What happened
Revenue has started to flow into ambitious next-generation medical technology specialist Nano-X Imaging (NNOX -3.00%), also known as Nanox. Investors were handsomely rewarding the company for this on Thursday as the stock popped by over 15% after fourth-quarter results were published.
So what
For the period, Nanox booked revenue of $1.3 million, up from $0 in the same quarter one year previous. Going in the opposite direction was the company's non-GAAP (adjusted) net loss, which came in at more than $39 million ($0.81 per share) against 2020's Q4 $18.9 million net loss.
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The few analysts tracking Nanox stock were collectively expecting around $750,000 in revenue for this latest fourth quarter. However, at the same time, they were anticipating a much narrower adjusted, per-share net loss of $0.33, according to data compiled by Yahoo! Finance.
Now what
With Thursday's news revealing that Nanox is finally starting to earn money, the company might be at the start of fulfilling its considerable promise. It has developed imaging technology that promises to be considerably cheaper than the extremely pricey solutions used these days by many healthcare providers.
When Nanox had its initial public offering (IPO) in August 2020, within months, its stock price more than doubled on excitement over its technology. Since then, investor interest has waned. This is due in no small part to the company's leading product, Nanox.ARC, not receiving Food and Drug Administration (FDA) clearance for use.
Nanox updated its regulatory progress with the device, with CEO Erez Meltzer saying that the company has filed new paperwork for the latest version of it. In a conference call with analysts to discuss the quarter's results, Meltzer revealed that "We are in continuous communication with the FDA and believe that this route will be the most expeditious pathway to further FDA feedback, which will be followed by formal submission."
