For healthcare stock Nano-X Imaging (NASDAQ:NNOX), Monday proved a great day. Surging ahead to double-digit gains, Nano-X made hay while the sun of its first quarter earnings report shone.
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The report itself, oddly enough, wasn’t anything great. In fact, it was a mixed bag at best. Nano-X produced a win on earnings, coming in at $0.19 against analyst projections calling for $0.06 per share. Revenue, however, proved a different story. Nano-X brought in $2.4 million, which faltered against analyst projections calling for $2.9 million. It proved a win in another way, though, as that $2.4 million was 33.3% higher than revenue was this time last year.
Where Nano-X succeeded, though, was using its earnings report as a backdrop to discuss its plans for expansion. Those proved very palatable indeed for investors. Nano-X detailed its expansion efforts in Africa, in particular, noting it had already sold 270 of its Nanox.ARC units in Morocco. Meanwhile, expansion efforts in Ghana and Nigeria—based on word from CEO Erez Meltzer—were continuing apace.
Additionally, in perhaps the best development of all, Meltzer noted that the FDA had approved the Nanox.ARC, and Nano-X is already planning a demo center for Florida.
Naturally, today’s news—looking at the last five days of trading—sent Nano-X Imaging up significantly. Still, Nano-X Imaging was already moving upward since the start of the month. Today proved a catalyst, but in a direction that Nano-X was already going on its own.