Business
Nanox Announces Third Quarter of 2023 Financial Results and Provides Business Update
Reports progress towards global supply chain development and commercial deployment Ended the third quarter of 2023 with cash, cash equivalents, restricted
About this update from Nano-x Imaging Ltd
[{"type":"text","content":"Reports progress towards global supply chain development and commercial deployment Ended the third quarter of 2023 with cash, cash equivalents, restricted cash and marketable securities of $95.6 million Management to host conference call and webcast Tuesday, November 28, 2023 at 8:30 AM ET Management to host investor day on December 4, 2023 NEVE ILAN, Israel, Nov. 28, 2023 (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, 2023 and provided a business update. Third Quarter 2023 Highlights and Recent Developments: ●On September 29, 2023, the Company entered into a manufacture and supply agreement with Varex Imaging Corporation (“Varex,” Nasdaq: VREX), a leading innovator, designer and manufacturer of X-ray imaging components, under which Varex will supply X-ray tubes utilizing the Nanox digital X-ray source for the Nanox.ARC system. Under the agreement, the Company may order X-ray tubes from Varex for use in its Nanox.ARC system. Varex agreed to manufacture and supply the X-ray tubes in exchange for payment therefor in the form of a revenue-sharing fee (subject to a minimum annual amount per system) based on the Company’s pay-per-scan revenue from Nanox.ARC systems using Varex X-ray tubes worldwide. Subject to receipt of requisite local regulatory clearance, Nanox has also agreed to use Varex X-ray tubes in a minimum percentage of all Nanox.ARC systems that are deployed and operating. ●Generated $2.5 million in revenue in the third quarter of 2023, compared to $2.4 million in the third quarter of 2022. ●Established first U.S.-based commercial site and demonstration center at an imaging center in New Jersey, which operates patient imaging and demonstrates Nanox.ARC systems to medical imaging professionals. ●Entered into an Evaluation Agreement with 626 OpCo, LLC, a national healthcare technology & equipment management company, to provide services for the Nanox.ARC including warehousing, installation, training, maintenance, and customer support. ●Received regulatory approval from the Ghana Food and Drugs Authority for the Nanox.ARC system deployed at the University of Ghana Medical Centre, making it available for training and clinical use. ●Formally started the process of securing the CE...