Nano‑X Imaging Ltd. (NNOX) released its third‑quarter 2025 results, reporting revenue of $3.4 million—$0.17 million below the $3.57 million consensus estimate—and a non‑GAAP earnings per share of –$0.65, a $0.43 shortfall from the –$0.22 forecast. The company’s GAAP net loss widened to $13.7 million, up slightly from $13.6 million in the same quarter last year, while cash on hand fell to $55.5 million from $83.2 million at the end of 2024.
The revenue miss was driven by a modest decline in the core Nanox.ARC imaging platform sales, offset by a stronger performance in the teleradiology segment, which generated $3.1 million in the quarter. The teleradiology business, benefiting from expanded gross‑profit margins of 25 % on a GAAP basis, helped cushion the overall decline. Year‑over‑year, revenue grew 13.3 % from $3.0 million in Q3 2024, but the growth was insufficient to meet analyst expectations, reflecting continued pricing pressure and competitive intensity in the imaging market.
The earnings loss reflects higher operating expenses and a one‑time charge related to the acquisition of Vaso Healthcare IT. While the acquisition is expected to broaden Nano‑X’s AI solutions portfolio, the associated integration costs pushed the non‑GAAP EPS into negative territory. The company’s gross margin contracted slightly, indicating that cost inflation and investment in new technology are eroding profitability, even as the teleradiology segment shows margin expansion.
Cash reserves have declined to $55.5 million, a reduction of $27.7 million from the prior year’s close. The company remains in a net‑loss position, but the cash burn rate has slowed compared to the previous quarter, suggesting that management is tightening spending while pursuing strategic growth initiatives.
Looking ahead, Nano‑X has guided 2026 revenue to $35 million, a significant upside to the $13.6 million expected for 2025. The guidance signals confidence in the company’s ability to scale its AI‑driven imaging solutions and capitalize on new distribution partnerships in Europe. Management emphasized continued focus on technology advancement, AI infrastructure development, and operational efficiency, positioning the firm for long‑term profitability.
Analysts highlighted the 2026 revenue guidance as a key driver of the positive market reaction, noting that the forward‑looking outlook offsets the current quarter’s revenue and earnings miss. The company’s strategic acquisitions and expanding teleradiology footprint are viewed as strengthening its competitive position in the medical imaging sector.
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