On monitor to receive 510(okay) clearance for multi-source Nanox.ARC by mid-year 2021

Indicators settlement with SPI Medical for deployment of 630 Nanox.ARC items throughout Mexico and Guatemala; brings complete contracted deployments to five,150 throughout 13 nations

Ended Q3 with money and money equivalents of $240 million and no debt

Administration to host convention name and webcast right this moment, November 9, at 8:30 AM ET

NEVE ILAN, Israel, Nov. 09, 2020 (GLOBE NEWSWIRE) — NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Firm”), an revolutionary medical imaging know-how firm, right this moment introduced outcomes for the third quarter ended September 30, 2020, and supplied a enterprise replace.

“We’re happy to have accomplished a really profitable preliminary public providing in August which offers us with the capital to assist obtain our imaginative and prescient to extend early detection of medical circumstances which can be discoverable by X-ray,” said Ran Poliakine, Chairman and Chief Govt Officer of Nanox. “With our proprietary, next-generation digital X-ray know-how, we’re growing an imaging system – the Nanox.ARC – that’s considerably cheaper then legacy X-ray machines, permitting us to focus on the roughly 2/3 of the world’s inhabitants who at the moment don’t have any, or restricted entry, to imaging and reduce wait instances for the remaining 1/3. It is a vital missed alternative since imaging can result in early detection of great and continual illnesses, leading to improved outcomes for sufferers and value financial savings for payers.

“We exited the third quarter with accelerating momentum having signed an settlement in September 2020 with SPI Medical for the deployment of 630 Nanox.ARC items throughout Mexico and Guatemala. Along with beforehand signed agreements, we at the moment have contracts with 9 service suppliers to deploy 5,150 Nanox.ARC items throughout 13 nations, and strategic collaborations aiming to deploy a further 5,500 items within the US, Korea and Vietnam, every topic to regulatory approvals. We anticipate these agreements with service suppliers and collaborations point out necessary progress towards reaching our purpose of deploying 15,000 methods by the top of 2024. We consider this speaks to a world unmet want that we’re addressing with our Nanox.ARC system.    

“We sit up for demonstrating our digital X-Ray know-how in a variety of 2D and 3D medical imaging procedures at this yr’s digital Radiology Society of North America (RSNA) 2020 assembly later this month, and intend to make these supplies accessible to our buyers and world stakeholders to allow them to be part of and witness our know-how.” Mr. Poliakine concluded.

Third quarter 2020 and up to date highlights:

  • Accomplished a profitable preliminary public providing of extraordinary shares, elevating gross proceeds of roughly $190 million
  • Introduced an upcoming reside demonstration of the Nanox.ARC at Radiology Society of North America (RSNA) 2020, which is being held just about from November 29 to December 5, 2020. The Firm will function Nanox’s first commercial-grade digital X-ray supply adopted by a reside demonstration of the Nanox.ARC in a variety of 2D and 3D medical imaging procedures
  • Signed settlement with Ambra Well being, a number one medical knowledge and picture administration cloud software program firm, to facilitate the switch of medical pictures between U.S. hospitals and medical imaging suppliers
  • Additional superior the Firm’s 510(okay) software for its single-source model of the Nanox.ARC
  • Signed an settlement with SPI Mexico for the deployment of 630 Nanox.ARC items throughout Mexico and Guatemala. The settlement features a minimal annual service charge of $17 million payable to Nanox as soon as all methods are deployed and upon acquiring the required regulatory approvals and extra contractual phrases
  • Appointed SK Telecom CEO Mr. Jung-ho Park to its Board of Administrators
  • Appointed Gilad Yron to the newly created place of Chief Enterprise Officer. Mr. Yron is liable for executing the Firm’s current Medical Screening as a Service (MSaaS) agreements whereas additionally refining the Firm’s business technique and overseeing customer-facing actions

Monetary outcomes for 3 months ended September 30, 2020

For the three months ended September 30, 2020, the Firm had a internet lack of $11.1 million, in comparison with a internet lack of $1.9 million for the three-month interval ended September 30, 2019.

