Shares of Nano-X Imaging Ltd. (NASDAQ: NNOX) were up 32.87% as it has announced a partnership with South-Korean chipmaker SK Hynix Inc. to build machines that changed the century-old X-ray industry. Nano-X Imaging aimed to transform the medical devices industry which used the same old technology since the discovery of X-rays in the late-19th century.
Nano-X Limited uses semiconductors instead of metal filaments in its devices to generate X-rays. The partnership with the largest chipmaker SK Hynix has provided an opportunity to Nano-X to bring new technologies. Nano-X has devices that produce less radiation and are cheaper. Nano-X devices will be able to disrupt the traditional system as they cannot only reduce radiation, improve images but also provide access for more patients.
Nano-X has earlier signed an exclusive distribution agreement with SPI Medical for the deployment and introduction of Nanox’s medical imaging services in Mexico. Nanox will offer the Nanox Systems to SPI for pilots in the public and private sectors. This company has a unique technology and has a strong business model.
Nano-X Imaging (NASDAQ: NNOX) shares went up 32.87% as it gained +15.88 during the trading session of Friday. Nano-X Imaging share price went from a low point around $20.25 to briefly over $49.25 in the past 52 weeks, though shares have since pulled back to $64.19. Nano-X market cap has remained high, hitting $2.23 billion at the time of writing. It has moved up 216.91% and 30.34% from its 52-weeks low and 52-weeks high, respectively.
Nanox has a solution that has the ability to revolutionize the medical devices industry. Its new technology could reduce the cost of medical imaging systems and is striving to work with many organizations and companies to provide affordable technologies to customers. As the world lack access to diagnostic imaging, it has aimed to supply 4,500 units in various countries. It has also decided to join forces with the Foxconn Technology group for the mass production. It has also submitted applications to FDA for the approval.
Nano-X Imaging has a vision called 1x1x1 aimed at establishing enough systems globally that every person on the planet has access to at least one medical imaging scan each year. Nanox is scheduled to participate in two upcoming investor conferences including Cantor Virtual Global Healthcare Conference and Jefferies Asia Forum on September 15 and September 16, respectively.