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Nano-X Imaging (NNOX)
NASDAQ:NNOX
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Nano-X Imaging
(NASDAQ:NNOX)
Rating:40Underperform
Price Target:
$4.00
▲(8.40% Upside)
Nano-X Imaging (NNOX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$237.19M
Dividend YieldN/A
Average Volume (3M)1.26M
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth17.36%
EPS Growth9.38%
CountryUS
Employees165
SectorHealthcare
Sector Strength53
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.23
Shares Outstanding63,762,000
10 Day Avg. Volume1,074,593
30 Day Avg. Volume1,264,979
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue24.10
Enterprise Value/Gross Profit-23.89
Enterprise Value/Ebitda-6.35
Forecast
1Y Price Target
$6.00Price Target Upside62.60% Upside
Rating ConsensusHold
Number of Analyst Covering2
Nano-X Imaging Business Overview & Revenue Model
Company DescriptionNano-X Imaging (NNOX) is a medical imaging technology company that aims to democratize healthcare by providing affordable, high-quality imaging solutions. Operating within the healthcare sector, the company focuses on developing advanced digital X-ray technology, which it offers through a unique imaging-as-a-service model. Nano-X's core product, the Nano-X.ARC, is a novel X-ray system designed to be more cost-effective and accessible than traditional medical imaging equipment.
How the Company Makes MoneyNano-X Imaging makes money primarily through a pay-per-scan business model, wherein healthcare providers pay a fee for each scan conducted using the Nano-X.ARC system. This imaging-as-a-service approach allows medical facilities to access cutting-edge imaging technology without the significant upfront costs typically associated with purchasing traditional imaging equipment. Additionally, Nano-X may generate revenue through strategic partnerships with healthcare providers, insurance companies, and government bodies to expand the reach and implementation of its imaging systems. The company's revenue model is designed to leverage its innovative technology to tap into underserved markets, thereby increasing accessibility to medical imaging and driving revenue growth.
Nano-X Imaging Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with significant progress in installations and partnerships, particularly in the U.S. and Europe, and improvements in teleradiology revenue. However, these positive developments were offset by increased losses and stagnant revenue in AI solutions, indicating financial challenges.Q2-2025 Updates
Positive Updates
Expansion of Nanox.ARC Installations
Nanox is on track to meet their goal of 100 Nanox.ARC systems installations by the end of 2025, with over 20 systems currently operating and scanning patients.
Partnerships and Collaborations
Several collaborations announced, including with Duke University, Keiser University, and Ezra, enhancing clinical strategies and expanding AI capabilities.
Revenue Growth in Teleradiology Services
Revenue from teleradiology services increased to $2.7 million with a gross profit margin improvement from 15% to 18% compared to the previous year.
Negative Updates
Increased Net Loss
The company reported a GAAP net loss of $14.7 million for the second quarter of 2025, compared to a net loss of $13.6 million in the same quarter of 2024.
Gross Loss in Imaging Systems
Gross loss from imaging systems sales was $1.7 million on a GAAP basis, with a non-GAAP gross loss of $0.6 million, indicating a challenging profit environment.
Volatility in AI Solutions Revenue
Revenue from AI solutions remained stagnant at $0.1 million with a gross loss of $2.0 million, showing volatility and slow revenue growth in this segment.
