Nano-X Imaging (NASDAQ:NNOX) outlined its commercialization plans, product updates and financial position during a presentation hosted by A.G.P., with Chief Financial Officer Ran Daniel highlighting the company’s push to deploy its Nanox.ARC imaging systems in the U.S., Europe and Latin America.
Scott Henry, managing director and senior research analyst at A.G.P., introduced Nano-X as a medical technology company focused on next-generation imaging. Henry said the company had a market capitalization of approximately $120 million, with shares trading around $1.70, and noted that A.G.P. has a $5 price target on the stock.
Nanox Highlights ARC X and Imaging Platform
The company’s core device uses multiple proprietary X-ray tubes and is designed to produce tomographic scans. Daniel said the machine generates about 30 to 40 images, depending on the procedure, which are sent to the company’s cloud and reconstructed into a 3D image using proprietary technology.
Daniel said the company recently announced the launch of the Nanox.ARC X, which was cleared by the U.S. Food and Drug Administration in early 2025. He also said the company received FDA clearance for its TAP2D software feature. According to Daniel, both the first- and second-generation systems are cleared for 2D and 3D imaging, though he noted that in the U.S. the clearance still carries an adjunctive requirement, unlike in the rest of the world.
Daniel said the ARC X has a small footprint, supports multiple tubes and offers plug-and-play installation. He contrasted it with the first-generation ARC, which included an external electrical cabinet and had a more complicated installation process. The newer system, he said, is shorter, more flexible, more movable and easier to install.
Company Points to Lower Radiation and Clinical Utility
Daniel said the ARC and ARC X produce radiation exposure more similar to an X-ray machine and “much lower than a CT machine.” He also said the cost profile is closer to an X-ray machine, while the intended uses overlap with some CT applications and provide more information than 2D imaging because of the added dimension.
As examples of the clinical value, Daniel discussed use cases involving a patient with a cast and a hip fracture. He said the company’s 3D imaging could provide more visibility and deeper information than a standard 2D X-ray, potentially allowing clinicians to conduct follow-up assessments without removing a cast and to identify fractures that may not be visible on a conventional X-ray image.
Commercial Deployment Continues in Multiple Markets
Daniel said Nanox continues to advance commercial deployment in both the U.S. and European markets. In the U.S., he said the company is pursuing installations through both direct and indirect sales and has entered into multiple distribution agreements.
He identified a distribution agreement with Howard as a notable example, saying it covers approximately 300 units over a three-year contract term. In response to a question from Henry about how distribution agreements could drive placements over the next 12 to 18 months, Daniel said the agreements are intended as a framework to sell ARC systems.
“The main goal is to go and use them as vehicle to sell the ARC themselves,” Daniel said. He added that Nanox’s role is to demonstrate clinical and economic value to distributors and end customers, saying he believes the agreements can be converted into sales and placements if that value is recognized.
Daniel said the company is also signing distribution agreements country by country in Europe and has had some deployments there. He added that Nanox is continuing commercialization in Latin America as well.
VasoHealthcare IT Integration and AI Business
Daniel said Nanox completed the acquisition of VasoHealthcare IT, now named Nanox Healthcare IT Corp., on Nov. 19, 2025, and is continuing post-merger integration. He said Vaso sells four PACS systems into a customer base similar to Nanox’s current target market, and that the company is working to identify synergies with its teleradiology, AI and ARC divisions.
Daniel also said Nanox continues to pursue clinical collaborations to expand its clinical data lake, which he said supports development of current and future products. He cited hospital installations in Israel and Ghana as sources of additional clinical information.
Nanox has three main divisions, according to Daniel: ARC, AI and teleradiology. He said the teleradiology division currently generates most of the company’s revenue, with an annual revenue run rate of approximately $11 million to $12 million and gross profit margin of 35% to 40%, though he noted the business has some seasonality.
For its AI business, Daniel said the company is focused on three main solution areas:
- Cardiac applications, including coronary artery calcium measurement;
- Bone health applications, including vertebral height loss and bone mineral density;
- Liver applications, including tools related to fatty liver symptoms.
Daniel said the company’s AI solutions currently work on CT scans and are expected in the future to work on Nanox’s own tomosynthesis scans. He said the tools are typically integrated into PACS systems and described the implementation as seamless.
Financial Position and Go-To-Market Strategy
Daniel said Nanox had $60.1 million in cash as of Dec. 31, 2025, and reported revenue of $3.7 million. He said revenue was close to $4 million when considering that the Vaso acquisition was not included for the full period.
In the U.S., Daniel said Nanox is targeting imaging centers, urgent care facilities, orthopedic clinics and other outpatient settings rather than competing directly with larger companies in major hospital imaging markets. He said the company has a presence in several U.S. states and is expanding.
Daniel said Nanox uses reimbursement code 76100 and offers both pay-per-use and capital expenditure models in the U.S. Outside the U.S., he said the company sells through distributors and uses a capital expenditure model.
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