Nanox has entered into a purchase agreement with unnamed institutional investors to sell 2,142,858 of its shares, which is expected to raise around $30m.

Nanox says it will use the funds from the offering, which is expected to close on or about 26 July 2023, to further develop its products and general capital purposes.

In May 2023, the Neve Ilan, Israel-based company received US Food and Drug Administration (FDA) approval for its lead imaging product, called the Nanox.ARC X-ray system.

The system, which includes an accompanying cloud component, is a multi-source digital 3D tomosynthesis system that can produce images of the musculoskeletal system adjunctive to traditional radiography use. The company uses a pay-per-scan business model for the system, which it says should increase accessibility for patients in more rural locations.

A market model by GlobalData indicates that the X-Ray system market will be worth $4.1bn by 2030. Amidst a competitive market, Nanox’s intention to use a pay-per-scan business model aims to expand diagnostic imaging to more healthcare settings.

Nanox states its vision is to “increase access, reduce costs and enhance the efficiency of routine medical imaging technology and processes, in order to improve early detection and treatment.”

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In August 2021, Nanox shelled out $200m to acquire Zebra Medical Vision – a computer vision startup – to bolster its AI digital imaging technology.

Alex Carchidi, from investment advice company The Motley Fool, says that few other medical device businesses have Nanox’s payment model, giving it positive and sustainable growth prospects.

From an article published in July 2023, Carchidi commented: “In mid-2026, the company will likely be significantly more valuable, even if the rollout has a few hitches along the way. It might even see demand accelerate once there’s enough proof of the product’s viability among clinicians in the target markets. And if its core promise holds true, shareholders will reap the benefits of an incredibly long tail of recurring revenue generated from a steady number of scans.”