Business
Nanox Announces Fourth Quarter 2022 Financial Results and Provides Business Update
Reports progress towards global supply chain development Ended the fourth quarter of 2022 with cash, cash equivalents and marketable securities of $102.9
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"Reports progress towards global supply chain development Ended the fourth quarter of 2022 with cash, cash equivalents and marketable securities of $102.9 million Management to host conference call and webcast Thursday, March 9, 2023 at 8:30 AM ET NEVE ILAN, Israel, March 09, 2023 (GLOBE NEWSWIRE) -- NANO-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, 2022 and provided a business update. Fourth Quarter 2022 Highlights and Recent Developments: ●Generated $2.1 million in revenue in the fourth quarter of 2022 compared to $2.4 million in the third quarter of 2022, $2.2 million in the second quarter of 2022 and $1.8 million in the first quarter of 2022 and total of $8.6 million in revenue in 2022. ●Initially deployed a Nanox.ARC system at the University of Ghana Medical Centre for training and demonstration purposes. ●A Nanox.ARC system has been shipped to Nigeria and is undergoing regulatory review by the Nigerian Nuclear Regulatory Authority. ●Announced a collaboration with Nuance Precision Imaging Network, a Microsoft company, which makes Nanox AI solutions available through its marketplace to thousands of healthcare facilities and providers who use Nuance’s reporting and image sharing solutions. “I am happy to report our continued progress on multiple business fronts. This includes making significant progress toward the initial deployment of the Nanox.ARC system in Ghana and Nigeria, expanding the availability of the Nanox AI solution via a key commercial partnership, while also continuing the FDA review process for the Nanox.ARC,” said Erez Meltzer, Nanox Chief Executive Officer. “Looking back, 2022 was a successful year for Nanox as we spent much time and effort on our 510(k) submission to the FDA, rationalized costs to extend our cash runway, and strengthened our manufacturing infrastructure. We believe that 2023 will also be a highly impactful year, as we aim to announce the initial shipments of the Nanox.ARC system.” Financial results for three months ended December 31, 2022 For the three months ended December 31, 2022, the Company reported a net loss of $44.8 million, compared to a net loss of $22.0 million for the three months ended December 31, 2021 (which is referred to as the “comparable period”),...