Cantor Fitzgerald maintains Nano-X stock with $8 target

On Monday, Cantor Fitzgerald reaffirmed its Overweight rating and $8.00 price target for Nano-X Imaging (NASDAQ:NNOX), following the company’s recent announcement regarding its HealthOST software. Currently trading at $5.53, the stock has significant upside potential according to analysts, who have set price targets ranging from $7 to $10. InvestingPro data shows the stock has been volatile, with a beta of 1.98. The AI-powered tool, designed for bone health analysis, has received MDR CE Mark clearance, signifying its compliance with European health, safety, and environmental protection standards. With a market capitalization of $353 million and a strong financial position - holding more cash than debt and maintaining a healthy current ratio of 5.3 - the company appears well-positioned to capitalize on this regulatory milestone.

Nano-X Imaging shared on Sunday that HealthOST is capable of assessing vertebral height loss and bone mineral density, which are indicators of musculoskeletal conditions such as osteoporosis. The software operates by analyzing routine CT scans, negating the need for additional imaging procedures or extra time from patients.

The significance of HealthOST’s market potential is underscored by Nano-X’s estimation that over 25.5 million women in Europe suffer from osteoporosis. Furthermore, approximately 23.8 million individuals are considered at high risk for osteoporotic fractures, with associated costs surpassing €56 billion annually.

The technology behind HealthOST is an evolution of the company’s previous HealthVCF software. HealthVCF’s effectiveness was demonstrated in the AI-Enabled Detection of Osteoporosis for Treatment (ADOPT) study, which took place across four UK National Health Services trusts. During the study, HealthVCF analyzed 37,220 routine CT scans and discovered more than 3,450 new patients with vertebral compression fractures. This detection rate is up to six times higher than the national average, highlighting the potential impact of HealthOST on healthcare outcomes. While revenue grew 15.3% in the last twelve months, InvestingPro analysis reveals 7 additional key insights about NNOX’s financial health and growth prospects. Access the comprehensive Pro Research Report, part of the analysis available for 1,400+ US stocks, to make more informed investment decisions.

In other recent news, Nano-X Imaging has reported its fourth-quarter 2024 financial results, revealing a revenue of $3 million, which marked an increase from $2.4 million in the same period last year. This growth was primarily driven by a 23% year-over-year rise in teleradiology services revenue, reaching $2.8 million. However, the company also posted a wider net loss of $14.1 million, up from $10.2 million in the previous year. Cantor Fitzgerald has adjusted its price target for Nano-X Imaging, lowering it from $12.00 to $9.00, while maintaining an Overweight rating. This decision was influenced by the recent earnings report and the FDA’s clearance of Nano-X’s ARC X system, which is expected to boost future deployments. The ARC X system, which recently gained FDA 510(k) clearance, is designed to integrate easily into existing X-ray rooms, offering a smaller footprint and ’plug-and-play’ functionality. The company plans to launch the ARC X system later this year, expanding its market presence. These developments are part of Nano-X Imaging’s broader strategy to enhance its product offerings and market penetration.

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