Nano-X Imaging (NNOX) 21 Nov 242024 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Nanox Third Quarter 2024 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Mike Cavanaugh, Investor Relations. Sir, please go ahead.

you us thank and morning, for today. joining Good today, Nanox Ltd. Imaging Earlier ended for XXXX. results financial September the released quarter XX, The release is of the currently available on website. the company's Investors section With Officer Chief Ran Erez Chief me Chairman; Daniel, Acting and Executive Officer. Financial today are and Meltzer,

are matters. as may I this that future. current and operations updated we subject company's not during results, and based remind are the as everyone making assumptions the representing that research should statements company's views to risks, date. commercialization of financial uncertainties include of process be on forward-looking These and management's like that Before as subsequent relied would other Therefore, to in manufacturing will not activities, management expectations regulatory these statements and started, be and upon today be the any development, get call statements statements regarding

a may to, the described in cause that not Exchange are Factors with and limited such include, those Securities Commission. filings difference company's but the

non-GAAP will provided with to non-GAAP that, Meltzer. and to the is non-GAAP attributable refer profit, measures We now profit over non-GAAP to net also With of revenue, GAAP non-GAAP press expenses, to ordinary of financial to release, being A gross measures like reconciliation non-GAAP primary non-GAAP call margin, cost development non-GAAP investors. to with our additional the loss Erez the information provide to sales general administrative I'd gross differences loss shares, expenses share. certain gross per research and expenses, turn non-GAAP marketing and and non-GAAP

technology shipments solutions. are XX of well of other Since of and progress share in deployments year, and clinical Nanox with at almost this commercial for there beginning use. various our commercial units, call. us XX as I'm Thank deploying further now stages financial are and the both to its the as deployment our that progress the Nanox.ARC made Nanox full have joining results you for innovative we components the today for AI happy

the In states. X deployed are we U.S., across

committed efforts, Our on our supporting the strategic in use and enhance customer our as our growth to ongoing key multipronged teams to Hand and plan raise to efforts European is solutions. advance continuing our trial for our are additional also Nanox.ARC. the growing awareness as support hospitals our ground also pipeline, effort, U.S. and and installations and is market which our FDA well efforts CE expand and and Nanox regulatory service to well This securing the sales, these a the while Mark technology. use the to data U.S. the drive we base in the to clearances hand accelerating generate we in includes imaging doubling expanding supporting underway with footprint centers of are with with sales continue of Union,

will positive focus The we in our strategic belief for and the alone partnership transformative innovation continued from our on value Nanox.ARC, health feedback care of confident reinforce that providers are drive shareholders. patients our potential significant and

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accessible Our industry mission to affordable our more to and poised we solutions. pioneering ever, make and is than lead advanced medical imaging are the critical with

you look future detail. in discussing confidence for performance Thank I more to financial and continued vision. in support our and plan forward our

U.S., the the a into market penetration, sophisticated market. Nanox.ARC proud Now of and are around details are competitive technology and exposed in has Nanox.ARC notable to in medical some right and the imaging let's world deployment offer. the a which to job the I'm latest U.S., centers benefits of highly dive nature introducing buyers the our our sophisticated the to demonstrating by

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to prospective now demo shipped allow more our clients to have them several the kits technology. easily We to experience unique

greater must we activity ramping we the we in Clearly, been up going have momentum know and with our forward. drive adoption U.S., this and continue even

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imaging. tool awareness well the to Our in as a team of key medical future was job XD and digital excellent the prepared raising did tomography an

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ongoing the the bodies. We communication regulatory have European U.S. maintained both with FDA and

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weeks. and provide the FDA We work timely continue a in needed any in with recent closely including to information as supporting manner,

we total the to the be, notified the significant continue new it expansion to addressable standard in process for considerable CE help of securing Nanox.ARC a in the part when Both and imaging in secured make results designations equipment body designation market. for view, in the with increase In a worldwide technology EU, aimed our work would our medical Mark Nanox.ARC. and to our

everything in and can We to to able we comment review are the but months. coming on clearances both specifically not doing we the are assist receive processes in hope to timing,

