Assertio Holdings at Alliance Global Partners: Strategic Growth and Challenges

On Wednesday, 21 May 2025, Assertio Holdings (NASDAQ:ASRT) presented at the Alliance Global Partners Healthcare Company Showcase, revealing a strategic transformation from stabilization to growth. The specialty pharmaceutical company highlighted both opportunities, such as expanding market reach for its key product Rovidone, and challenges, including a competitive landscape and legal hurdles.

Key Takeaways

• Assertio’s Rovidone, a major revenue driver, holds a 35-40% market share in community oncology clinics.
• Nano X Imaging is expanding its Nanox ARC system for commercial and clinical use.
• Assertio reported first-quarter net sales of $26 million with a positive adjusted EBITDA.
• Nano X Imaging holds $83.5 million in cash and cash equivalents as of December 31.
• Assertio aims to grow net sales and execute its transformation phase by 2025.

Financial Results

Assertio Holdings

• First-quarter net sales reached $26 million.
• Positive adjusted EBITDA was achieved.
• Maintained a cash balance of nearly $90 million.
• Annual net product sales are projected between $108 million and $123 million.
• Non-GAAP EBITDA is expected to be between $10 million and $20 million.
• Rovidone contributes significantly to both net sales and profits.

Nano X Imaging

• Cash and cash equivalents totaled $83.5 million as of December 31.
• Generated $3 million in revenue during Q4 of 2024.
• The company has a burn rate of $3 million.

Operational Updates

Assertio Holdings

• Rovidone’s market share in community oncology clinics is 35-40%.
• Expanded payer coverage for Rovidone, including Cigna.
• Focus on simplifying corporate structure and optimizing growth assets.
• Reduced legal exposure from opioid litigation.

Nano X Imaging

• Deploying the Nanox ARC system, a multi-source imaging device with cloud connectivity.
• Focused on imaging centers, multi-specialty medical centers, and orthopedic groups.
• Expanding US sales team to support a growing customer base.
• Planning commercialization of Nanox ARC and ARKICS by April 2025.

Future Outlook

Assertio Holdings

• Modest growth expected for Rovidone, with commercial expansion into 2026.
• SYMPAZAN sales projected at $13 million, potentially growing to $20-25 million.
• Actively pursuing strategic deals to add new growth assets.
• Priorities for 2025 include growing net sales, delivering positive cash flow, and achieving EBITDA guidance.

Nano X Imaging

• Robust pipeline with several hundred prospects.
• Targeting national imaging centers and medical groups for expansion.

Q&A Highlights

• Assertio faces an intense competitive environment for Rovidone, requiring strategic management.
• All products are currently profitable, though some are declining, emphasizing the need for growth from Rovidone and SYMPAZAN.
• Assertio holds $40 million in convertible debt, maturing in September 2027.
• Legal exposure from opioid litigation has been reduced through settlements.

Readers are invited to refer to the full transcript for more detailed insights into Assertio Holdings and Nano X Imaging’s strategic direction and financial performance.

Full transcript - Alliance Global Partners Healthcare Company Showcase:

Scott Henry, Healthcare Analyst, Alliance Global Partners: We will, get started for our next presentation. Okay. It looks like we are ready to go. Good morning.

I am Scott Henry, health care analyst at Alliance Global Partners. Our next fireside chat is with Assertio Holdings, kicker, ASRT, market cap of approximately $70,000,000. Assertio is a specialty pharmaceuticals company, with an ongoing launch of Rovidone. Shares trade at approximately 70¢. Presenting for the company is chief executive officer, Brendan O’Grady.

Brendan, thank you for joining us. Would you like to take a few minutes to tell our audience a bit about yourself and Assertio?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. Hi, Scott. Thanks. Can you hear me okay?

Scott Henry, Healthcare Analyst, Alliance Global Partners: Sounds perfect.

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Alright. Great. Yeah. I just thought I would take you through a little bit of the organization, starting out basically with the leadership team. So Assertio Therapeutics, we are a a, long term growth focused commercial pharmaceutical company.

