After going public at $20 a share in August, Nano-X Imaging (NASDAQ:NNOX) has been a roller-coaster ride for early investors. The company has a high-quality X-ray device that promises to be 99% cheaper than existing systems. After the IPO, the stock tripled in a matter of weeks, running up to $67 a share in September. Then several prominent shorts alleged that the company and its device were fraudulent. The stock soon crashed, falling back down to $22 a share.
Last night, the small-cap announced that it will do a live demonstration of its device, the Nanox.ARC, at the annual Radiology Society of North America (RSNA) conference, held in Chicago from Nov. 29 to Dec. 5. The demonstration will be live-streamed globally.
In a press release, Ran Poliakine, the CEO of Nano-X, said:
We are pleased to invite everyone to witness first-hand our technology and the Nanox.ARC at the RSNA. We have an ambitious goal of making medical imaging widely available on a global basis to promote preventive healthcare through early detection. Two-thirds of the world's population currently have no access to medical imaging, and we aim to improve this statistic. We look forward to this demonstration which will allow people to see the depth and validity of our technology.
The company's device has not been cleared yet by the Food and Drug Administration (FDA). Nano-X plans to ramp up production in 2021, producing 1,000 devices in the second half of the year. The X-ray devices will be built by Foxconn, the makers of the iPhone. SK Telecom (NYSE:SKM), a minority shareholder in the company, has an order for 2,500 units.
The stock is up 37% in early trading on Friday.