Nano-X Imaging Ltd.
- Open
- 1.12
- Day high
- 1.13
- Day low
- 1.00
- Prev close
- 1.11
- Volume
- 4.3M
- Mkt cap
- $71M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.6
- P/S
- 4.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $86K over the last 3 months (3 open-market buys, 2 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Nano-X Imaging Ltd. (NNOX) is a Healthcare company listed on NASDAQ. The stock is down 76% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4).
Nano-X Imaging Ltd. (NNOX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NNOX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | $-0.23 | $-0.50 | -117.4% | $4M | -12.5% |
| Nov 20, 2025 | $-0.15 | $-0.65 | -333.3% | $3M | -13.7% |
| Aug 12, 2025 | $-0.17 | $-0.23 | -31.4% | $3M | -13.3% |
| May 22, 2025 | $-0.19 | $-0.21 | -10.5% | $3M | -17.2% |
| Nov 21, 2024 | $-0.22 | $-0.23 | -4.5% | $3M | -20.2% |
| Aug 20, 2024 | $-0.22 | $-0.23 | -4.5% | $3M | -33.2% |
| Apr 1, 2024 | $-0.26 | $-0.18 | +30.8% | $3M | -42.1% |
| Mar 14, 2024 | $-0.30 | $-0.18 | +40.0% | $2M | -15.0% |
| Nov 28, 2023 | $-0.30 | $-0.37 | -23.3% | $2M | -24.9% |
| Aug 17, 2023 | $-0.26 | $-0.31 | -19.2% | $3M | -18.0% |
| May 22, 2023 | $-0.34 | $-0.21 | +38.2% | $2M | -15.3% |
| Mar 9, 2023 | $-0.57 | $-0.86 | -50.9% | $2M | -19.2% |
NNOX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 29, 2026 | Suesskind Dan Sdirector | Buy | 25,000 | $0.94 |
| Jul 29, 2026 | Kainan Nogadirector | Buy | 33,000 | $0.90 |
| Jul 28, 2026 | Meltzer Erezdirector, officer: Chief Executive Officer | Buy | 36,000 | $0.93 |
| Jun 15, 2026 | Alroy Erezdirector | Sell | 209 | $1.65 |
| Jun 15, 2026 | Alroy Erezdirector | Sell | 469 | $1.65 |
| Sep 5, 2025 | Daniel Ranofficer: CFO | Buy | 1,000 | $3.65 |
Source: NNOX SEC Form 4 filings, latest Jul 29, 2026. For informational purposes only — not investment advice.
See the full NNOX insider & 13F page →Nano-X Imaging Ltd. company profile
Overview
Nano-X Imaging Ltd. (NASDAQ:NNOX) is an Israeli medical technology company founded in 2011 that develops innovative X-ray imaging systems and artificial intelligence-powered diagnostic solutions. The company went public in August 2020 and is headquartered in Neve Ilan, Israel. Nano-X has positioned itself as a disruptive force in the medical imaging industry by developing a novel digital X-ray source technology based on micro-electro-mechanical systems (MEMS) semiconductors, which aims to make medical imaging more accessible and cost-effective compared to traditional X-ray systems.
