Why Nano-X Imaging Stock Skyrocketed by 26% on Friday
Key Points
The visualization specialist posted its third quarter results.
It beat on the bottom line and missed slightly on revenue, but investors were cheered by other developments.
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Medical imaging specialist Nano-X Imaging (NASDAQ: NNOX) was a big hit on the stock market Friday, following the company's publication of its latest set of quarterly earnings. Investors flocked to the stock to push it more than 26% higher that trading session.
Double-digit revenue rise
Just after market close on Thursday, Nano-X unveiled its third-quarter figures. The company's revenue was $3.45 million, representing a sturdy 13% year-over-year increase. On the other hand, its net loss not according to generally accepted accounting principles (GAAP) deepened, coming in at $9.9 million ($0.15) against the year-ago deficit of $8.7 million.
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Image source: Getty Images.
Despite the red bottom-line number, it was better than analysts expected. On average, pundits tracking the stock were modeling a loss of $0.19 for that line item. Nano-X narrowly missed on the top line, as the consensus estimate from those prognosticators was $3.5 million.
Yet investors are generally more concerned with what's ahead for a company, rather than what it's done in the recent past. Although the company didn't proffer any financial guidance for the entirety of the current year, it did post a revenue estimate for next year of $35 million. If achieved, this would be more than three times the total for 2024.
Acquisition and distribution
Nano-X highlighted several other recent developments that should aid in achieving that goal. One is the recently announced acquisition of healthcare tech company Vaso Healthcare IT, which, like its parent-to-be, is a cutting-edge business in its niche. The company also announced a push into the European market with the signing of two distribution deals on that continent.
While Friday's investor reaction was perhaps a touch too enthusiastic, I'd say Nano-X seems to be going in the right direction. And if its European foray is successful, it'll be selling into more than one market with an aging demographic that will need more healthcare assets before long.
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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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