Rankings Pharma & medtech Nano-X Imaging
Nano-X Imaging
38
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Going concern−12
- Quality of growth−6
Strengths
- Reimbursement code+1
How the score is built
From 100 to 38, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.30 USD
- Median analyst target
- 4.40 USD
- Upside to median
- +1357.0%
- Analysts
- 3
- Target range
- 3.00 – 5.00 USD
- 52-week change
- −92%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −12MarginNegative gross margin (−77% GAAP TTM, −13% non-GAAP in Q2) and operating margin of −393% (operating result −USD 61m on revenue of 15.6m). Adjusted EBITDA −11.3m in Q2 2026 vs −10.4m a year earlier, so the loss is not getting smaller.
- −6Quality of growthGrowth of 37% in Q2 (USD 4.2m) is primarily due to the acquisition of Vaso Healthcare IT (0.9m) and teleradiology (3.0m). The core product Nanox.ARC gave only 0.2m in Q2 and 0.55m TTM after several years of launch. Revenue was 24% below consensus.
- −6Capital allocationWrite-down of USD 40.7m on AI intangible assets (acquired Zebra Medical) in Q2 2026. Cash has fallen from 157m (2021) to 31m, and the share count has risen approx. 21% in a year incl. the August share issue. ROIC is −30%.
- −4MoatThe cold-cathode X-ray source (ARC) is proprietary technology, but commercial roll-out is slow (permits, shielding, workflow), and the company has stopped its own chip production in South Korea and is moving production to partners. Competitors are Siemens Healthineers, GE HealthCare and Philips with established customers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyEV/Sales is about 1.4-2 vs 12-33 in 2022-2025, and P/TBV is 0.77 vs 2.5-3.5 earlier. Cheap vs its own history, but it reflects a going-concern situation, not a mispricing.
- −2Peers and absolute levelEV of about USD 25-30m corresponds to about two quarters of burn (about 13m per quarter). Book equity (72m) consists largely of intangibles and plant that were just written down, so P/B 0.6 is not a real margin of safety.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−26 of −35
- −12Going concernThe company states 'substantial doubt' about its ability to continue operating over the next 12 months. Cash was USD 31.4m as of 30/6 vs 60m at the turn of the year; 6-month operating cash flow was −25.5m. Management will 'continue to seek capital from various sources'.
- −5Listing risk (Nasdaq)Nasdaq notice 28/9-2026: closing price below USD 1 for 30 trading days. Deadline to 29/3-2027 for 10 days above USD 1 (price 0.64), otherwise move to Capital Market for 180 more days or reverse split. Delisting to OTC would make the share untradeable on Nordnet.
- −4Lawsuit and accounting delayClass action filed 12/6-2026. The Q2 report was only published 9/9-2026 and was preceded by preliminary figures with reservations for write-downs.
- −5Execution and dilutive financingCEO Erez Meltzer admits that commercialisation has taken longer than expected, and RSNA 2026 is now to be the 'commercial kickoff for 2027'. The August issue (8m shares at USD 1.00 + 8m warrants at USD 1.15) gives about 11% dilution plus 10% on exercise, and more must be raised within 6–9 months.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Reimbursement codeCMS code G0680 for algorithmic analysis of coronary calcium took effect 1/4-2026 and provides a payment path for Nanox.AI in the USA.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis shows 70.06m shares (30/6), but after the directed issue of 8m shares in August and ATM sales there are about 78–79m shares. Market cap is therefore about USD 50m (≈ DKK 327m as at Nordnet) vs stockanalysis' 44.5m. The Q2 report came late (9/9-2026) and was only preliminary. Cash 31.4m at 30/6 + 8.5m raised after the quarter; Q3 burn is unknown. Insider trades (Form 4) and the largest owners have not been reviewed. Only 3 analysts (price targets USD 3.00–5.00) – they have not been updated after the price fall.
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