This is the leadership team. You can see some, pretty familiar names in the pharma space up there, but the point I wanna make here is that it is a a leadership team with extensive commercial experience across a variety of commercial models. Three of the, individuals up here, including myself, have extensive, payer pricing experience as well as chief commercial officer experience. So we think we’re a company of our size well poised with, talent to, to to grow and commercialize assets across the wide variety of therapeutic areas. Shifting to the next slide here just quickly.

These are our current portfolio. You can see our, what we call our core assets, growth assets here on the left with Rovidone and SYMPAZAN and our other mature assets on the right side of the slide. Formerly, Indocin was our was our lead asset. If you go back to 2023, that, has gone through a loss of exclusivity, so it’s it’s moved to the to the right side of the screen. Really, again, as I said, we focus as a specialty pharmaceutical business with a a broad differentiated portfolio, robust commercial capability.

So we tend to look for areas where we can drive drive growth through what we call an omnichannel approach. So combining non personal promotion, digital promotion with small with a small field sales presence. We have a strong balance sheet that we’ll continue to bolster as we head throughout this year. I already discussed our experienced leadership team, and, certainly, we’re in the middle of executing our transformation and growth strategy. Just a a quick slide here on our lead asset, Rovidon.

The first novel long acting G CSF to be approved in the last, twenty years. You can see the green structure to the molecule, which we, believe, adds to the potency and efficacy of the product. It is still about a billion dollar marketplace, and we continue to gain share, in that space. Cipazan is an oral film formulation of clobazam, for a very small patient population with a rare seizure disorder called Lennox Gastaut syndrome. And it it fills a very specific unmet medical need.

We see the ability to grow this product through a very, focused, targeted effort. This is just the, financial summary for the first quarter. So you can see our net sales were at, 26,000,000. Positive adjusted EBITDA, a nice cash balance of nearly 90,000,000. We should continue to grow that as we go through the year.

And we’re maintaining our financial outlook for the year, Scott, with net sales, product sales at a hundred and 8 to a hundred and, 23,000,000 and non GAAP EBITDA of, 10 to 20,000,000. I have characterized the last, three years, this phase of our, of our the time frame that we’re in is stabilization, transformation, and growth. ’24 was about the stabilization as we switched from Indocin as our lead asset to now Rollvidon as our lead asset, and ’25 is transformation. And there’s some things with with transformation that I’ll go into here in a second. And then 2026 is really, the the growth phase, that will start to accelerate growth.

But from a transformation perspective this year, it’s really about simplifying our corporate structure and processes. As a holdings company, we have gotten pretty complicated for the size of an organization that we are, so we will simplify that. We will optimize our assets. We’re gonna prioritize our growth assets, and our investment into Rolvidone and Sympazan, and we’ll optimize the rest of our portfolio, but also really assess whether, we should do some investment there for our declining or or noncore assets. We’re reducing our legal exposure.

That has positive implications in numerous different ways. First of all, it’s a distraction. But second of all, we were spending a fair amount of our OpEx on, on defending, different lawsuits. So as we as we start to clear the deck on that, that’s, that’s, OpEx that we’ll be able to reinvest into the business and will have a positive impact on EBITDA. And then we’ll use the strength of our balance sheet to close, new strategic, deals.

I, we’ve got several conversations going on right now, which I I think, are are fruitful, and, I’m optimistic that, you know, something will pan out here in, in the near term. So, again, this is a transformation phase. I I’ve I think I’ve I’ve touched on most of these, most of these issues. So I’ll I’ll skip to this slide and really just talk about business development is a key enabler to our future growth. So, you know, people often ask, you know, where are you looking?

And, certainly, something that is synergistic with our omnichannel approach. Oncology oncology supportive care makes a lot of sense. Neurology makes a lot of sense. But also other disease states where we can use our commercial capabilities, rare orphan diseases or conditions that you can, serve an unmet medical need with this omnichannel approach. Certainly, we’d be looking for, patent life or exclusivity, something we can drive over a period of time, and that is cash flow and, a profit accretive.

