Q2 2026 Nano-X Imaging Ltd Earnings Call Transcript
Key Points
- Nano X Imaging Ltd (NNOX) reported a 37% year-over-year increase in Q2 2026 revenue, driven by the consolidation of Nanox Health IT and growth in its teleradiology services.
- The company is expanding its US commercial footprint through 10 signed distribution partnerships, including a new agreement with Associated X-Ray Imaging Corp., and a strategic collaboration with RadNet, the largest US outpatient imaging operator.
- Early validation of the Nanox Imaging Network business model is evident, with the first Philadelphia site operational and receiving insurance reimbursements ranging from $200 to $700 per claim.
- A new CMS reimbursement code (G0680) for AI-driven cardiac analysis from chest CT scans creates a potential direct reimbursement pathway for the Nanox.AI cardiac solution, potentially expanding its addressable market.
- Management is taking decisive steps to streamline operations and reduce costs, including restructuring South Korea operations, idling the chip production line, and reducing headcount, with estimated annualized savings of approximately $2 million beginning in 2027.
- The company is advancing its OEM relationships, with Varex tubes undergoing final integration and a multi-beam X-ray vessel received for testing, indicating strong interest in its core source technology for various applications.
- Nano X Imaging Ltd (NNOX) recorded a significant non-cash impairment charge of $40.7 million in Q2 2026, related to its AI solutions business unit, triggered by a decline in share price and reduced forecasts.
- The company's cash position has decreased substantially, from $60 million at the end of 2025 to $31.4 million as of June 30, 2026, necessitating further capital raises.
- Commercialization of the Nanox.ARC system continues to take longer than expected, with operational friction points related to permitting, shielding, and construction timelines at customer sites.
- The company's GAAP gross loss margin worsened dramatically to -1,051% in Q2 2026, compared to -107% in the prior year quarter, reflecting significant cost of revenue issues.
- Nano X Imaging Ltd (NNOX) had to raise an additional $8.5 million in gross proceeds through an ATM program and a registered direct offering post-quarter-end to support its activities, indicating ongoing financial strain.
- The company's net loss widened significantly to $55.5 million in Q2 2026 from $14.7 million in the same period last year, primarily due to the impairment charge.
Good day, and thank you for standing by. Welcome to the Nanox Q2 2026 earnings call. (Operator Instructions) Please be advised that this conference is being recorded.
I would now like to hand the conference over to your speaker today, Mike Cavanaugh, Investor Relations. Please go ahead.
Good morning and welcome to Nanox Imaging's Q2 2026 earnings call. Earlier today, Nanox Imaging Limited released financial results for the quarter ending June 30, 2026. The release is currently available on the investor section of the company's website. With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman, and Guy Nathanzon, Chief Financial Officer. Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial research and development, manufacturing, commercialization activities, regulatory process, and clinical activities, and other matters.
These statements
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