Business
Nanox Announces Third Quarter 2020 Results and Provides Business Update
On track to obtain 510(k) clearance for multi-source Nanox.ARC by mid-year 2021 Signs agreement with SPI Medical for deployment of 630 Nanox.ARC units across
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"On track to obtain 510(k) clearance for multi-source Nanox.ARC by mid-year 2021\n Signs agreement with SPI Medical for deployment of 630 Nanox.ARC units across Mexico and Guatemala; brings total contracted deployments to 5,150 across 13 countries Ended Q3 with cash and cash equivalents of $240 million and no debt Management to host conference call and webcast today, November 9, at 8:30 AM ET NEVE ILAN, Israel, Nov. 09, 2020 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced results for the third quarter ended September 30, 2020, and provided a business update. “We are pleased to have completed a very successful initial public offering in August which provides us with the capital to help achieve our vision to increase early detection of medical conditions that are discoverable by X-ray,” stated Ran Poliakine, Chairman and Chief Executive Officer of Nanox. “With our proprietary, next-generation digital X-ray technology, we are developing an imaging system – the Nanox.ARC – that is substantially less expensive then legacy X-ray machines, allowing us to target the roughly 2/3 of the world’s population who currently have no, or limited access, to imaging and decrease wait times for the remaining 1/3. This is a significant missed opportunity since imaging can lead to early detection of serious and chronic diseases, resulting in improved outcomes for patients and cost savings for payers. “We exited the third quarter with accelerating momentum having signed an agreement in September 2020 with SPI Medical for the deployment of 630 Nanox.ARC units across Mexico and Guatemala. Together with previously signed agreements, we currently have contracts with nine service providers to deploy 5,150 Nanox.ARC units across 13 countries, and strategic collaborations aiming to deploy an additional 5,500 units in the US, Korea and Vietnam, each subject to regulatory approvals. We anticipate these agreements with service providers and collaborations indicate important progress toward achieving our goal of deploying 15,000 systems by the end of 2024. We believe this speaks to a global unmet need that we are addressing with our Nanox.ARC system. “We look forward to demonstrating our digital X-Ray technology in a range of 2D and 3D medical imaging procedures at...