Business
Nanox Announces Its First Quarter of 2022 Financial Results and Provides Business Update
Reports progress towards global supply chain development Ended the first quarter of 2022 with cash and marketable securities of $139.5 million Management to
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"\nReports progress towards global supply chain development\n\nEnded the first quarter of 2022 with cash and marketable securities of $139.5 million\n\nManagement to host conference call and webcast today, May 19, 2022 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 first quarter ended March 31, 2022 and provided a business update.\n\nFirst Quarter Highlights and Recent Developments:\n\n\nGenerated $1.8 million in revenues in the quarter, compared to no revenue in the first quarter of 2021, and a 38% increase from $1.3 million in the fourth quarter of 2021.\n\n\nReported accelerated growth in the teleradiology business in the quarter, driven by an increased customer base and organic growth from existing customers.\n\n\nIn April 2022, Nanox.AI announced its tenth FDA clearance, in this case for its HealthOST device, an AI-powered software that assists clinicians in evaluating vertebral compression fractures and low bone density.\n\n\nRecently initiated the process of contracting with a Notified Body in the European Union for the purpose of pursuing the CE mark designation.\n\n\n“I am pleased with our team’s performance as we continued to make progress on multiple fronts during the first quarter of 2022,” said Erez Meltzer, Nanox Chief Executive Officer. “We saw accelerated growth in our first full quarter of revenue generation, Nanox.AI signed a new hospital system contract and secured its tenth FDA clearance to complement its 11 CE mark designations. And finally, we are placing a high priority on our dialogue with the FDA and subsequent formal 510(K) submission, while also initiating the process to secure the CE mark in the European Union, in each case, for the multi-source Nanox.ARC.”\n\nFinancial results for three months ended March 31, 2022\n\nFor the three months ended March 31, 2022, the Company reported revenue of $1.8 million, compared to none for the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company generated revenues through the sales of radiology services and the sales of AI solutions. The Company’s gross loss during the three months ended March 31, 2022, totaled $1.9 million. The Company’s revenue from teleradiology services fo...