And then the priorities for 2025, certainly, we’re looking to grow our net sales and manage the product life cycles. We’ve thrown out the guidance there on net sales, and and we believe that we are tracking to that at this point in the year, deliver positive cash flow, and certainly, achieve our our EBITDA guidance that we’re also tracking to. And then, again, execute this, transformative phase that, that we’re in. So with that, I will pause there, Scott, and, we can get into a little bit more of the, the q and a.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Thank you, Brendan. I know we had a little a little glitch with the slides. They they weren’t rolling through. So if you see anything we’re we’re talking about, which I think we’re gonna flush some some of that out, feel free to pop that slide up. I thought you did a great job without them, so, it didn’t take away from that.

But we if you wanna highlight anything, feel free to pop it in there. I so, you know, we have lot of choose companies to choose from. We we try, to select each one for for reasons that we think will be relevant to investors. For Assertio, I I think it’s a very unique company in that it has a primary asset, Rovodon, in the oncology category, significant growth potential. And on top of all that, it has a relatively new chief executive officer.

So these can be inflection points. They can be catalyst, reasons why people stop looking at a company, and now they’re looking at it again. So, really happy to have you here because we do think it’s timely. So, you know, let’s get started. We have to talk about Rolled On a a bit, and and some of it will, you know, hit on what you’ve already said, but, you know, that’s how important it is.

So, you know, how, you know, how big a part of the the revenue mix is it and the profits, and how do you see that changing kinda going forward?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. So thanks, Scott. Appreciate the question and the comments. You know, It’s about, half, maybe a little over half of our, total net sales and, contributes, you know, to a huge extent to to the profit line.

So as we think about roll it on, you know, there’s some things that we have to do. We’ve, primarily played in the community oncology clinic space in the Medicare Part b space. We’ve achieved a share of tends to fluctuate between 3540%. There are still some accounts. There’s still some volume, for us to grow there.

So we do think that we’ll, we’ll grow Yeah. Modest this year. And then, as we get into, the latter half of this year and we get into 2026, we’ll expand out beyond that space, more into the commercial business, the commercial segment, which, by the way, will also have spillover and help us be even more successful on the part b side. So we’re building our payer presence. We’ve added, payer coverage, starting, in in February with Cigna.

We hope to add some more here in the second half of this year and have even more robust coverage starting, in January 26 where we’re really starting to see the growth of, of Rolodon.

Scott Henry, Healthcare Analyst, Alliance Global Partners: And and how is the competitive environment in in these, white blood cell stimulant type products? And and how is is pricing in that category?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. It’s a very competitive marketplace. I mean and and this is, this is where my background from, from Teva comes in, comes in useful because I’ve I’ve played in biosimilar biologics and five zero five b two markets for years. But, you know, Rovalon is a a branded biologics proof as a BLA, but it competes in a biosimilar marketplace with the biosimilars of Neulasta. So it is a quarter to quarter game.

You need to manage ASP. You need to do it very smartly, the how you do your contracting. And we believe that we can continue to grow, Rollvidone, for the next several years. So it has been a a strategy that we’re deploying, but it is a competitive category. I think we’re doing quite well, and we, will continue to do so.

But, ultimately, I see ROLVIDON, in the neighborhood of a hundred million dollar, asset.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. That’s a significant asset to have, and, you know, the company was fortunate enough to acquire that asset. When we think, beyond Rovodon, you know, what what compound or what products are are material to your business?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Well, I mean, all the products are profitable in and of themselves today. Not all of them are growing. I think the one that is really interesting for me is, SYMPAZAN. And although I will try to put up the slide here, I don’t know that, you’ll be able to see it for whatever reason. We’re having a glitch but glitch.

But, you know, SYMPAZAN is, as I mentioned, it’s for a condition called Lennox Gastaut syndrome. This is a seizure disorder where patients start to present with this sometimes as early as two or three years of age. They have growing, episodic seizures, more frequent. And some of these, patients, by the time they reach, adolescence, early adolescence become quite disabled. So, swallowing a pill can be a challenge.