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of the in gross to were which $X.X on of of We expenses and profit the largely period $X.X to a profit gross for net third of in gross the with was as Non-GAAP impairment of million as decrease loss will million period the non-GAAP . Revenue GAAP reported loss net a not margin $X.X period. $X.X in million, period, gross on quarter goodwill, to represents period. quarter which basis gross gross XXXX, reported the $X.X million in GAAP was loss to I'll to a $X.X period. and compared GAAP the reported of comparable basis, in on margin refer XX% $XX.X a I million of as on comparable non-GAAP to $XX.X comparable period for XXXX million, of loss you, non-GAAP recorded due The million comparable revenue of a reported Erez. the for a was a related in loss $X.X X% was which a third period the reported compared a the compared decrease a of to a approximately comparable for for million loss as and of Thank which compared basis basis a the million period. refer the the reported period

gross the $X.X which of for Revenue approximately from basis was the the gross service represents a profit period. basis. million profit reported teleradiology XX% million margin on $X.X services basis period with reported company's $X.X was margin of teleradiology profit GAAP the Non-GAAP profit for of a a reported non-GAAP a for million, a gross gross which reported of in GAAP the XX% the represents a on period approximately on period,

non-GAAP was comparable from a profit period gross GAAP approximately basis, day weak customer volume million which teleradiology and for represents profits margin the approximately the XX% of to in increased the Revenue Non-GAAP attributable on margins period from teleradiology reading of the on during with which basis. of GAAP mainly was a services represented increase revenue million a for was a services gross gross services teleradiology gross company's comparable profit retention shift. the services the of the $X.X The $X.X million, company's a $X.X the of company's on profit basis. XX%

solutions the the mainly in comparable the million due through a generated During our the completion the the revenue of solution. project $X.X million was installations sales compared a of its the to period, in the reported $X.X company amount revenues of period, AI of AI to of as increase of

of the sales Nanox.ARC and sales systems of $X.X Those revenue basis. reported in a the company stems our and and imaging million of rest the deployment generated $XX,XXX amounted XD the systems and the from which the in its U.S. on of revenue through of loss the systems, the non-GAAP the GAAP sales a deployment period, gross During with world. to

period expenses compensation the the decrease in the $X.X period. of comparable Sales that in expenses and largely million due million to period decrease other development million wages. compared million salaries and and for million of a share-based and Decrease and reported The of compared the in $X.X $X.X activities. Research to research net $X.X in million reported period. to marketing for $X.X $X.X decrease development $X.X of comparable million in expenses related to was are were a million were $X.X

compensation, million expenses the administrative our $X.X compared of in and a in of The million of amount our reported to $X.X decrease in General to in D&O $X.X legal share-based an as expenses period. amount mainly which the increase of increase of comparable $X.X million. the increase offset was premium for were cost in million period $X.X liability insurance the was million, by million $X.X the due in

a net million non-GAAP attributable $X.X non-GAAP million, by for compared non-GAAP as period. $X.X Our expenses loss to operating million the our period our decrease gross of The mainly of which a of net loss was reported due in offset of decrease comparable decrease to a shares million profit. $X.X to ordinary the $X.X million was $X.X in our was non-GAAP in

Turning to our balance sheet.

from ended million. had equipment XX, third cash equivalents, cash, had and We of approximately XXXX, of the and million, loan property bank. a we net $XX.X and of deposits marketable a As $X.X securities of $XX.X with quarter we XXXX million September restricted

shares XX, XX.X we million had September outstanding. approximately of As XXXX,

hand call With that, the over back to will I Erez.

their health accessible our our about from The affordable states patients in medical of future with to testament a As Nanox, initial Nanox.ARC with imaging solution. U.S., multiple to advanced commitment unwavering deployment making providers confidence footprint expanding technology being as transformative our our today, across potential worldwide. our care and the along of reaffirm and international I'm filled feedback discussion positive the of in conclude the markets, we

