The following is a summary of the Nano-X Imaging Ltd. (NNOX) Q4 2023 Earnings Call Transcript:
Financial Performance:
Nano-X reported a GAAP net loss for the fourth quarter of $10.2 million, a drastic improvement from the net loss of $52.8 million in Q4 2022 primarily due to lower general and administrative costs.
Revenue for Q4 reached $2.4 million, accompanied by a gross loss of $1.7 million, whilst the company held $82.8 million in cash and marketable securities by the end of the year.
Business Progress:
A significant milestone was hit as Nano-X received FDA clearance for its Nanox.ARC system, propelling plans for increased deployment in the U.S market.
The company has begun making revenue from ARC imaging scans at its installed sites across several states in both the US and Africa.
Partnering with a Peruvian distributor to expand the distribution of Nanox Connect in Latin America marked important progress in its international market expansion.
The company's technical teams continue to collaborate with Varex and Swiss manufacturer System to advance production.
With two FDA clearances secured for their AI solution, the company is leveraging AI algorithms for early disease diagnosis.
More details: Nano X Imaging IR
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