Business
Nano-X operates in the medical imaging industry, which encompasses devices and services used to create visual representations of the interior of the human body for clinical analysis and medical intervention. The company's business is structured around three primary segments that generated approximately $11.3 million in total revenue for 2024. The Imaging Systems segment represents the company's core innovation - the development and commercialization of the Nanox.ARC system, a novel medical imaging device that uses proprietary digital X-ray source technology. Unlike traditional X-ray machines that rely on heated tungsten filaments, Nano-X's system employs a digital micro-electro-mechanical systems (MEMS) semiconductor cathode. This technology enables the creation of tomographic images (cross-sectional views of the body) at potentially lower costs and with a smaller physical footprint than conventional systems. The company has also developed the Nanox.ARC-X, a more compact version of their imaging system. This segment generated approximately $136,000 in revenue for Q4 2024, though it currently operates at a gross loss due to early-stage commercialization costs. The Teleradiology Services segment provides remote interpretation of medical images through USARAD, a subsidiary acquired to offer immediate revenue generation while the imaging systems scale. Teleradiology allows radiologists to interpret X-rays, CT scans, and other medical images from remote locations, serving hospitals, clinics, and imaging centers that may lack on-site radiologists. This segment generated $2.8 million in Q4 2024 revenue with a 21% gross margin, representing the company's most mature revenue stream. The AI Solutions segment develops artificial intelligence software designed to analyze medical images and identify potential health conditions that might be missed or underdiagnosed. The company's AI products include HealthCCSng for cardiovascular screening, HealthFLD for liver disease detection, and emerging pulmonary solutions. These AI tools can analyze existing CT scans and other imaging data to detect conditions like osteoporosis, cardiovascular disease, and fatty liver disease. This segment generated $83,000 in Q4 2024 revenue and represents a growing area of focus for the company. The company also operates Nanox.CLOUD, a cloud-based software platform that enables the delivery of medical screening as a service, and Nanox.MARKETPLACE, which connects imaging facilities with radiologists for remote interpretation services.
Revenue model
Nano-X generates revenue through multiple business models across its three operational segments. The Imaging Systems segment operates primarily on a capital equipment sales model, where healthcare facilities purchase Nanox.ARC systems outright. The company is also exploring Medical Screening as a Service (MSaaS) models, particularly in international markets, where customers pay per scan rather than purchasing equipment upfront. Revenue recognition occurs upon system delivery and installation. The Teleradiology Services segment operates on a fee-for-service model, charging healthcare facilities for each radiological interpretation provided by their network of radiologists. This creates a recurring revenue stream with relatively predictable margins, as the company charges clients more than it pays radiologists for their interpretations. The AI Solutions segment generates revenue through software licensing agreements and per-analysis fees. Healthcare organizations, pharmaceutical companies, and insurers pay to access Nano-X's AI algorithms that can analyze existing medical imaging data to identify undiagnosed conditions. Several factors significantly impact the company's margins and revenue potential. Regulatory approval timelines represent a critical factor - FDA clearances and CE Mark approvals directly affect market access and revenue generation capabilities. The company received FDA general use clearance in December 2024 and CE Mark designation in February 2025, which should positively impact future revenue growth. Healthcare reimbursement policies also substantially influence demand, as medical facilities are more likely to adopt new imaging technologies when procedures are covered by insurance. The company has received initial reimbursement indications from managed care insurers, which could drive adoption. Competition from established medical imaging companies like GE Healthcare, Siemens Healthineers, and Philips Healthcare poses margin pressure, as these companies have extensive sales networks, established customer relationships, and significant R&D resources. Manufacturing scale represents another critical factor - as production volumes increase, per-unit costs should decrease, improving gross margins on imaging systems. The adoption rate of AI-powered diagnostic tools in healthcare settings affects the AI Solutions segment, with increasing acceptance of artificial intelligence in medical diagnosis supporting revenue growth. Finally, international expansion success depends on navigating diverse regulatory environments and establishing effective distribution partnerships in various geographic markets.