Crushing the pill and getting in their food, you don’t know if they’re getting all of their dosage. Swallowing the oral, version of clobazam, they can spit it back out. So SYMPAZAM with the oral film meets a very specific unmet medical need. Providers find it very useful. Caregivers, parents, really, really like it.

It’s a very easy way for them to dose clobazam, and it has a, you know, a a nice flavor to it so the patients like it. So this is a product that that you know, we acquired it a few years ago and have kept it relatively stable, but I think, you know, has opportunity to grow. We should grow the product to about 13,000,000 this year. And I think, ultimately, Scott, this is a $2,025,000,000 dollar product that we hope to grow over the next couple of years.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. Great, Brendan. And I don’t know. Maybe I can see your screen. Maybe if you blow it up to the full page, if you can change the slide on yours, we may be able to see it.

But, you know, I don’t have an extensive IT background. But

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. It’s, yeah. I’m I’m I’m working on it. I don’t know if if this is helping at all.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. Well, we’ll we’ll work through it. You’re doing a great job, regardless. Now this legacy business that you have, including Symposium and the others, is it is it profitable? Is it, absorbing overhead?

How should we think about that, from investment perspective?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: It is profitable. I mean, all of the other assets that we have, Indocin is still, has a good margin as profitable. Spritz, which is a a ketorolac nasal spray with opioid level pain relief, a very interesting asset for us that we’re evaluating. And then, of course, we have a couple diclofenac formulations, Cambium, Zipsor. All of the molecules or all of those products assets are profitable in and of themselves, but they’re not all growing.

So so as they decline, you know, to become a growth company, we have to grow Rovidone to the extent it makes up for that decline or SYMPAZAN that it makes up for that decline and then grow on top of it. So some of those products we’re evaluating right now, does it make more sense to divest those, bolster the balance sheet so that we could go out and get some other growth assets? So that’s that’s top of mind for me right now, and that’s one of the things that, that we’re evaluating in this transformation stage that we’re in this year, Scott.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. I and that’s that’s a great segue into, you know, the next kind of line of questioning. The specialty pharmaceutical category has been challenging, but that will present opportunities either to be a buyer of assets or or a seller of assets. And in your position, you do generate pretty substantial or you have generated cash flow. You you cleaned up the balance sheet.

Do you look to be an acquirer in these markets? And are you in a position already? Are you comfortable with Rovodon such that you could start looking at m and a?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. No. We we definitely are, in the, in the market. I mean, m and a is is how we were built, and we’re gonna continue down that path. As I mentioned, we we, we have added to the balance sheet.

We’ve got, you know, a a fairly decent amount of cash on the balance sheet, and we don’t have a lot of debt. We have $40,000,000 in in longer term convertible debt. Doesn’t doesn’t convert until September of twenty seven. It doesn’t come due until September of twenty seven. So we’ve got some runway, and we’re certainly having conversations, to add assets to our to our our our portfolio.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. Great. And and you did mention a little bit, historically, the company has had some modest, I would say, opioid litigation overhead. Not a lot of sales, so, you know, I don’t wanna make it a bigger issue than it was. But on the positive, it appears you’ve cleaned that up a little bit.

Could could you talk about, that litigation overhang and how it’s it’s been reduced?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Yeah. Sure. Thanks for the question. I mean, like a lot of companies that grow through m and a, we’ve inherited a lot of different, legal issues that that you know, when I came aboard about a year ago, I took a look at this and and, you know, immediately decided we wanted to clean some of this up. So as you mentioned specific to opioids, you know, the the predecessor opioid litigation primarily came from DepoMed, and, not a lot of products sold over a long period of time.

So the exposure, we believe, was relatively low. But we were spending, you know, several millions dollars a year, defending, some of those, some of those different losses. So as part of our corporate restructure and part of what I wanna do is is making the organization a little more simple, You know, we have several operating legal entities. It was number one, reducing or or, getting rid of some of the litigation. So we settled the the the the DOJ, QTAM False Claims Act that we had and and got that moved aside.

