NANO-X IMAGING LTD announced its financial results for the third quarter ended September 30, 2024, reporting a net loss of $13.6 million. This represents a decrease from the $21.4 million net loss in the comparable period of 2023, primarily due to a $7.4 million decrease in goodwill impairment expenses.
The company generated $3.0 million in revenue for the quarter, an increase from $2.5 million in the prior year's period. However, GAAP gross loss widened to $2.8 million, with a 93% gross loss margin, compared to $1.7 million and a 67% margin in Q3 2023. Non-GAAP gross loss was $0.2 million, a decline from a non-GAAP gross profit of $0.9 million in the comparable period.
Teleradiology services revenue increased to $2.6 million from $2.2 million, with a GAAP gross profit of $0.3 million. Imaging systems revenue decreased to $29 thousand from $99 thousand, incurring a GAAP gross loss of $1.5 million. AI solutions revenue grew to $0.4 million from $141 thousand, but also resulted in a GAAP gross loss of $1.6 million. As of September 30, 2024, the company held $57.1 million in cash, cash equivalents, restricted deposits, and marketable securities, down from $82.8 million at the end of 2023, primarily due to $26.1 million in negative cash flow from operations.
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