Coupled with a past established positioned accelerate our have in we well are this infrastructure, robust year progress to XXXX. we

working On our which in secure and the will approvals, European solidify are the market. Union with necessary position bodies regulatory diligently further FDA front, the we to the

prioritizing We adoption clinical demonstrates health the Our of the collaboration deeply but our way value ensure and By take to and robust ongoing advancement of clinical also groundbreaking relevant clinical imaging. efforts close those we medical broader to in needs solutions, and we not collaboration trials pride in system AI are performance. for only serve. development with medical paving advanced community, our innovations that leading with our utility the the

imaging to designed new in setting exceed working industry. to market Moreover, capabilities expectations. innovate the with and utilization, commitment and elevate to constantly continues Our improve solutions diagnosis providing advanced standards we're and meet market needs to

confidence on drive our support global for lasting impact you in health together a make for and will Thank your positive stakeholders, care. we significant our vision, value continued and

please we investors, will Relations your with Investor meet and ICR they As welcome our feedback and happy always, contact interested are partner at to the assist.

operator, With questions. open for now that, let's call the .

[Operator Instructions]

with Ross Fitzgerald.. from question first Our Osborn will come Cantor

on Congrats progress. the

follow-up, U.S. did So starting off, of imaging were how the quarter? how many as deploy types adopting? you and the And in systems what operating. during are a many centers

was The number majority small medium. -- would think I imaging was medical it altogether, centers and are I of XX. say, mentioned the centers, the

that chains we few have or imaging medical now. imaging and terms we continue have place, chiropractors to indicated, are bigger work. deal And clinics centers multifunctionality than and medical part a say, we far what of I and added right in orthopedic clinic, or our few hospitals would we the we flow . mentioned, by far, a some locations is Another in in altogether the and pipeline

And looking or . terms placements how has date, for in utilization average to Okay. month then day ARC? per trended at scans of

reported the what operating, days in we working in this to in days, number scans -- which X time similar indicated are last that per it's we've past think the X day. operating in that the around places the . I is

queue. then Okay. jump And back us, for lastly in I'll

but you full for FDA, label on body? the And then with any those and parse updates conversations conversations out going? ARC-X could how ongoing are mentioned You extension

all in give the don't view is indication all all our in is of point answers, positive. point a And FDA the short see that any From can judge why on it hands. our view, we From the future. answered. Ross, the our the know, information, not something I will you not and questions of from we the As of indication best point be reason the don't view, were

something the would are scheduled goes anyhow say, that if terms be probably the going sometimes half, months, to next view, well. everything line. be And But early the point next the we next this right is few from is In in during submit deployed second to I year. now, process seems of ARC-X a FDA of the year. to in ARC-X,

Cohen Our next from comes question with Ladenburg. Jeffrey

Europe? from So you the a a few I about of play our Congrats talk you may progress. do country first end. become or to folks on out by XX related anticipating XX that throughout or agreements questions after know XX more will that, the that across as as commercialization far Europe Mark. will the commercial be you can imagine year or ground clinical called out, on . you that distributors. how also Or Are X and CE generally

Europe a number, hopefully we it And now, the right deploy. company have, based going we're The other the on we interest I indicated you sales but the the think new for I give be distributors that and the distributors, will strategy to don't if distributors. a distribution. U.K., high a to currently actually be have indication, that of the -- one similar as maybe countries, to from were current very signed. want agreements and -- presented will remember we on that already from what for few main the Medica a exception with Europe based So with

the I which or purchase a are a already once start. concrete. have orders already in for the plan And we're we going to have we go-to-market think plan few is the action We already CE, place, and get

we already we the One terms in and the we Bear clinical channel the promotion contract respect that to samples are to we to is another which of to lot an with have in But and and institution and our we us get fast forward. in a Europe, with help distributors over trial in clinical another planning is and already the us running agreement the Europe, indicated mind directors, Europe. management clinical that important in help which Australia, marketing, the in prominent agreement work do data of the are place, to things of have there. have that the to which a will related salespeople, are country

there Got a Eric, those moment who's about plans us . and also that's and and pursued APAC carrying as and to it. over where And carried the and LATAM that for that regulatory territories far currently and Mexico talk walk through being burden Chile. as besides

Okay.

