Nano-X Imaging (NNOX, Financial) saw a stock price decline of 4.49%, closing at $4.995, following the release of its fourth-quarter earnings report. This decrease in stock price was notable against the backdrop of the S&P 500's positive movement.
In its recent earnings report, Nano-X Imaging (NNOX, Financial) revealed a fourth-quarter revenue of $3 million, marking an increase from $2.4 million the previous year. However, the company recorded a net loss of $14.1 million, or $0.23 per share, slightly missing analysts' expectations of a $0.22 per share loss. The company attributed the larger net loss to a one-time income item of $3 million recorded in the previous quarter.
Despite this financial setback, Nano-X Imaging (NNOX, Financial) achieved significant regulatory milestones. In December, the company received FDA approval for its Nanox.ARC system. This was followed by a CE mark in February, which enables the company to sell its systems in multiple European countries.
Financially, Nano-X Imaging (NNOX, Financial) maintains a stable cash position, with cash and equivalents amounting to $83.5 million at the end of the year, slightly increasing from $82.8 million at the end of 2023. The company's Altman Z-score of 5.89 indicates strong financial health, and its Beneish M-Score of -2.48 suggests it is unlikely to be a manipulator.
According to GF Value, Nano-X Imaging (NNOX, Financial) is currently significantly undervalued with a GF Value estimated at $10.21. This positions the stock as an attractive option for value investors, despite its recent price volatility. Moreover, the stock's Price-to-Book ratio is close to a 1-year low, indicating potential undervaluation.
Looking at insider and institutional ownership, Nano-X Imaging (NNOX, Financial) has a moderate institutional ownership, holding 23.53% of shares. Additionally, the stock is characterized by a high level of volatility, with a 3-year beta of 1.61, highlighting potential risks and opportunities for investors willing to withstand short-term fluctuations.
Overall, while Nano-X Imaging (NNOX, Financial) faces challenges, its recent regulatory approvals and stable financial position could provide a foundation for future growth, making it a stock worth watching for those interested in the medical devices sector.