Analysis and Improvement bills for the third quarter 2020 have been $2.1 million, as in comparison with $0.4 million for the corresponding prior yr interval in 2019. The rise was associated to greater improvement prices associated to the Nanox System.

Gross sales and advertising bills for the third quarter 2020 have been $2.7 million, as in comparison with $0.5 million for the corresponding prior yr interval in 2019, as spending elevated as a result of elevated investments in model consciousness and product advertising capabilities.

Common and Administrative bills for the third quarter 2020 have been $6.3 million, as in comparison with $1.0 million for corresponding prior yr interval in 2019, as prices elevated as a result of elevated investments within the enlargement of the Firm’s administration group and the general group infrastructure along with elevated prices associated with the Firm’s IPO.

Web money utilized in working actions through the quarter was $3.4 million.

The Firm ended the third quarter with money, money equivalents and marketable securities of $240.0 million. This consists of internet proceeds of roughly $170 million raised from the Firm’s latest preliminary public providing.

Non-GAAP internet loss attributable to extraordinary shares for the three months ended September 30, 2020 was $5.1 million, as in comparison with $1.9 million for the corresponding prior yr interval in 2019. Non-GAAP analysis and improvement bills for the third quarter 2020 have been $1.5 million, as in comparison with $0.4 million for the corresponding prior yr interval in 2019. Non-GAAP advertising bills for third quarter 2020 have been $0.5 million, as in comparison with $0.5 million for the corresponding prior yr interval in 2019. Non-GAAP common and administrative bills for the third quarter 2020 have been $3.1 million, as in comparison with $1.0 million for the corresponding interval yr interval in 2019.

A reconciliation between GAAP and non-GAAP metrics for the three and 9 month intervals ended September 30, 2020 and 2019 is supplied within the monetary outcomes which can be a part of this press launch. The distinction between the GAAP and non-GAAP outcomes for every of the metrics above is especially attributable to share-based compensation.

As of September 30, 2020, the Firm had roughly 45.6 million shares excellent.

Convention name and webcast particulars

Monday, November 9, 2020 @ 8:30am ET
Investor home dial-in:   877-407-0789
Investor worldwide dial-in:   201-689-8562
Webcast hyperlink: http://public.viavid.com/index.php?id=141866

About Nanox:

Nanox, based by the serial entrepreneur Ran Poliakine, is an Israeli company that’s growing a commercial-grade digital X-ray supply designed for use in real-world medical imaging functions. Nanox believes that its novel know-how may considerably cut back the prices of medical imaging methods and plans to hunt collaborations with world-leading healthcare organizations and corporations to supply inexpensive, early detection imaging service for all. For extra info, please go to www.nanox.vision.

Ahead-Wanting Statements:

