Business
Nanox Announces Second Quarter of 2023 Financial Results and Provides Business Update
Reports progress towards global supply chain development Ended the second quarter of 2023 with cash, cash equivalents, restricted cash and marketable
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"Reports progress towards global supply chain development Ended the second quarter of 2023 with cash, cash equivalents, restricted cash and marketable securities of $80.3 million Management to host conference call and webcast Thursday, August 17, 2023 at 8:30 AM ET NEVE ILAN, Israel, Aug. 17, 2023 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced results for the second quarter ended June 30, 2023 and provided a business update. Second Quarter 2023 Highlights and Recent Developments: ● On April 28, 2023, the Company received 510(k) clearance from the U.S. Food and Drug Administration (the “FDA”) to market the Nanox.ARC (including the Nanox.CLOUD) as a stationary X-ray system intended to produce tomographic images of the human musculoskeletal system adjunctive to conventional radiography, on adult patients. This device is intended to be used in professional healthcare facilities or radiological environments, such as hospitals, clinics, imaging centers and other medical practices by trained radiographers, radiologists and physicians. ● Generated $2.6 million in revenue in the second quarter of 2023, compared to $2.2 million in the second quarter of 2022. ● Progress to secure future supplies of chips and tubes with multiple partnership agreements. ● Entered an Original Equipment Manufacturing Collaboration with a U.S. government agency for development of security scanning and testing applications. ● Working to deploy the first Nanox.ARC in the U.S. in a clinical setting in an East Coast facility. Nanox received an import license during the second quarter of 2023 following the receipt of the above-mentioned clearance. The system arrived in the U.S. during the second quarter of 2023. “The second quarter of 2023 was another successful quarter for Nanox, as we received the 510(k) FDA clearance for the Nanox.ARC system,” said Erez Meltzer, Nanox Chief Executive Officer. “Our team also made progress across various fronts to help us move toward the large-scale deployment of the Nanox systems in the U.S. and across various other countries, subject to local regulatory approvals. After obtaining the FDA clearance and taking multiple steps to strengthen our supply and manufacturing capabilities, including by working to secure additional...