On Monday, Boral (OTC:BOALY) Capital initiated coverage on shares of Nano-X Imaging (NASDAQ:NNOX), bestowing a Buy rating on the stock, alongside a price target of $23.00. The firm's analysts underscored the company's innovative approach to medical imaging, highlighting its Nanox.ARC technology as a game-changer in the field.
The stock has shown strong momentum, gaining over 23% in the past week, with a market capitalization of $541 million. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 4.64.
Nano-X Imaging's technology is noted for its potential to democratize diagnostic imaging, making it more widely accessible. The company's proprietary digital cold cathode technology is praised for being not only cost-effective but also compact and scalable, which could significantly bridge the existing gaps in global healthcare.
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The endorsement from Boral Capital arrives as Nano-X Imaging aims to disrupt the medical imaging industry with its advanced technology. The Nanox.ARC system is designed to simplify and reduce the costs of medical imaging, which could lead to broader adoption in various healthcare settings.
Nano-X Imaging's commitment to transforming the medical imaging space with its cutting-edge technology is reflected in the positive outlook from Boral Capital. With a $23.00 price target, the firm signals its confidence in the stock's growth potential based on the company's innovative solutions.
The Buy rating and price target set by Boral Capital represent a significant acknowledgment of Nano-X Imaging's strategic position in the market and its potential impact on healthcare. The company's progress and future developments in the medical imaging sector will likely continue to attract attention from investors and industry observers.
In other recent news, Nano-X Imaging has been making significant strides. The medical-imaging company received expanded US clearance for its Nanox.ARC system, leading to increased investor interest and an upgrade in price target by Cantor Fitzgerald. This development is expected to foster faster deployment of the systems due to the new regulatory approval.
Moreover, Nano-X Imaging reported a year-over-year revenue increase of approximately 32%, amounting to $3 million, primarily generated through the company's teleradiology services and artificial intelligence solutions. Despite a net loss of $13.6 million, the company's cash position remains robust with $57.1 million in cash and equivalents.
Cantor Fitzgerald's analysis suggests a total addressable market for Nano-X Imaging could reach around $3.5 billion in annual revenue across service sites. The firm has maintained its Overweight rating on Nano-X Imaging, although the price target was adjusted.
The company is making progress in the deployment of its imaging systems, with about 47 systems in various stages of deployment in the United States, and a substantial backlog of approximately 200 systems. These developments are expected to significantly expand Nano-X's market opportunity.
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