This press launch could include forward-looking statements which can be topic to dangers and uncertainties. All statements that aren’t historic information contained on this press launch are forward-looking statements. Such statements embody, however aren’t restricted to, any statements referring to the initiation, timing, progress and outcomes of Nanox’s analysis and improvement, manufacturing and commercialization actions with respect to its X-ray supply know-how and the Nanox.Arc. In some circumstances, you may determine forward-looking statements by terminology reminiscent of “can,” “would possibly,” “consider,” “could,” “estimate,” “proceed,” “anticipate,” “intend,” “ought to,” “plan,” “ought to,” “may,” “anticipate,” “predict,” “potential,” or the detrimental of those phrases or different related expressions. Ahead-looking statements are primarily based on info Nanox has when these statements are made or administration’s good religion perception as of that point with respect to future occasions, and are topic to dangers and uncertainties that would trigger precise efficiency or outcomes to vary materially from these expressed in or steered by the forward-looking statements. Components that would trigger precise outcomes to vary materially from these at the moment anticipated embody: dangers associated to enterprise interruptions ensuing from the COVID-19 pandemic or related public well being crises may trigger a disruption of the event, deployment or regulatory clearance of the Nanox System and adversely impression our enterprise; Nanox’s capability to efficiently reveal the feasibility of its know-how for business functions; Nanox’s expectations relating to the need of, timing of submitting for, and receipt and upkeep of, regulatory clearances or approvals relating to its X-ray supply know-how and the Nanox.Arc from regulatory businesses worldwide and its ongoing compliance with relevant high quality requirements and regulatory necessities; Nanox’s capability to enter into and keep commercially cheap preparations with third-party producers and suppliers to fabricate the Nanox.Arc; the market acceptance of the Nanox.Arc and the proposed pay-per-scan enterprise mannequin; Nanox’s expectations relating to collaborations with third-parties and their potential advantages; and Nanox’s capability to conduct enterprise globally, amongst others. Besides as required by regulation, Nanox undertakes no obligation to replace publicly any forward-looking statements after the date of this press launch to adapt these statements to precise outcomes or to modifications in Nanox’s expectations.

Non-GAAP Monetary Measures

This press launch consists of details about sure monetary measures that aren’t ready in accordance with usually accepted accounting ideas in the USA (“GAAP”), together with non-GAAP internet loss attributable to extraordinary shares, non-GAAP analysis and improvement bills, non-GAAP advertising bills and non-GAAP common and administrative bills. These non-GAAP measures aren’t primarily based on any standardized methodology prescribed by GAAP and aren’t essentially akin to related measures offered by different firms.

Non-GAAP internet loss attributable to extraordinary shares, non-GAAP analysis and improvement bills, non-GAAP advertising bills and non-GAAP common and administrative bills every adjusts for stock-based compensation bills.

The Firm’s administration and board of administrators make the most of these non-GAAP monetary measures to judge the Firm’s efficiency. The Firm offers these non-GAAP measures of the Firm’s efficiency to buyers as a result of administration believes that these non-GAAP monetary measures, when considered with the Firm’s outcomes underneath GAAP and the accompanying reconciliations, are helpful in figuring out underlying developments in ongoing operations. Nevertheless, non-GAAP internet loss attributable to extraordinary shares, non-GAAP analysis and improvement bills, non-GAAP advertising bills and non-GAAP common and administrative bills aren’t measures of economic efficiency underneath GAAP and, accordingly, shouldn’t be thought-about as alternate options to GAAP measures as indicators of working efficiency. Additional, non-GAAP internet loss attributable to extraordinary shares, non-GAAP analysis and improvement bills, non-GAAP advertising bills and non-GAAP common and administrative bills shouldn’t be thought-about measures of the Firm’s liquidity.

A reconciliation of sure GAAP to non-GAAP monetary measures has been supplied within the tables included on this press launch.

Contact:

Itzhak Maayan
Nanox Imaging
IR@nanox.vision

Bob Yedid
LifeSci Advisors
646-597-6989
bob@lifesciadvisors.com

 

  September 30,
2020
  December 31,
2019
  U.S. {Dollars} in 1000’s
       
Belongings      
CURRENT ASSETS:      
Money and money equivalents 239,978   8,072
Pay as you go bills and different present property 1,777   1,564
TOTAL CURRENT ASSETS 241,755   9,636
       
NON-CURRENT ASSETS:      
Restricted money 193   145
Property and tools, internet 2,740   228
Deferred providing prices   1,197
Working lease right-of-use asset 868   526
Different non-current property 76   139
TOTAL NON-CURRENT ASSETS 3,877   2,235
TOTAL ASSETS 245,632   11,871
       
Liabilities and Shareholders’ Fairness (Capital Deficiency)      
CURRENT LIABILITIES:      
Accounts payable 3,046   475
Accrued bills and different liabilities 2,464   1,828
Associated occasion accrued liabilities 192   72
Associated occasion legal responsibility   17,748
Present maturities of working leases 322   140
TOTAL CURRENT LIABILITIES 6,024   20,263
       