LATAM be based already and also Mexico on these countries, going place is the So process Chile. in is to in in distributors,

and approvals the So the regulation for the was carry by request They the submitted already submitted distributors. actually process.

We touch are there. efforts now with actually the call. in similar Mexico, to with going another that of just we it's them be it's terms in And do

America to we the can we bring people We Latin in to have do see to this a channel we what that the them take Israel. demos all manager that is responsible for have U.S. from way area. order The in of beauty the is

et clinical system see cetera. value So a trip discussed . short contribute, the it's we them value we had the economic good for operating, the and make can to see that that

Okay. for any us, I Connect. Was for quick That's one. And there any about update . mention a that then or there didn't hear XX? lastly Nanox helpful. platform any the for anticipation

The on be one orders will right the XXXX. think have that And the once get get to now, next agenda going we'll on probably approval. we Mexico. But more the I -- clarity we're

countries the few Connect already regulation a well. request have as in other approvals We a for submitted for

Instructions] [Operator

with Scott Global. from Alliance comes question next The Henry

to know about But U.S. far used For that of as I we when how you think your wanted get to should that the the rest and relative think I comparable that. starters, to world, the of Europe the we thoughts to opportunity on U.S. revenues. all as of think just potential of

CE what's and can answer U.S. give an don't rest the get that indicate to know once it, I say world, especially to will be internal and to an we I And the the your I of between But the forward. approval. move indication, we cannot question that that about the have thoughts fast or we split say smarter any would Europe. we

In and we XXXX, flow put the started a to year of last fact base mainly the we and of mentioned -- the get as we strategy definitely priority, the FDA we pipeline. U.S. in customer U.S., in easier when in a have and go-to-market, terms the in times access can the we generate deal approval big XXXX, customer that as the have the beginning and to have and and few because deployment

U.S. follow would now, be priority And so right after. a Europe and will

of that think terms should we the it like lessons the did we modeling, past. about with learned more in just have the you from Scott, U.S. But way

think about more can you efficient. So

Great. then signal quarter than is know is third that trend noticed were there line, bit were little year of as for of be I they AI I revenue Okay. continue solutions Because and And seasonality? AI a to the should a last strong well. solutions revenues higher higher, that in

Just line. trying get to that sense of a

first So question, I will Ran will the start, then continue.

The first yes. question is

will grow. You the can anticipate continue to that number

you that there U.S. usually necessarily of budget the in decisions, is processes market. health in it's would in it to add is But especially to impact Ran, related the part and In seasonality, else? terms seasonality the this. U.S., seasonality, the on public I budget-related of wouldn't the say not it's relates a to anything then since U.K., like

you. Thank Yes.

where a do is, second expand up we AI So part whether installed with existing it's your scope question as solution, our in due continue of we completion our the backlog, for was -- what division to revenue we as or of this the a and existing explained build increase customer base the of customers. project in the PR, to the the of

you the related here, division. AI not do, of there's and do it's no over expansion this, see expansion some but in businesses with scope the the seasonality linear we So to

A of thinking in. of expanded we coming get that hockey I start be see obviously, kind turn. And see you which Thank final for the very the start we picture big is much think middle kind you mean should the we point? feedback. question, think a we When about when indication? Europe then an trajectory, would Would do inflection revenue we to XXXX, stick upward question. to that of are

to when should of Just get inflection your for trying look we point. sense the

Ran?

Yes.

point it's without connected time, various specific specifying So factors. for any of

of of also CE Mark, clinical all, related a for first fluencies and fruition the to -- the hope we that our course, which of will expanding future. of and commercialization the many devices, so really use to U.S. it's it's near it's the -- general the combination things, course, in the the Of come value in

it look a one changer. can kind would of point, each I -- inflection that not be but more more them of make game a as at of milestones it actually an

the So one chest full will be the body. and

on, FDA later of ARC-X, the CE one will be Another approval ARC-X launch. the sometimes XXXX, the the

it the So we see . along a That's lot we have changer. at way each the them way that of be internally. milestones one least will game a of

showing thank and for no I do want am to you you at participating further now questions I time, today's and disconnect. call, this may