n\nOur subsidiary, USARAD, was recertified with the Joint Commission’s Gold Seal of Approval\n\n\n\nOperationally, our technology transfer to Nanox Korea to enable production of our source MEMs chip has been completed. With the launch of production at the facility now underway, we anticipate being in full production of our MEMs chip by mid-year 2022.\n\n\n\nEstablishing an operational assembly line to enable the expected ramp up in production and preparation for shipments of the Nanox.ARC system later this year.\n\n\n\nContinuing the ongoing integration of the Nanox AI, USARAD and MDW implementing cost reduction measurements in order to streamline operations and benefit from synergies.\n\n\n\nThe American Medical Association (AMA) issued a new Category III Current Procedural Terminology (CPT) code for quantitative CT tissue characterization, to be effective July 2022.\n\n\n\nEntered into an agreement with a large integrated health care organization based in the U.S., where Nanox.AI-enabled software will be deployed for early detection of cardiovascular disease and osteoporosis.\n\n\n\nSubmitted a Q-submission to the FDA in January 2022 and we are preparing for our second multi-source 510(k) submission.\n\n\n“The fourth quarter and fiscal year 2021 was pivotal for Nanox,” said Erez Meltzer, Chief Executive Officer. “We have made considerable headway towards commercialization over the past year and are pleased that our previously announced strategic transactions have begun generating revenue.”\n\nFinancial results for three months ended December 31, 2021\n\nFor the three months ended December 31, 2021, the Company reported revenue of $1.3 million, compared to none for the three-m...