Nano-X Imaging (NNOX) AI Stock Analysis

• Market Cap: $344.95M
• Dividend Yield: N/A
• Average Volume (3M): 907.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.71
• Revenue Growth: 15.32%
• EPS Growth: 15.73%
• Country: US
• Employees: 165
• Sector: Healthcare
• Sector Strength: 58
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 63,762,000
• 10 Day Avg. Volume: 1,016,850
• 30 Day Avg. Volume: 907,257
• PEG Ratio: -0.06
• Price to Book (P/B): 1.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.63
• Enterprise Value/Market Cap: 1.02
• Enterprise Value/Revenue: 8.35
• Enterprise Value/Gross Profit: -32.85
• Enterprise Value/Ebitda: -2.06
• 1Y Price Target: $8.33
• Price Target Upside: 65.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 47 Neutral
• Price Target: $5.00 ▼(-0.79%Downside)

Nano-X Imaging's overall stock score is primarily hindered by weak financial performance and valuation concerns, driven by ongoing net losses and negative cash flows. Technical analysis shows mixed signals, and while the earnings call provided some positive strategic insights, the persistent financial challenges weigh heavily on the overall assessment.

Nano-X Imaging Business Overview & Revenue Model

Company Description

Nano-X Imaging Ltd. develops a commercial-grade tomographic imaging device with a digital X-ray source. The company provides teleradiology services and develops artificial intelligence applications to be used in real-world medical imaging applications. Its X-ray source is based on a digital micro-electro-mechanical systems semiconductor cathode. The company develops a prototype of the Nanox.ARC, a medical imaging system incorporating its digital X-ray source; and Nanox.CLOUD, a companion cloud-based software that would allow for the delivery of medical screening as a service. It also offers Nanox.MARKETPLACE, which connects imaging facilities with radiologists and enables radiologists to provide, as well as customers to obtain remote interpretations of imaging data; artificial intelligence (AI)-based software imaging solutions to hospitals, health maintenance organizations, integrated delivery networks, pharmaceutical companies, and insurers that are designed to identify or predict undiagnosed or underdiagnosed medical conditions through the mining of data included in images of existing computed tomography scans for osteoporosis and cardiovascular disease; Teleradiology Services, which provide imaging interpretation services for radiology practices, hospitals, medical clinics, diagnostic imaging centers, urgent care facilities; and multi-specialty physician groups, contracts, and radiology readings. The company was founded in 2011 and is headquartered in Neve Ilan, Israel.

How the Company Makes Money

Nano-X Imaging generates revenue primarily through the sale and deployment of its Nanox.ARC imaging systems. The company's business model is based on a 'pay-per-scan' approach, where healthcare providers pay a fee for each scan conducted using the Nanox.ARC system. This model allows Nano-X to lower the initial cost barriers for medical facilities, making it easier for them to adopt the technology. Additionally, Nano-X plans to establish partnerships with healthcare providers, governments, and other stakeholders to expand its market reach and enhance its revenue potential. The company's strategy includes building a comprehensive medical imaging ecosystem that could potentially integrate additional services and products in the future.

Nano-X Imaging Financial Statement Overview

Summary

Nano-X Imaging shows strong revenue growth potential but struggles with profitability and cash flow generation. The balance sheet reflects solid equity but declining asset efficiency. Persistent negative cash flows and profitability margins pose risks to financial stability. Continued focus on operational efficiency and cost management is crucial for future improvement.

Income Statement

Nano-X Imaging has experienced consistent revenue growth, with a notable increase in total revenue from $1.3 million in 2021 to $11.3 million in 2024. However, the company continues to face significant challenges in achieving profitability. The gross profit margin remains negative, indicating costs exceed revenues. EBIT and EBITDA margins are also negative, reflecting ongoing operational inefficiencies.

Balance Sheet

The company's balance sheet shows a strong equity position with stockholders' equity consistently exceeding total liabilities. However, the debt-to-equity ratio is low, indicating prudent debt management. Despite this, the equity ratio has been declining, suggesting a reduction in asset base or equity funding. The negative net debt position reflects a healthy cash reserve.

Cash Flow

Nano-X Imaging's cash flow statement highlights concerns with negative operating and free cash flows, indicating the company is not generating sufficient cash from operations. The free cash flow has shown occasional improvement but remains negative, suggesting challenges in covering capital expenditures and operational costs with internally generated funds.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
11.28M	9.90M	8.58M	1.30M	0.00
	Gross Profit
-10.61M	-6.59M	-6.88M	-1.51M	-208.00K
	EBIT
-56.75M	-62.59M	-109.71M	-61.56M	-43.92M
	EBITDA
-45.01M	-47.69M	-75.70M	-59.27M	-43.61M
	Net Income Common Stockholders
-53.52M	-60.78M	-105.24M	-61.80M	-43.50M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
73.21M	82.38M	77.62M	88.71M	213.47M
	Total Assets
210.00M	218.65M	253.93M	363.17M	236.15M
	Total Debt
7.45M	8.40M	4.62M	5.77M	1.44M
	Net Debt
-31.86M	-47.98M	-33.84M	-60.87M	-212.03M
	Total Liabilities
20.88M	23.13M	29.25M	71.02M	5.40M
	Stockholders Equity
189.12M	195.51M	224.68M	292.15M	230.75M
Cash Flow		Free Cash Flow
-39.37M	-48.08M	-50.56M	-61.23M	-35.42M
	Operating Cash Flow
-36.60M	-44.78M	-43.38M	-38.07M	-21.49M
	Investing Cash Flow
-20.05M	35.43M	14.61M	-116.32M	-13.94M
	Financing Cash Flow
39.50M	27.25M	804.00K	7.38M	240.99M

Nano-X Imaging Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.04
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNOX, the sentiment is Negative. The current price of 5.04 is below the 20-day moving average (MA) of 5.32, below the 50-day MA of 5.09, and below the 200-day MA of 6.20, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 46.27 is Neutral, neither overbought nor oversold. The STOCH value of 55.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NNOX.

Nano-X Imaging Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	75 Outperform	$266.79M	22.73	9.79%	―	19.97%	17.21%
LIVN	66 Neutral	$2.55B	30.62	-19.69%	―	7.97%	-592.40%
VREX	64 Neutral	$361.88M	―	-7.46%	―	-3.31%	-199.23%
Sector *	54 Neutral	$5.41B	3.27	-45.10%	3.29%	16.81%	0.02%
SNWV	48 Neutral	$265.14M	―	0.65%	―	61.50%	34.99%
NNOX	47 Neutral	$344.95M	―	-30.11%	―	15.32%	15.73%
LUNG	46 Neutral	$131.24M	―	-60.68%	―	19.84%	5.77%