Nano-X Imaging (NASDAQ:NNOX) Chief Financial Officer Daniel provided an overview of the company’s imaging platform, commercialization approach, and recent regulatory and business developments during a presentation aimed at existing and prospective investors.
End-to-end imaging offering and product pillars
Daniel described Nano-X as an imaging company focused on an “end-to-end solution from scan to diagnosis.” He said the company’s platform includes the Nanox.ARC imaging system as a central component, alongside teleradiology and an artificial intelligence and software division that was recently expanded through the acquisition of VasoHealthcare IT, now referred to as Nanox Health IT.
Regulatory status and commercialization plans
Daniel said the company began commercialization of the Nanox.ARC in the U.S. in 2023 and expects to begin commercialization in Europe during 2025. In the U.S., he said Nano-X uses both direct and indirect sales models, while outside the U.S. it works through distributors.
On the regulatory side, Daniel highlighted that the company received an FDA clearance in December 2024 for “general use,” and more recently obtained clearance for “tomo 2D” software, which he said allows the company to sell both 3D and 2D solutions from the Arc platform. He also referenced CE approval obtained in early 2025.
He added that Nano-X has signed distribution agreements in Europe, citing the Czech Republic and France, and said the company had also announced an agreement involving Slovakia, with additional agreements potentially forthcoming.
Technology foundation and system design
Daniel traced the company’s core technology to a silicon-based, low-voltage, nanoscale cold cathode chip designed to generate the electron stream needed for X-rays using field emission technology. He said the technology originated from work initially developed at Sony during the era of “thin TV” development, later spun out with a group of scientists to the University of Tokyo, where Nano-X founder Ran Poliakine became involved.
He contrasted Nano-X’s cold cathode approach with conventional X-ray systems that use a heated metal filament, noting that legacy systems require high temperatures and cooling cycles. He said Nano-X’s approach eliminates some of those mechanical and cooling requirements and can offer cost advantages.
Daniel said each ARC system uses five tubes, with one chip per tube. He also discussed tube development, describing a first-generation ceramic tube developed by the company’s subsidiary in Korea and a second-generation glass tube planned for newer device generations.
Nanox.ARC and ARC X capabilities
Daniel described the first-generation ARC as a compact, lightweight, multi-source tomosynthesis system, and said the second-generation ARC X is smaller and lighter, with system components integrated into the device rather than requiring an external electrical cabinet connection. He said the ARC X has already been cleared by the FDA and was presented at the most recent RSNA meeting, and that commercialization of ARC X devices is beginning in the U.S.
He outlined operational characteristics of the system, including low power requirements and a “plug and play” setup for the new generation, as well as quick installation and training. He described a scan workflow in which a patient is positioned on a bed, settings are programmed via an iPad, and the system performs a tomographic sweep, tilting about 15–18 degrees to each side. He said the scan process takes no more than 12 seconds and generates 30–60 2D images, which are sent to the cloud and reconstructed via proprietary software into a 3D image.
Daniel also said the platform supports remote monitoring and updates and can integrate with PACS systems. He noted that through Nanox Health IT, the company can resell PACS software from medQ, RamSoft, Ambra, and Candelis, while emphasizing that Nano-X does not force customers to buy an end-to-end package.
Business model, target markets, and AI portfolio
Daniel said Nano-X is targeting imaging centers, urgent care locations, orthopedic clinics, and multipurpose specialty clinics in the U.S., describing these as “blue ocean” markets where the company aims to avoid competing directly with larger incumbents.
He outlined two customer models:
- Outright purchase, sometimes supported by financing arranged for customers.
- Medical scan-as-a-service (pay-per-use), which he said is priced at $30 per scan, typically structured as a multiyear contract.
In discussing scan economics, Daniel cited a reimbursement code of 76100 with a range he described as approximately $88–$109 per procedure. He said that under the pay-per-use model, operators can generate a net margin of 48%–62% after paying $30 per scan, and that reading services can provide a margin of about 33% when operators receive $30 and pay Nano-X $20 for the professional component. He added that pay-per-use rates are lower outside the U.S. but said they remain attractive economically for the company.
On AI, Daniel said Nano-X’s tools are FDA- and CE-approved and are intended to help physicians identify asymptomatic chronic disease earlier to support preventive management. He said the AI portfolio is built around chest-related coronary artery calcium scoring, a spinal measurement solution (including vertebral compression and wedge loss indications), and liver-related analysis including fatty liver. He said the company has health system customers for its AI products, citing Spectrum Health in the Northeast as the largest and noting it is in its fifth year of engagement. He also referenced a B2B2C model introduced in 2025, giving Ezra as an example customer using Nano-X’s AI solutions for chest and bone-related scans.
In brief comments on the company’s OEM business, Daniel said the company is pursuing licensing and royalty opportunities based on its technology and IP, and mentioned a recent project with a “semi-government agency” related to security that is testing the company’s chip and tube.
During Q&A, Daniel said he could not provide details on the number of ARC systems deployed due to a blackout period and directed investors to wait for the next earnings call. He also said there had been no disruption to development or production of the ARC related to the war in Israel “as of today.” Regarding the Oak Ridge question, he said the organization was testing Nano-X’s tube and chip as part of a multi-stage project, while noting Nano-X had limited information beyond public statements.
About Nano-X Imaging (NASDAQ:NNOX)
Nano-X Imaging Ltd. is a medical technology company developing and commercializing a digital X-ray imaging platform designed to lower the cost and increase the accessibility of diagnostic imaging. Its flagship product, the Nanox.ARC, leverages a proprietary micro-electromechanical system (MEMS) based digital X-ray source and advanced image processing software to provide 2D and 3D imaging capabilities on a compact footprint. The system aims to streamline radiology workflows and facilitate point-of-care diagnostics in hospitals, clinics and outpatient settings.
The Nanox.ARC platform integrates a novel cold cathode X-ray source, which enables multiple emission points without the need for rotating anode tubes.
