Business
Nanox Announces Third Quarter 2021 Financial Results and Provides Business Update
Reports progress towards global supply chain development Ended the third quarter with cash and marketable securities of $180.3 million Management to host
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"\nReports progress towards global supply chain development\n\nEnded the third quarter with cash and marketable securities of $180.3 million \n\nManagement to host conference call and webcast today, November 17, 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 third quarter ended September 30, 2021 and provided a business update.\n\nAs previously reported, Nanox completed the merger with NANO-X AI LTD (formerly Zebra Medical Vision LTD, “Nanox AI”), a deep-learning medical imaging analytics company, in an all-stock deal valued at approximately $110 million at closing, with up to $84 million in contingent consideration to be paid in additional stock if Nanox AI enters into any of two designated commercial agreements and achieve certain milestones. Additionally, the Company completed the acquisition of USARAD Holdings, Inc., a leading provider of teleradiology services, and the assets of MDWEB, LLC., a decentralized marketplace connecting imaging facilities with radiologists, together, for approximately $7.3 million in cash and $12.9 million in stock, with up to $2.0 million in cash and up to $8.0 million in stock in deferred consideration upon the completion of various milestones.\n\n“The third quarter was pivotal for Nanox.ARC, as we made meaningful progress toward the commercialization of the Nanox System across multiple fronts. Among our recent accomplishments, we continued to secure our supply chain, enlarged our backlog of orders by signing additional MSaaS agreements, and, importantly, finalized three previously announced strategic M&A transactions,” said Ran Poliakine, Chairman of the Board and Chief Executive Officer of Nanox. “We look forward to continuing our progress toward our goal of bringing the groundbreaking technology to market in 2022.”\n\nThird Quarter Highlights and Recent Developments:\n\n\nCompleted merger with Nanox AI and acquisitions of USARAD Holdings, Inc. and MDWEB, LLC. merger with Zebra and acquisitions of USARAD and MDWEB paragraph from above.\n\n\n\nEntered into MSaaS agreement with International Clinics Group, a medical equipment distributor which serves public & private hospitals, health systems, military hospitals, and medical centers in Chile, Bol...