Nano-X Imaging Ltd (NASDAQ:NNOX) Q3 2023 Earnings Conference Call November 28, 2023 8:30 AM ET

Company Participants

Erez Meltzer - CEO

Ran Daniel - CFO

Mike Cavanaugh - IR

Conference Call Participants

Jeff Cohen - Ladenburg Thalmann

Ross Osborn - Cantor Fitzgerald

Ben Haynor - Alliance Capital Partners

Operator

Good day, and thank you for standing by. Welcome to the Nano-X Q3 2023 Earnings Conference Call. [Operator Instructions]

And I would now like to turn the conference over to your speaker today, Mr. Mike Cavanaugh, Investor Relations. Sir, please go ahead.

Mike Cavanaugh

Good afternoon, and thank you for joining us today. Earlier today, Nano-X Imaging Ltd. released financial results for the quarter ended September 30, 2023. The release is currently available on the Investors section of the company's website. Erez Meltzer, Chief Executive Officer, and Ran Daniel, Chief Financial Officer, will host this morning's call.

Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial results, research and development, manufacturing and commercialization activities, regulatory process operations, and other matters. These statements are subject to risks, uncertainties, and assumptions that are based on management's current expectations as of today and may not be updated in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date. Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. Management will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of each non-GAAP financial measure to the nearest GAAP financial measure is provided in the company's press release filed today. The non-GAAP financial measures include non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other expenses and non-GAAP gross loss per share.

With that, I'd like to turn the call over to Erez Meltzer.

Erez Meltzer

Thanks, Mike, and as always, thank you all for joining us today for our financial results call and corporate update. As previously noted, we have intensified our efforts and focus on the US market to jumpstart our commercialization effort in the region. To support these important efforts, our team and I have increased our presence in the United States over the last few months, and I'm currently in the US. We have engaged in discussions with potential customers, clinical partners, particularly US healthcare sector professionals, focusing on reimbursement and medical workflow and other key stakeholders. We aim to expedite the implementation of our commercial infrastructure and advance our future strategic plans. Moving to the recent developments in deployments, I'm pleased to announce that we have established the first US-based commercial site and demonstration center for the Nanox.ARC, which is part of our initial wave in the US. The Nanox.ARC system has been installed in a New Jersey based imaging center, which marks the beginning of Nanox’s commercial expansion into the US market. The system passed all necessary tests conducted by a licensed and certified physicist, enable us to commence scanning of patients to acquire medical imaging using the Nanox.ARC, a stationary X-ray system intended to produce 3D thermographic images of the MSK system. The clinic staff will manage the operational, professional, and administrative services, allocating human resources and equipment for the efficient operation of Nanox system in the imaging center. This center will also serve as a demonstration center for our medical professionals, offering them an opportunity to familiarize themself with the system and facilitate the implementation process. More updates on the progress on installments in the US are expected on the Investor Day on December 4th.