Q2 2024 Nano-X Imaging Ltd Earnings Call Transcript
Key Points
- Nano X Imaging Ltd (NNOX) submitted a new 510(k) submission to the FDA to expand the indications for the Nanox.ARC system, which could significantly broaden its use.
- The company is in advanced stages to secure the CE mark for the EU region, which would allow for broader deployment in Europe.
- Commercial deployments are accelerating, with dozens of units in various stages of shipment and deployment across multiple states in the US.
- The Nanox.AI cardiac solution, HealthCCSng, has shown promising results in multiple scientific studies and real-world implementations.
- The company is developing a new system, Nanox.ARC X, which will have a smaller footprint, easier deployment, and enhanced imaging capabilities.
- Nano X Imaging Ltd (NNOX) reported a GAAP net loss of $13.6 million for Q2 2024, although this was an improvement from the previous year.
- The company experienced a gross loss of $2.9 million on a GAAP basis, compared to a gross loss of $1.7 million in the same period last year.
- Revenue from the sales and deployment of imaging systems was only $68,000, with a gross loss of $1.3 million.
- The company is still awaiting regulatory approvals in several states, which could delay further deployments.
- There is uncertainty regarding the timeline for FDA clearance of the new 510(k) submission, which could impact future commercial efforts.
Good day, and thank you for standing by. Welcome to the Nano-X second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Mike Cavanaugh, Investor Relations. Please go ahead.
Good morning, and thank you for joining us today. Earlier today, Nano-X Imaging Ltd., released financial results for the quarter ended June 30, 2024. The release is currently available on the Investors section of the company's website.
With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman; and Ran Daniel, Chief Financial Officer.
Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial results, research and development, manufacturing and commercialization activities, regulatory process operations and other matters. These statements are
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