Competitive moat
Nano-X's competitive moat appears relatively narrow and still developing, primarily centered around its proprietary MEMS-based digital X-ray source technology. The company's core technological differentiation lies in replacing traditional heated tungsten filament X-ray sources with semiconductor-based digital emitters, potentially offering advantages in cost, size, and reliability. However, this technology moat faces several significant challenges. The medical imaging industry is dominated by well-established giants like GE Healthcare, Siemens Healthineers, and Philips Healthcare, which possess substantial resources, extensive customer relationships, decades of clinical validation, and comprehensive service networks. These companies have deep pockets for R&D and can potentially develop competing technologies or acquire innovative startups that threaten their market position. Nano-X's regulatory moat is limited, as FDA clearances and CE Mark approvals, while necessary, are not exclusive and can be obtained by competitors with sufficient resources and clinical data. The company's recent FDA general use clearance and CE Mark represent important milestones but don't prevent others from developing alternative approaches to digital X-ray technology. The company's AI solutions face intense competition from both established medical AI companies and tech giants like Google, Microsoft, and IBM, which have significant advantages in data processing capabilities, machine learning expertise, and computational resources. The teleradiology business, while providing current revenue, operates in a commoditized market with numerous competitors. Manufacturing and supply chain advantages are minimal, as the company relies on third-party manufacturers for key components including X-ray tubes and MEMS chips. This dependence limits control over costs and supply chain resilience. The most significant potential moat lies in network effects and data accumulation - as more Nanox.ARC systems are deployed and generate imaging data, the company could potentially improve its AI algorithms and create a virtuous cycle of better diagnostic capabilities. However, this advantage is still theoretical and depends on successful large-scale deployment. Overall, Nano-X operates in a challenging competitive environment where technological advantages can be temporary, and success depends heavily on execution, regulatory navigation, and the ability to scale operations before well-funded competitors respond with their own innovations.
Risks & safety
Nano-X demonstrates a moderate margin of safety from a financial stability perspective, though the company faces typical early-stage commercialization risks. **Liquidity and Solvency:** - Strong cash position of $39.3 million as of Q4 2024, down from $56.4 million in 2023 - Current ratio of 5.63, indicating strong short-term liquidity - Quick ratio of 5.52, showing excellent ability to meet immediate obligations - Low debt-to-equity ratio of 0.039, minimal financial leverage risk - Annual cash burn of approximately $36-40 million based on operating cash flows **Operational Metrics:** - Free cash flow of -$39.4 million for 2024, indicating continued investment phase - Graham net-net ratio of 0.93, suggesting the stock trades near liquidation value - Current cash provides roughly 12-15 months of runway at current burn rates **Valuation Considerations:** - Trading at 2.2x price-to-book ratio, reasonable for a growth-stage medical device company - Negative earnings make P/E ratios less meaningful, though improving loss trajectory - EV/EBITDA of -8.3x reflects pre-profitability stage **Risk Factors:** - Revenue growth dependency on regulatory approvals and market adoption - Competition from well-funded established players - Technology adoption risks in conservative healthcare market - Need for additional capital raising likely within 12-18 months unless revenue accelerates significantly
Recent development
Over the past few years, Nano-X has executed several strategic pivots and achieved critical regulatory milestones that position the company for potential commercial acceleration. The most significant development was receiving FDA general use clearance in December 2024 and CE Mark designation in February 2025, which opened both U.S. and European markets for commercial deployment of the Nanox.ARC system. The company has systematically expanded its commercial presence, deploying systems across seven U.S. states with approximately 47 units in various stages of deployment as of Q3 2024. Management has shifted from purely research and development to active commercialization, targeting a sales and service team of 30-40 personnel by the end of 2025, up from approximately 10-15 currently. Strategically, Nano-X has diversified its go-to-market approach by establishing distribution partnerships in Romania and Greece for European expansion, while maintaining direct sales efforts in the U.S. market. The company is exploring both traditional capital equipment sales and Medical Screening as a Service (MSaaS) models to accommodate different customer preferences and financial capabilities. On the technology front, the company has developed the Nanox.ARC-X system, a more compact version of their original imaging device, and submitted it for FDA clearance in early 2025. Additionally, Nano-X has expanded its AI portfolio by receiving FDA clearance for HealthCCSng version 2.0 for cardiovascular screening and developing new pulmonary AI solutions. The company has also strengthened its manufacturing capabilities through partnerships with tube suppliers including Varex, which completed initial prototype development using Nano-X's emitter technology. These OEM relationships are crucial for scaling production and reducing per-unit costs as demand increases. Clinical validation has progressed with ongoing trials at multiple sites including Beilinson Hospital in Israel and the University of Ghana Medical Center, generating data to support additional regulatory submissions and clinical evidence for broader adoption. The company has also secured initial reimbursement indications from managed care insurers, addressing a critical barrier to widespread adoption.
NNOX company profile · for informational purposes only — not investment advice.
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