Business
Nanox Announces Third Quarter 2022 Financial Results and Provides Business Update
Reports progress towards global supply chain development Ended the third quarter of 2022 with cash, cash equivalents and marketable securities of $117.1
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"Reports progress towards global supply chain development Ended the third quarter of 2022 with cash, cash equivalents and marketable securities of $117.1 million Management to host conference call and webcast Thursday, November 10, 2022 at 8:30 AM ET NEVE ILAN, Israel, Nov. 10, 2022 (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, 2022 and provided a business update. Third Quarter 2022 Highlights and Recent Developments: Generated $2.4 million in revenue in the third quarter of 2022 compared to $2.2 million in the second quarter of 2022 and $1.8 million in the first quarter of 2022. Submitted a 510(k) premarket notification to the U.S. Food and Drug Administration as part of the Company’s 510(k) application process for the multi-source Nanox.ARC system Received a Helsinki permit to conduct clinical trials at Shamir Hospital, Israel using the multisource Nanox.ARC system, with a goal of generating sample images in the fourth quarter of 2022. Engaged a Notified Body to work with during the CE marking process. “As we report third quarter results, I am proud of the Nanox team’s progress across multiple fronts. We continue to generate revenues from our AI and teleradiology businesses and advance toward the deployment of our Nanox.ARC multi-source imaging system,” said Erez Meltzer, Nanox Imaging Chief Executive Officer. “It’s an exciting time at Nanox, and we look forward to sharing more updates on our progress in the months ahead.” Financial results for three months ended September 30, 2022 For the three months ended September 30, 2022, the Company reported a net loss of $19.1 million, compared to a net loss of $13.5 million in the comparable period, which increase was largely due to the consolidation of Nanox.AI and USARAD with the Company since the fourth quarter of 2021, an increase in the Company’s research and development expenses, an increase in the Company’s general and administrative expenses, which was mitigated by a decrease in the Company’s sales and marketing expenses and a $1.0 million expense due to change in the Company’s obligation in connection of acquisitions. For the three months ended September 30, 2022, the Company reported revenue of $2.4 million, compared to none f...