Nano-X Imaging Rallies On Upbeat Results

(RTTNews) - Shares of medical imaging technology company Nano-X Imaging Ltd. (NNOX) are surging more than 18% Thursday morning after reporting better-than-expected fourth-quarter results.

The company reported net loss of $22.04 million in the fourth quarter, compared with net loss of $18.97 million a year ago, largely due to expenses related to the merger with Nanox.AI and the acquisitions of USARAD, and the assets of MDWEB.

Excluding one-time items, loss was $14.97 million, or $0.30 per share compared with loss of $8.4 million or $0.18 per share last year. Analysts polled by Thomson Reuters expected the company to report loss of $0.33 per share.

The company reported revenue of $1.3 million in the fourth quarter versus no revenue in the year-earlier period. The consensus estimate was for $750000.

"We have made considerable headway towards commercialization over the past year and are pleased that our previously announced strategic transactions have begun generating revenue," said Erez Meltzer, Chief Executive Officer.

NNOX is at $11.18 currently. It has been trading in the range of $8.23-$64 in the past 52 weeks.