Nano-X Imaging Ltd (NASDAQ: NNOX) stock is trading nearly 50% higher in the pre-market session on Tuesday amid social media interest. The company’s shares had closed 0.29% lower at $41.33 on Thursday.
What Happened: The interest in Nano-X Imaging follows the company announcing Friday that it received 510(k) clearance from the U.S. Food and Drug Administration for its single-source Nanox.ARC digital x-ray technology.
The Israel-based medical imaging startup said it remains on track to commence system shipments in the fourth quarter of this year and the first quarter of next year, with the goal of finalizing deployment of the initial 15,000 Nanox.ARC systems by the end of 2024.
Nano-X Imaging expects to submit a 510(k) application to the FDA for its multi-source Nanox.ARC and the Nanox.CLOUD in 2021. If cleared, the multi-source Nanox.ARC will be the company’s commercial imaging system that it expects to deploy broadly across the world.
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Why it Matters: Nano-X has developed a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications.
The company uses microelectromechanical system semiconductors for its device, which it believes can replace legacy X-Ray devices being used today. The Nanox.ARC is compact, lighter and emits less radiation than conventional X-ray machines.
Nano-X believes that its novel technology could significantly reduce the costs of medical imaging systems. The company plans to seek collaborations with healthcare organizations and companies to provide affordable, early detection imaging services for all.
Following product approval, Nano-X would be competing against large players in the medical imaging market like General Electric Company (NYSE: GE), Siemens Aktiengesellschaft (OTC: SIEGY) and Koninklijke Phillips N.V. (NYSE: PHG).
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