And then we divested Assertio Therapeutics as a way to both collapse our our operating structure, reduce our operating legal entities. But in the process of doing that, the, the opioid litigation went with that divestiture. So the new acquirer will continue to defend and manage that. And as of today, the holdings company, Assertia Holdings, nor any of its subsidiaries are named, defendants in any opioid litigation, which is a positive improvement.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. Great. And as we start to to wrap up the time, you know, the last you’ve been there twelve months. Yep. It feels like you’ve done a great job stabilizing the patient.

You you’ve done a great you you’ve alleviated the litigation overhang. You’ve got the base business with Rolodon starting to click. I twelve months from now, you know, what should we expect? And and, you know, how would you judge a successful execution for the company twelve months from now versus today?

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Scott, it’s a great question, and I love the way you framed it up about stabilizing the patient because I kinda think about it that way, stabilizing the patient. And and and, you know, to to use that analogy, so stabilizing the patient, now we’re moving into physical therapy. In twelve months from now, I hope to be running. So so that’s that’s the kind of, if you wanna use that metaphor, that analogy, that’s where I think we’re headed. So I’m encouraged by, you know, a a lot of things.

I’m encouraged by, the talent that I’m encouraged by the execution that I see in the organization. I’m encouraged by the focus now of our op our OpEx on being able to actually grow and invest in the business, improve EBITDA. And I’m really encouraged by some of the conversations that we’re having, strategic conversations about bringing new growth drivers and growth engines into the company. So, I think people are starting to look.

It’s been, you know, from a stock performance, it’s been, a little bit of a rough six months, but I think, people are starting to look at Assertio. We definitely are on the comeback trail. I think we have a solid plan. And, really, twelve months from now, I hope to have a a really fun discussion with, with you again, Scott.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Yeah. And and I would just kinda wrap it up with kinda my take on it. When we find these micro slash small cap companies that have good assets, you know, the biggest concern tends to be the balance sheet. And can you get to the end of the rainbow? But you have the balance sheet stabilized and and the business is in place.

So think the risk reward could be very compelling here, with execution. Never are any guarantees, but, a lot of upside, if you can get there. So, on that note, Brendan, thank you for presenting. And, if people are looking for any in for more information, they can reach out to us at Alliance Global Partners or the company, Assertio Holdings. So, I will pass it on, to our next company.

Brendan O’Grady, Chief Executive Officer, Assertio Therapeutics: Thank you. Appreciate the opportunity.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Our next presentation is with Nano X Imaging, ticker NNOX, with a market cap of approximately $350,000,000 NanoX Imaging is a medical technology company with a focus on innovative imaging technology. Shares trade at approximately $5.5 and we have a price target of about $9 at Alliance Global Partners. My name is Scott Henry, healthcare analyst. Presenting for the company is Chief Financial Officer, Ron Daniel. Ron, take it away and we will have time for Q and A at the end.

Ron Daniel, Chief Financial Officer, Nano X Imaging: Thank you, Scott, and good morning for everyone. Thank you for hosting us today. Before we get started, I would like to remind everyone that I will be making statements during this presentation that may be deemed a forward looking statement regarding the company’s commercialization, its activities, and other matters. These statements are also subject to risks, uncertainties, and assumptions that are based on management’s current view and expectation as of today and may not be updated in the future. Therefore, these statements should not be relied upon representing the company’s view as of any subsequent event date.

I’m pleased to say that we are making progress in our mission to revolutionize medical imaging and improve patient outcomes. Our innovative technologies, including Nanoxar and our AI solutions are gaining traction in the market. Since the beginning of the commercialization deployment, there are a few dozens of systems in various stages of shipment and deployment for both commercial and clinical use. In The US, we have deployed across several states. We are focusing on expanding our network of strategic collaboration, channel partners, and client base.