Company Guidance
During the Nanox Imaging Second Quarter 2025 earnings call, the company provided guidance on its key initiatives and performance metrics. Nanox has set a clear target of installing or deploying 100 Nanox.ARC systems by the end of 2025, with over 20 systems already operational and scanning patients. Revenue for the reported period was $3.0 million, with a gross loss of $3.2 million on a GAAP basis. The company highlighted a focus on expanding its commercial footprint, particularly in the U.S. market, while also making inroads in European countries such as Romania and Greece following the CE mark designation. Non-GAAP net loss for the quarter was $10.9 million, a $2.5 million increase from the comparable period. The company is aiming for revenue growth in the second half of 2025, supported by a robust clinical program and partnerships with leading academic institutions, including a collaboration with Duke University Medical Center. Nanox is also advancing its AI solutions, with revenue from AI solutions reported at $0.1 million for the quarter. Additionally, the company has entered into a multiyear Volume Supply Agreement with Fabrinet to support scalable production of the Nanox.ARC X, aiming to enhance manufacturing efficiency and reduce costs over time.Nano-X Imaging Financial Statement Overview
Summary
Nano-X Imaging shows revenue growth but struggles with profitability and cash flow management. The strong equity position offers some stability, yet persistent losses and reliance on external financing highlight significant financial challenges.Income Statement
Nano-X Imaging has shown an increasing trend in revenue over the years, with a notable increase in TTM (Trailing-Twelve-Months) revenue. However, the company continues to report negative gross profit margins, net profit margins, and EBIT margins, indicating ongoing challenges in achieving profitability. The revenue growth rate is positive, but the persistent negative margins highlight significant operational inefficiencies and cost management issues.37
Negative
Balance Sheet
The balance sheet reflects a strong equity position with a high equity ratio, suggesting financial stability. However, the debt-to-equity ratio has increased slightly, indicating a rise in leverage, which could pose potential risks if not managed properly. Return on Equity (ROE) remains negative due to the company's losses, but the overall equity strength provides some buffer against financial volatility.45
Neutral
Cash Flow
The company's cash flow statement shows a challenging situation with negative operating and free cash flows. The free cash flow growth rate is negative, reflecting ongoing cash burn. The operating cash flow to net income and free cash flow to net income ratios are also negative, underscoring the company's reliance on external financing to sustain operations. This highlights the need for improved cash management and operational efficiency.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.89M | 11.28M | 9.90M | 8.58M | 1.30M | 0.00 |
| Gross Profit | -11.99M | -10.61M | -6.59M | -6.88M | -1.51M | -208.00K |
| EBITDA | -45.12M | -45.01M | -47.69M | -75.70M | -59.27M | -43.61M |
| Net Income | -55.66M | -53.52M | -60.78M | -105.24M | -61.80M | -43.50M |
Balance Sheet | ||||||
| Total Assets | 184.23M | 210.00M | 218.65M | 253.93M | 363.17M | 236.15M |
| Cash, Cash Equivalents and Short-Term Investments | 51.95M | 73.21M | 82.38M | 77.62M | 88.71M | 213.47M |
| Total Debt | 7.95M | 7.45M | 8.40M | 4.62M | 5.77M | 1.44M |
| Total Liabilities | 20.67M | 20.88M | 23.13M | 29.25M | 71.02M | 5.40M |
| Stockholders Equity | 163.56M | 189.12M | 195.51M | 224.68M | 292.15M | 230.75M |
Cash Flow | ||||||
| Free Cash Flow | -41.65M | -39.37M | -48.08M | -50.56M | -61.23M | -35.42M |
| Operating Cash Flow | -38.30M | -36.60M | -44.78M | -43.38M | -38.07M | -21.49M |
| Investing Cash Flow | 9.71M | -20.05M | 35.43M | 14.61M | -116.32M | -13.94M |
| Financing Cash Flow | 39.58M | 39.50M | 27.25M | 804.00K | 7.38M | 240.99M |
Nano-X Imaging Technical Analysis
Negative
3.69
Price Trends
4.68
Negative
4.94
Negative
5.80
Negative
Market Momentum
-0.29
Positive
26.77
Positive
16.26
Positive
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 3.69 is below the 20-day moving average (MA) of 4.10, below the 50-day MA of 4.68, and below the 200-day MA of 5.80, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 26.77 is Positive, neither overbought nor oversold. The STOCH value of 16.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NNOX.
Nano-X Imaging Risk Analysis
Nano-X Imaging disclosed 73 risk factors in its most recent earnings report. Nano-X Imaging reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nano-X Imaging Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $264.52M | 20.30 | 10.79% | ― | 17.11% | 45.34% | |
61 Neutral | $3.18B | 30.62 | -17.87% | ― | 8.57% | -1154.64% | |
58 Neutral | $483.89M | ― | -25.57% | ― | -1.36% | -479.49% | |
54 Neutral | $324.56M | ― | 0.65% | ― | 57.43% | -155.29% | |
51 Neutral | $7.95B | -0.40 | -41.67% | 2.21% | 22.29% | -1.85% | |
44 Neutral | $70.90M | ― | -66.88% | ― | 18.24% | 4.81% | |
40 Underperform | $237.19M | ― | -32.87% | ― | 17.36% | 9.38% |
* Healthcare Sector Average
Performance Comparison
NNOX
Nano-X Imaging
3.69
-2.31
-38.50%
SNWV
Sanuwave Health
37.88
31.58
501.27%
LIVN
LivaNova
57.97
10.88
23.10%
VREX
Varex Imaging
11.65
1.42
13.88%
VMD
Viemed Healthcare
6.88
-0.52
-7.03%
LUNG
Pulmonx
1.74
-5.37
-75.53%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.