Israeli medical device company Nanox Imaging Ltd. (Nasdaq: NNOX) has been riding the tech wave on Wall Street following last Friday's initial public offering in which it raised $165.2 million at a company valuation of $800 million. Even though the company has yet to report any revenue and does not even have FDA approval for its lightweight and mobile CT scanners, it was able to upsize its IPO by 28%.
On its first day of trading the company's share price rose 20.56% and yesterday the share price rose a further 23.04% to $26.70, giving a market cap of $1.185 billion. The rally in the new share would seem to be far from over - in afterhours trading the share price rose a further 29%.
Based in Neve Ilan near Jerusalem, the company was founded in 2012 by CEO Ran Poliakine. Nanox raised $137 million before the IPO from investors including Korea's SK Telecom, Industrial Alliance, Yozma Korea, Foxconn, Fuji, and Jin Ji Full.
Nanox has developed a system combining digital X-ray device Nanox.ARC and an AI cloud-based software Nanox.CLOUD. The Nanox ARC weighs 200 kilograms (compared to 2000 kilogram CT scanners) and is produced at a fraction of the cost ($10,000 versus a few millions for a regular CT scanner). Nanox's unique medical screening as a service (MSaaS) business model allows wide distribution and accessibility, and will charge health providers with a pay-per-scan service model.
Published by Globes, Israel business news - en.globes.co.il - on August 25, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020