Nano-X Shares Fall As SEC Probes Into Violation Of Securities Laws Seeking Alpha 213d Nano-X drops after disclosing SEC probe into violation of securities laws
Full Answer
Why did Nano-X imaging stock jump 17% on Monday?
Shares of Nano-X Imaging ( NASDAQ:NNOX) jumped 17.47% on Monday after the U.S. Food and Drug Administration (FDA) gave the company's single-source digital imaging system 510 (k) clearance on Friday, a key step in regulatory approval.
Is Nano-X stock a game-changer?
Nano-X says its technology could be a disruptive game-changer in the industry because it can significantly lower costs. It's been an up-and-down year for Nano-X. Over the past year, the stock has been as low as $20.26 and as high as $94.81.
How bad did Nano-X's Q1 results really look?
Heading into Q1 results, analysts had forecast that Nano-X would report a $0.25-per-share loss. Nano-X says its loss was actually $0.27 per share, which was actually only a penny worse than in last year's Q1 -- on no revenue for the quarter.
Does Nanox have $100 million in cash?
On the bright side, Nanox still has around $100 million in cash, cash equivalents, and marketable securities. And it's "only" generated an operating loss of around $40 million through the first three quarters of 2021, so it has some time to get FDA approval for the multi-source Nanox.ARC.
Why is Nano-X Imaging stock dropping?
Nano-X (NASDAQ:NNOX) shares dropped sharply in mid-November after the company disclosed it has come under an investigation of the U.S. Securities & Exchange Commission (SEC) over the violation of federal securities laws. It has also received a subpoena from the SEC for information related to Nanox.
Is NNOX a good stock to buy?
Out of 3 analysts, 1 (33.33%) are recommending NNOX as a Strong Buy, 0 (0%) are recommending NNOX as a Buy, 2 (66.67%) are recommending NNOX as a Hold, 0 (0%) are recommending NNOX as a Sell, and 0 (0%) are recommending NNOX as a Strong Sell.
Should I invest in Nano-X?
NanoX Imaging Ltd. may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors. The financial health and growth prospects of NNOX, demonstrate its potential to underperform the market. It currently has a Growth Score of F.
Will nano-X get FDA approval?
Nanox eyes late 2021 launch date for digital X-ray bed after nabbing FDA clearance. With the FDA's 510(k) clearance of its Star Trek-inspired digital imaging machine, Israeli startup Nanox has its course set for the final frontier. The agency green-lighted on Friday the company's single-source Nanox.
What is Nanox imaging?
Nanox Imaging develops a digital X-ray source designed to be used in real-world medical imaging applications.
Is GE a safe investment?
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What does NNOX company do?
We are a global company planning mass deployment of imaging systems with the goal to drive early detection preventive healthcare as a new standard of global care.
When did Nanox go public?
Nano Dimension to Begin Trading on NASDAQ on Monday March 7, 2016.
Is Nanox imaging FDA approved?
Nanox has had a blockbuster year so far: After snagging FDA clearance in the spring for its single-source digital X-ray bed and making plans to begin the machine's commercial rollout by the end of 2021, the company proceeded to submit the multisource version of the bed for regulatory clearance and, just this month, ...
NASDAQ: NNOX
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What happened
Shares of Nano-X Imaging ( NNOX 7.87% ), commonly referred to as Nanox, fell 29.5% in December, according to data provided by S&P Global Market Intelligence. The stock price just keeps tumbling for the company that aspires to revolutionize the X-ray industry, having now declined 84% from its high in 2021.
So what
Nanox plans to commercialize a medical device called the multi-source Nanox.ARC, which can quickly and cheaply make a digital X-ray. It plans to make these devices available free to speed their adoption and charge a usage-based fee. It refers to this business model as medical screening as a service (MSaaS).
NASDAQ: NNOX
As of the third quarter of 2021, Nanox AI had received eight clearances from the FDA apart from its clearance on Dec. 15. So the company seems to be making good progress regarding the potential applications of its technology. But the engine that's going to make this car go is the multi-source Nanox.ARC.
Now what
As of the third quarter, Nanox claimed to have MSaaS contracts for 6,500 multi-source Nanox.ARC systems. When the company went public, it said it was targeting 15,000 machines deployed by 2024. So it's making significant progress with the agreements it will need to pull this off.
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What happened
Start-up Israeli X-ray maker Nano-X Imaging ( NNOX -2.86% ) -- a recent IPO stock that had already doubled off its IPO price in just its first eight days of trading -- had an even better week last week.
So what
The collapse comes despite the company reporting no bad news of its own, nor suffering any negative analyst reports (downgrades, price target cuts).
NASDAQ: NNOX
So why is Nano-X stock going down today? Possibly -- simply -- because it went up last week.
Now what
That doesn't change the fact that Nano-X has no revenue today, much less profits. It's also worth pointing out that even the SPI deal isn't quite a done deal, and remains dependent upon receiving "local regulatory approvals and acceptance test clearance" before it can proceed.
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What is Nano X?
Shares of Nano-X Imaging ( NASDAQ:NNOX) jumped 17.47% on Monday after the U.S. Food and Drug Administration (FDA) gave the company's single-source digital imaging system 510 (k) clearance on Friday, a key step in regulatory approval. Nano-X says its technology could be a disruptive game-changer in the industry because it can significantly lower costs.
What is the purpose of nanotechnology?
The company says it uses nanotechnology to create a semiconductor specifically designed to produce an X-ray, but without requiring Röntgen's thermionic effect. The company equates its product to an LED light bulb when compared to the heat in the filament of older light bulbs.
Is Nano X fraudulent?
Not everyone is sold on Nano-X's technology. Short-sellers Citron Research and Muddy Waters came out with reports last year that essentially called the company's technology fraudulent. Citron said the company hasn't produced enough evidence to show its product will work and that its research and development expenditure was too small for a breakthrough on the level management was trumpeting.
Is Nano X a disruptive company?
Nano-X says its technology could be a disruptive game-changer in the industry because it can significantly lower costs. It's been an up-and-down year for Nano-X. Over the past year, the stock has been as low as $20.26 and as high as $94.81. On Friday, after it closed at $41.44 a share, it briefly jumped beyond $59 on Monday before closing at $48.55.
Is Nano X going public?
There's also the basic risk in investing in any company that's not producing revenue yet. Nano-X went public last August through an initial public offering. It lost $43.8 million last year and $22.6 million the year before.