At the same time, we continue to make progress and to expand our customer base with our AI solutions, namely our app, our approved chest, bone health, and fatty liver solution. At the same time, we continue to generate clinical data supporting the use of the Nanox ARC for chest, MSK, and other indication, and our AI solutions with the of an AI interface to Analogs Arc system, which will enable an automotive and quick interpretations of the three d images and will strengthen our solutions and end to end service to the market. Just to give a recap of our recent business updates, we have received an FDA clearance for our in May 2023, we have received an FDA clearance to in December 2024 for our first generation of the Nanox ARC and our ARKICS in latest April of twenty twenty five. We also received in February of twenty twenty five the CMR for the Nanox ARC in Europe. We also signed a strategic agreement with ESRA, which is an healthcare AI company, is screening for early cancer detection and other indications.

And of course, we advanced with The US commercialization. So I’ll give the general background of, of the Nanox ARC, which is our, flag product. We have developed the the Nanox ARC system, which combines our multi source Nanox ARC imaging device with the cloud based Nanox Cloud platform. The Nanox Arc uses a proprietary digital X-ray source to produce three d tomosynthesis images with multiple stationary tubes arranged around the patient. The design eliminates the need for complex rotating parts and costly cooling system, which is lowering manufacturing costs.

Together, the Nanox system is designed to streamline medical imaging from scan to diagnosis, offering a scalable cost effective solution for early global detection. The Nanox Cloud centralized imaging software, AI diagnostic, radiologist machines, and reporting, reducing the ID IT infrastructure needs to enable enabling remote operation and support. It also designed to be used as our billing system. The end result is a smooth and holistic imaging services that is easily available and affordable for our customers. The Nanox ARC is also designed to produce a partial body scans of various body parts, which remote operation capability and to have a full kV, p, and MA energy throughout the range per our industries per the industry standard standards.

Multi spectral engine rain range as well as cloud connectivity and standard compliance safety mechanism. I would like also to show a short demo of how the demographic sweep of the ARC is working. That will take a few seconds. You can see that it’s a very lean and simple design operated by an iPad by a technician. The scan itself takes not more than 11 scans.

And the end result, it’s 30 to 62 d images, which are going up to our Nuance cloud systems and being converted to a one three d image. This is the image of the cloud, and the end results is a three d image. Okay. I’ll go over in short about the clinical benefits that the ARC have. The visualization of the ARC is enhanced.

There is improved detail and sensitivity. There’s additional depth views and expected diagnosis. This is a few sampling that demonstrates the difference between two d images, regular two d images, and a three d image, a tomo tomo image. As you can see that with the cast, there will be no need to remove the cast when you come for a checkup. And what is the clarity through the presentation, but there’s a few samples over here.

You can see more samples on our website. Those are the benefits that we already discussed. And so just to sum up, the regulatory clearances that we achieved as of date, I already mentioned that before. We have that five ten k for the general use for both versions of the ARC. We have the C in The EU.

We have the AMR, which is the commercialization permit in Israel. And we have the GFDA in Ghana. We are currently I’m going to The U. S. Commercialization phase.

We’re currently planning and targeting imaging center, multi specialty medical center, or orthopedic groups nationally with our current international sales teams and consultant and business partners, covering various regions, including Florida, New York, the East Coast, and the West Coast. Our US sales teams include sales, marketing, customer support, and even more importantly, the clinical customer support personnel, which are working on each of our customers to to to prove the clinical value of our machine. And we are expanding and continuously recruiting to expand our US team US sales in The US. Our current, sorry. Our current, pipeline remains robust, and we are currently targeting a few hundreds of prospects.

The expansion is crucial to support our growing customer base and to ensure a successful deployment of our technology. We see a lot of interest from prospective and current customers and professional healthcare facilities for our services and especially for our unique offering for the combined services of imaging, AI and teleradiology services. Introducing new and innovative technologies into the conservative U. S. Market is always challenging.

However, we have a growing base of early adopters that are using our systems and solution. And as a result, we have seen an increase in the number of referrals, scans, and additional use cases. This slide shows our professional network structures, The US based sales and services teams that will seek to generate leads, close the sales, and actually seal the deal, to manage our relationship and provide services for the Nanox ARC systems installed base. Other operating areas as medical affairs, regulatory billing, finance, and contracting are supported by the exists by by the existing Nanox organization worldwide, especially supported from our headquarter in Israel. I think most of you already know our business model, but I’ll give a short recap.

