Nano-X Imaging Stock Price Increased Over 50% Pre-Market: Why It Happened

By Amit Chowdhry ● Apr 5, 2021
  • The stock price of Nano-X Imaging Ltd (NASDAQ: NNOX) increased by over 50% pre-market. This is why it happened.

The stock price of innovative medical imaging technology company Nano-X Imaging Ltd (NASDAQ: NNOX) increased by over 50% pre-market. Investors appear to be responding to company news from Friday morning that its single-source Nanox.ARC digital x-ray technology has received 510(k) clearance from the US Food and Drug Administration.

And Nano-X Imaging remains on track and expects to submit a 510(k) application to the FDA for its multi-source Nanox.ARC and the Nanox.CLOUD in 2021. If cleared, the multi-source Nanox.ARC is going to be the company’s commercial imaging system that it expects to deploy broadly across the globe.

KEY QUOTES:

“Obtaining 510(k) clearance from the FDA for our single-source Nanox.ARC digital x-ray is a significant step forward along our US regulatory pathway. We remain on track to commence system shipments in the fourth quarter of 2021 and the first quarter of 2022 with the goal of finalizing deployment of the initial 15,000 Nanox.ARC systems by the end of 2024.”

“We believe we are well positioned to achieve our goal of democratizing medical imaging and expanding the market to the roughly two-thirds of the world’s population who currently have limited or no meaningful access to imaging or the preventative screening that it offers.”

— Ran Poliakine, Chairman and Chief Executive Officer of Nanox

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.