Why Nanox Stock Slumped Today

On Monday, many investors drew an X next to the name of Nano-X Imaging (NASDAQ: NNOX), also known as Nanox. The next-generation medical imaging specialist experienced a sell-off following its latest earnings release that morning, and by the end of the day, its price had fallen by almost 5%. That didn't compare well to the S&P 500's (SNPINDEX: ^GSPC) 0.6% increase.

Fourth-quarter results published

Before market open, Nanox unveiled its fourth-quarter results, which showed that the company booked $3 million in revenue, which was an improvement over the $2.4 million it collected in the same period of 2023. On the bottom line, however, the specialty healthcare company's net loss deepened. It came in at $14.1 million ($0.23 per share), against the year-ago deficit of $10.2 million.

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Few analysts track Nanox stock. Regardless, according to data compiled by The Wall Street Journal, collectively they were anticipating a slightly narrower net loss of $0.22 per share.

In its earnings release, Nanox attributed the deeper bottom-line shortfall to a one-time, $3 million income item that was booked in the third quarter. In more positive developments, Nanox provided a business update showcasing its two recent regulatory approvals.

The first, earned in December, was the Food and Drug Administration's (FDA) nod for its Nanox.ARC, indicated for general use, and the second was the granting of a CE mark for the same system this past February. This is a quality designation required to sell products in most European countries.

Holding steady

Another development in Nanox's favor was its cash position. The company reported that it had cash, equivalents, and other fairly liquid assets totaling $83.5 million at the end of last year. This was slightly higher than the $82.8 million at the conclusion of 2023, indicating that management is doing a good job of conserving those precious resources.

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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.