Expanding the view beyond hospitals, the analysis included approximately 6,000 imaging centers and 10,000 urgent care clinics, as identified by USARAD. Using similar economic assumptions for these additional facilities, the total addressable market (TAM) for Nano-X Imaging could reach around $3.5 billion in annual revenue across the three types of service sites. It's important to note, however, that this figure is based on initial estimates and actual utilization could vary by center, in addition to potential overlaps in services provided by these facilities.
According to InvestingPro data, the company currently has a market capitalization of $366 million and has shown revenue growth of 10.79% over the last twelve months, though it currently operates with negative gross margins. For deeper insights into NNOX's growth potential and financial metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
According to InvestingPro data, the company currently has a market capitalization of $366 million and has shown revenue growth of 10.79% over the last twelve months, though it currently operates with negative gross margins. For deeper insights into NNOX's growth potential and financial metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The company highlighted during the call that approximately half of the existing leads, which equate to about 200 systems, were contingent on the expanded indication for chest scans. This development is expected to accelerate the conversion of leads into actual placements of the Nano-X system. The broader FDA approval is also anticipated to bolster adoption in hospital settings, as it goes beyond musculoskeletal (MSK) scans.
The market opportunity for Nano-X Imaging has been sized up by Cantor Fitzgerald, considering the number of hospitals in the United States. Based on data from the American Hospital Association, there were 6,120 hospitals in the country in 2022. Assuming that Nano-X places one system in each hospital, with a charge of $30 per scan, operating 22 days a month with 20 daily scans, the revenue potential in the hospital setting alone could approximate $1.0 billion.
Expanding the view beyond hospitals, the analysis included approximately 6,000 imaging centers and 10,000 urgent care clinics, as identified by USARAD. Using similar economic assumptions for these additional facilities, the total addressable market (TAM) for Nano-X Imaging could reach around $3.5 billion in annual revenue across the three types of service sites. It's important to note, however, that this figure is based on initial estimates and actual utilization could vary by center, in addition to potential overlaps in services provided by these facilities.
In other recent news, Nano-X Imaging has reported a year-over-year revenue increase of approximately 32%, amounting to $3 million. This was primarily generated through the company's teleradiology services and artificial intelligence solutions, which saw significant growth. Despite a net loss of $13.6 million, the company's cash position remains robust with $57.1 million in cash and equivalents.
Analysts from Cantor Fitzgerald have maintained their Overweight rating on Nano-X Imaging, although they adjusted the price target down to $11 from the previous $14.
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