GICS Sector : Healthcare
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.
Nano-X Imaging reported revenues of $3.4 million for Q3 2025, with a gross loss of $2.9 million on a GAAP basis. The non-GAAP gross loss margin was 8% for the reported period. The company's EPS came in at -$0.65, significantly worse than the estimated -$0.155. The cash balance stands at $55.5 million, with short-term loans of $3.2 million and approximately 65.4 million shares outstanding.
Publication Date: Nov -24
The company is guiding for revenues of over $35 million in 2026, representing a significant growth rate of 137.7% as per analyst estimates. Erez Meltzer, CEO, mentioned that the $35 million forecast is based on preorders and the outcome of their current business, including partnerships, retail, sales force, and a new position, with growth expected to start slowly in Q1 and ramp up over the quarters.
Nano-X Imaging is making progress across its strategic pillars, including technology expansion, AI infrastructure, and operational efficiency. The company has entered into distribution agreements with X-ray in the Czech Republic and Alphea France SARL in France, and is working on unlocking greater market potential through regulatory investment. The acquisition of Vaso Healthcare IT is expected to contribute to the growth, with approximately $4 million in revenues.
With a P/S Ratio of 23.39, the market is pricing in high growth expectations for Nano-X Imaging. The EV/EBITDA ratio stands at -5.23, indicating that the company's valuation is sensitive to its EBITDA performance. The ROE and ROIC are both negative, at -32.09% and -32.9% respectively, highlighting the company's current unprofitability.
Nano-X Imaging expects to achieve EBITDA breakeven on a quarterly basis in 2027, with the AI business segment reaching breakeven in 2026. The company's focus on commercialization, partnerships, and regulatory progress is expected to drive long-term success. With a clear strategy in place, Nano-X Imaging is poised to redefine medical imaging by uniting innovation, intelligence, and accessibility.
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Nano-X Imaging Ltd.'s Radiology Services growth is driven by increasing demand for AI-powered medical imaging, rising adoption of digital healthcare, and growing need for early disease detection. Additionally, expanding healthcare infrastructure, aging population, and government initiatives to improve healthcare access contribute to the 9.9% growth.
Nano-X Imaging Ltd.'s Artificial Intelligence Solutions growth is driven by increasing demand for medical imaging, advancements in AI technology, and strategic partnerships. The company's innovative solutions for medical imaging analysis, such as AI-powered X-ray systems, are gaining traction. Additionally, the growing need for efficient and accurate diagnostic tools, coupled with increasing healthcare expenditure, is fueling the segment's 26.3% growth.
Nanox's ARC growth is driven by increasing adoption in medical imaging, fueled by its cost-effective and portable design. Expanding partnerships with healthcare providers and governments, coupled with growing demand for early disease detection and preventive care, contribute to its 10.93% growth.
A digital X-ray system that uses AI and machine learning to produce high-quality medical images at a lower cost and with reduced radiation exposure.
A cloud-based platform that enables secure, scalable, and on-demand access to medical imaging data and analytics.
An AI-powered medical imaging analysis platform that provides accurate and rapid diagnosis of medical conditions.
A comprehensive digital X-ray system that integrates AI, machine learning, and cloud-based technologies.
Nano-X Imaging Ltd. has a moderate threat of substitutes due to the presence of alternative medical imaging technologies such as MRI and CT scans. However, the company's innovative digital X-ray technology provides a unique value proposition that differentiates it from substitutes.
Nano-X Imaging Ltd. has a low bargaining power of customers due to the specialized nature of its digital X-ray technology, which is not easily substitutable. Additionally, the company's focus on providing high-quality medical imaging solutions gives it an upper hand in negotiations with customers.
Nano-X Imaging Ltd. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for its digital X-ray technology components. However, the company's reliance on specialized components and its focus on quality control may limit its negotiating power with suppliers.
Nano-X Imaging Ltd. faces a high threat of new entrants due to the growing demand for digital X-ray technology and the relatively low barriers to entry in the medical imaging industry. New entrants may pose a significant threat to the company's market share and pricing power.
Nano-X Imaging Ltd. operates in a moderately competitive industry, with several established players in the medical imaging market. While the company's innovative technology provides a competitive advantage, it still faces competition from established players and new entrants, which may lead to pricing pressures and reduced market share.
| Value | |
|---|---|
| Debt Weight | 4.12% |
| Debt Cost | 3.95% |
| Equity Weight | 95.88% |
| Equity Cost | 14.61% |
| WACC | 14.17% |
| Leverage | 4.29% |
Value: 3.0
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