Nanox reports higher net loss in Q3

2021 08 19 21 07 3823 Business Graph Money Stocks 400

Digital x-ray company Nanox reported an increase in its net loss for the third quarter of 2021 as the company prepares to submit a regulatory application in the U.S. for a multisource version of its flagship product.

For the quarter (end-September 30), the company reported a net loss of $13.5 million, up from

$11.1 million for the same period in 2020. The increase was largely due to a rise in research and development, general, and administrative expenses.

Research and development spending rose to $3.7 million in the third quarter of 2021, compared with $2.1 million during the same period in the prior year. The higher expenses increased due to costs associated with development of its flagship Nanox.ARC multisource x-ray system, according to the company.

Nanox said that it made programs toward finalizing the development of Nanox.ARC. The company is developing new features on the system and Nanox is considering submitting an additional 510(k) application with the U.S. Food and Drug Administration (FDA) for the next version. The FDA earlier this year asked for additional information on the company's first submission for a multisource Nanox.ARC, saying the company's first submission included "deficiencies."

Nanox also noted that it recently completed its acquisitions of artificial intelligence (AI) software firm Zebra Medical and teleradiology services provider USARad Holdings.

The company said it made progress toward the completion of the development of the Nanox.ARC system and that it expects to continue to optimize and develop further features of the Nanox.ARC System and is considering submitting an additional 510(k) application for the next version of its multi-source Nanox.ARC System in the near term, which will benefit from the FDA feedback received on the first version of the multisource Nanox.ARC System.

Additionally, Nanox ended the quarter with net cash and cash equivalents of $180.3 million.

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