Our business model in The US, we offer an hybrid approach combining usage based MSAS model. The MSAS model is our paper scan model with the CapEx model, which means the customers can choose either, either, a paper per use model or a CapEx model. We expect to see seven to 15 scans per day, which will enable an attractive financial model. The Nanox ARC is also covered with the established CPT code in The US. It’s a 76100.

The global reimbursement amount to the end user is total is approximately 19 to 110, dependent on the location. The global amount consists of 60 to $80 for the technical portion and the balance for the professional component. We will charge $30 for the image if we perform the scan with the Nanox ARC systems. And we’re also going to charge $20 for the professional component, which is going to be done by our US radiology subsidiary division, which is based from Florida, and the total global amount is $50 per procedures for us. We think that is it thinks that when it comes with the clinical value that we show, we bring attractiveness to the customers with the aspect of the clinical value and the financial value.

We have a few installations in three hospitals in Israel and Ghana. And as for the ARTX, the Nanoxar X is our latest three d digital It’s an improved design that results with a smaller footprint. And the system designs also enable software upgrades and new capabilities to be added remotely following the future regulatory clearances. So what are the benefits of Dynamics ARC?

First of all, there’s a smaller footprint. It’s a single unit. No construction is needed. It’s a plug and play system. You just install it, plug it, and play it.

Of course, it’s a multi axis tomographic systems like as the first generation that I showed you the demo about. There’s a five cold cathode tubes that are equally distributed above the patient table, which actually create tomosynthesis effect. Of course, it’s as you can see, it’s an open and sleek design. The customer comes. They lay out on the on the on the bed.

And it’s not claustrophobic, as you can imagine, as someone goes into a city machine. It’s a cable free design, and it’s a plug and play, as I said. And the system is deployed very easily. Going to our Nanooks to our AI solutions. Just let me okay.

Our AI solutions, are acquired in November 2021 through the Zebra acquisition, develops machine learning platform based on its database of over 500,000,000 imaging scans that we have and what we own, which facilitates the development of AI medical imaging solutions. Nanox AI has FDA clearances for seven radiology AI solutions, as well as CE Mark. Nanox AI solution analyzes the routine medical CT scans for any clinical indication to help identify patients with asymptomatic and undetected findings correlated with chronic conditions, chondriotic, liver, and bone, promoting the preventive care management. We currently offer AI solutions aimed to identify underlying findings which are correlated to osteoporosis, cardiovascular disease, and fatty liver to help detect patients at risk for more advanced liver disease such as NASH. We’re also working on a few other uses in the future.

We also have received positive feedback from AI solutions collaborations. For example, Corel Corel Health, which is formally Spectrum Health, which entered to the fourth year of engagement with us and is one of the early adopters of our AI solutions. After two years of successful collaboration and everything, the clinical utility for the Nanox AI health CCS cardiac solutions, the system is implemented in the for the AI for they added the ELF OFF bone solutions into their clinical systems. The algorithm is automatically detects vertebral compression fractures and low band bone mineral density to help identify patients at risk of MSK disease. Have a focus of osteoporosis without the need for a described imaging.

In August of twenty twenty four, we have received the clearance for our health CCS, the second cardiac solutions, which has already shown tangible results in several healthcare systems identifying patients at higher risk of coronary artery disease while driving significant revenue to cardiology department. It also being seamlessly integrated with existing picture with PAC systems actually and communication systems and electronic medical records systems and enabled timely and appropriate preventive care. As financial highlights, as of December 31, we had $83,500,000 in cash and cash equivalents. So we had 165 full time employees. We generated revenue of $3,000,000 in Q4 of twenty twenty four, and we have a burn of $3,000,000 Thank you.

Scott Henry, Healthcare Analyst, Alliance Global Partners: Okay. Thank you, Ron. We had a lot of companies to choose from for these

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