Why Nano X Imaging Stock Crushed it Today
Key Points
It signed a distribution deal with a French partner.
This followed similar arrangements made in other European countries.
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Medical imaging specialist Nano-X Imaging (NASDAQ: NNOX) had some positive news to report on Tuesday from a major market overseas, and investors were pleased with the announcement. They piled into the healthcare company to push its share price more than 9% higher that trading session.
The French connection
Tuesday morning, Nano-X announced that it had signed a distribution agreement with Althea France, a company active in the medical imaging sector in that country. Under the terms of the arrangement, Althea France will introduce and sell the Nanox.ARC 3D imaging system in the domestic market. Nanox.ARC was recently certified for sale throughout the 27-member European Union (EU).
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Nano-X didn't hesitate to mention that the Althea France deal follows similar pacts the specialized medical device company signed for distribution in the Czech Republic, Greece, and Romania.
In the press release trumpeting the news, Nano-X quoted CEO Erez Meltzer as saying that "France is a key strategic market for Nanox, and Althea's leadership position and deep expertise in imaging technology management make them an excellent partner for our growth."
Healthy expansion
It's early days for Nano-X's European effort, and so far it's clear the company is off to a running start. Its products, which are cost-effective compared to more traditional solutions, should be especially compelling for healthcare providers working with constricted budgets.
While it's challenging to assess the impact of the Althea France deal on Nano-X's fundamentals, given that no estimates were provided by the company, it's almost unarguably a positive development.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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