Nano-X Imaging Ltd. (NASDAQ: NNOX) stock declines by 12.41% in the current market trading after NNOX released its first-quarter 2021 financial results. Nanox, an Israeli company founded by serial entrepreneur Ran Poliakine, is working on a commercial-grade optical X-ray source that will be used in real-world medical imaging applications.
Financial Results
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On May 11, 2021, Nano-X imaging announced its first quarter ended March 31, 2021, financial results. Given below is the summary:
- NNOX announced a net loss of $12.7 million for Q1 2021 compared to a net loss of $7.4 million for the three months ended March 31, 2020.
- In the first quarter of 2021, research and development costs were $2.7 million, up from $2.4 million in the same timeframe the previous year. Higher production costs associated with the Nanox System, including expanded R&D headcount and costs associated with the continuing regulatory approval process, were compensated by a reduction in share-based pay, which caused the rise.
- In the first quarter of 2021, general and administrative costs were $8.2 million, up from $4.0 million in the same timeframe the previous year. Secondary offering costs and share-based payments pushed up general and administrative expenses in the first quarter of 2021 compared to the same time last year.
- The first quarter of 2021 saw $4.4 million in net cash used in financial operations.
- NNOX has $219.3 million in cash and cash equivalents at the end of the first quarter of 2021, plus $13.6 million in cash in transit that was paid shortly after the quarter ended.
- NNOX had approximately 47.6 million outstanding shares as of March 31, 2021.
Ran Poliakine, Chairman and CEO of Nanox commented:
NNOX was thrilled to obtain FDA approval for their single-source Nanox Cart X-Ray System in April, a significant milestone for them and a useful benchmark as they plan to apply for approval of their multi-source product later this year. Moreover, amid the pandemic’s effect, NNOX is making steady progress on the technology transition of MEMs chip technology to their interim clean-room facility in Korea, as well as the building of NNOX’s latest state-of-the-art fabrication facility.