NON-CURRENT LIABILITIES:      
Non-current working leases 539   386
TOTAL NON-CURRENT LIABILITIES 539   386
TOTAL LIABILITIES 6,563   20,649
COMMITMENTS      
       
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY):      
Abnormal Shares, par worth NIS 0.01 per share, 100,000,000 and 40,000,000      
licensed at September 30, 2020 and December 2019, respectively; 45,567,848 and 27,150,080 issued and excellent at September 30, 2020 and December 31, 2019, respectively 129   75
Extra paid-in capital 304,383   31,748
Gathered deficit (65,443)   (40,601)
TOTAL SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY) 239,069   (8,778)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY)   245,632   11,871
NANO-X IMAGING LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     
  9 Months Ended
September 30,

  Three Months Ended
September 30
,
  2020   2019   2020   2019
  (U.S. {dollars} in 1000’s, apart from per share knowledge)
OPERATING EXPENSES:        
Analysis and improvement 6,258   708   2,106   368
Advertising 4,409   699   2,664   456
Common and administrative 14,195   2,124   6,292   1,045
OPERATING LOSS (24,862)   (3,531)   (11,062)   (1,869)
FINANCIAL EXPENSES (INCOME), NET (21)   12   (7)   (2)
NET LOSS (24,841)   (3,543)   (11,055)   (1,867)
               
BASIC AND DILUTED LOSS PER SHARE (0.77)   (0.14)   (0.29)   (0.07)
WEIGHTED AVERAGE NUMBER OF              
ORDINARY SHARES (in 1000’s) 32,209   24,563   38,020   26,747
RECONCILIATION OF GAAP TO NON-GAAP METRICS
(U.S. {dollars} in 1000’s (besides per share knowledge))
       
  9 Months Ended
September 30,
  Three Months Ended
September 30
,
  2020   2019   2020   2019
  (U.S. {dollars} in 1000’s, apart from per share knowledge)
 
Reconciliation of GAAP internet loss attributable to ordinary shares to Non-GAAP internet loss attributable to extraordinary shares
GAAP internet loss attributable to ordinary shares (24,841)   (3,543)   (11,055)   (1,867)
Non-GAAP changes:        
         
Share-based compensation 14,295     5,949  
Non-GAAP internet loss attributable to ordinary shares (10,546)   (3,543)   (5,106)   (1,867)
BASIC AND DILUTED LOSS PER SHARE (0.33)   (0.14)   (0.13)   (0.07)
WEIGHTED AVERAGE NUMBER OF        
ORDINARY SHARES (in 1000’s) 32,209   24,563   38,020   26,747
Reconciliation of GAAP analysis and improvement bills to Non-GAAP analysis and improvement bills (U.S. {dollars} in 1000’s)
GAAP analysis and improvement bills (6,258)   (708)   (2,106)   (368)
Non-GAAP changes:        
         
Share-based compensation 2,512     595  
         
Non-GAAP analysis and improvement bills (3,746)   (708)   (1,511)   (368)
         
Reconciliation of GAAP advertising bills to Non-GAAP advertising bills (U.S. {dollars} in 1000’s)
GAAP advertising bills (4,409)   (699)   (2,664)   (456)
Non-GAAP changes:        
         
Share-based compensation 2,844     2,200  
         
Non-GAAP advertising bills (1,565)   (699)   (464)   (456)
         
Reconciliation of GAAP common and administrative bills to Non-GAAP common and administrative bills (U.S. {dollars} in 1000’s)
GAAP common and administrative bills (14,195)   (2,124)   (6,292)   (1,045)
Non-GAAP changes:        
         
Share-based compensation 8,939     3,154  
         
Non-GAAP common and administrative bills (5,256)   (2,124)   (3,138)   (1,045)
         

 



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