PETACH TIKVA, Israel, May 22, 2025 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD $(NNOX)$ ("Nanox" or the "Company"), an innovative medical imaging technology company, today announced results for the first quarter ended March 31, 2025, and provided a business update.
Recent Highlights:
-- Generated $2.8 million in revenue in the first quarter of 2025, compared
to $2.6 million in the first quarter of 2024.
-- Received 510(k) clearance from the FDA for the Nanox.ARC X, its updated
multi-source digital Tomosynthesis system.
-- Signed multiple commercial agreements to market the Nanox.ARC and the
Nanox.AI solutions.
"Since the beginning of 2025, Nanox has made consistent progress marketing our full end-to-end imaging solutions, and to date we have over 60 units that are in various stages of implementation for commercial, demonstration and clinical use," said Erez Meltzer, Chief Executive Officer and Acting Chairman of the Board. "Our teleradiology business is generating steady revenue which helps to fund our growth, and we continue to do important supporting work behind the scenes, such as securing more regulatory clearances and generating additional clinical data underpinning the use of the Nanox.ARC. We recently received 510(k) clearance from the FDA for the Nanox.ARC X, our updated multi-source digital tomosynthesis system, an important milestone that advances our mission to improve access to essential medical imaging technology to more patients, regardless of their location. Our top commercial priority is to accelerate the deployment of the Nanox technologies, and to that end we continue to sign collaboration agreements with medical imaging and AI companies to market the Nanox.ARC and Nanox.AI solutions. This approach complements our direct sales efforts very well and will help maximize our reach while conserving our resources for the long run."
Detailed financial results for three months ended March 31, 2025
For the three months ended March 31, 2025 (the "Reported Period"), the Company reported a net loss of $13.2 million, compared to a net loss of $12.2 million for the three months ended March 31, 2024 (which is referred as the "Comparable Period"), representing an increase of $1.0 million. The increase of $1.0 million was largely due to an increase of $1.0 million in gross loss.
The Company reported revenue of $2.8 million in the Reported Period, compared to $2.6 million in the Comparable Period. During the Reported Period, the Company generated revenue through teleradiology services, the sale and deployment of its imaging systems and its AI solutions.
The Company's gross loss during the Reported Period totaled $3.0 million (gross loss margin of (108%)) on a GAAP basis, as compared to $2.1 million (gross loss margin of (80%)) in the Comparable Period. Non-GAAP gross loss for the Reported Period was $0.4 million (gross loss margin of approximately 15%), as compared to gross profit of $0.6 million (gross profit margin of approximately 22%) in the Comparable Period.
The Company's revenue from teleradiology services for the Reported Period was $2.6 million, compared to revenue of $2.4 million in the Comparable Period. The Company's GAAP gross profit from teleradiology services for the Reported Period was $0.4 million (gross profit margin of approximately 17%), as compared to $0.3 million (gross profit margin of approximately 14%) in the Comparable Period. Non-GAAP gross profit of the Company's teleradiology services for the Reported Period was $1.0 million (gross profit margin of approximately 39%) as compared to $0.9 million (gross profit margin of approximately 37%) in the Comparable Period. The increase in the Company's revenue and gross profit margins from teleradiology services was mainly attributable to customer retention, increased rates and increased volume of the Company's teleradiology reading services during the weekdays shifts.
During the Reported Period, the Company generated revenue through the sales and deployment of its imaging systems which amounted to $33 thousand for the Reported Period, with a gross loss of $1.6 million on a GAAP basis and $1.5 million on a non-GAAP basis, compared to revenue of $48 thousand with a gross loss of 0.4 million on a GAAP basis and $0.3 million on a Non-GAAP basis in the Comparable Period. The revenue stems from the sale and deployment of our 2D systems and the sale of our OEM services in the U.S.
The Company's revenue from its AI solutions for the Reported Period was $0.2 million with a gross loss of $1.9 million on a GAAP basis, compared to revenue of $97 thousand with a gross loss of $2.0 million in the Comparable Period. Non-GAAP gross profit of the Company's AI solutions for the Reported Period was $81 thousand, compared to Non-GAAP gross profit of $29 thousand in the Comparable Period.
Research and development expenses, net, for the Reported Period were $5.0 million, compared to $5.2 million in the Comparable Period, reflecting a decrease of $0.2 million. The decrease was mainly due to a decrease of $0.2 million in share-based compensation, $0.8 million in expenses related to the Company's research and development activities, which was offset by a decrease of $0.8 million in grants received, due to the completion of the NHSX development project and the commencement of its commercial phase.
Sales and marketing expenses for the Reported Period were $0.9 million compared to $0.8 million in the Comparable Period.
General and administrative expenses for the Reported Period were $5.1 million, compared to $5.0 million in the Comparable Period. The increase of $0.1 million was mainly due to an increase in salaries and wages and professional services of $0.3 million, an increase of $0.2 million in the Company's IT expenses and $0.2 million in the Company's recruiting expenses due to our commercialization efforts in the US market. The increase was offset by a decrease of $0.5 million in the Company's legal expenses and a decrease of $0.2 million in D&O insurance expenses.
Non-GAAP net loss attributable to ordinary shares for the Reported Period was $9.4 million, compared to $8.1 million in the Comparable Period. The decrease of $1.3 million was mainly due to an increase of $1.0 million in the Non-GAAP gross loss.
Non-GAAP gross loss for the Reported Period was $0.4 million, compared to a non-GAAP gross profit of $0.6 million in the Comparable Period. Non-GAAP research and development expenses, net for the Reported Period, were $4.6 million, compared to $4.6 million in the Comparable Period. Non-GAAP sales and marketing expenses for the Reported Period were $0.8 million, compared to $0.6 million in the Comparable Period. Non-GAAP general and administrative expenses for the Reported Period were $4.5 million, compared to $4.3 million in the Comparable Period.
The difference between the GAAP and non-GAAP financial measures above is mainly attributable to amortization of intangible assets, share-based compensation, expenses related to an offering and legal fees in connection with the class-action litigation. A reconciliation between GAAP and non-GAAP financial measures for the three -month periods ended March 31, 2025, and 2024 is provided in the financial results that are part of this press release.
Limited Guidance
Based on current market conditions and assuming that macroeconomic trends, including tariff policy, inflation, interest rate levels and supply chain costs do not materially impede activity in the medical technology industry generally, or for the Company specifically, the Company anticipates that the number of clinical, demo, and commercial units in various stages of deployment will grow to over 100 units by the end of 2025, on a worldwide basis.
Liquidity and Capital Resources
As of March 31, 2025, the Company had total cash, cash equivalents, short-term and long-term deposits, restricted deposits and marketable securities of $72.9 million, compared to $83.5 million as of December 31, 2024. During the reported period the Company experienced negative cash flow from operations of $10.3 million.
Other Assets
As of March 31, 2025 the Company had property and equipment of $45.3 million, compared to $45.4 million as of December 31, 2024.
As of March 31, 2025, the Company had intangible assets of $67.3 million compared to $70.0 million as of December 31, 2024. The decrease was attributable to the periodic amortization of intangible assets in the amount of $2.7 million.
Shareholders' Equity
As of March 31, 2025 and December 31, 2024, the Company had approximately 63.8 million shares outstanding.
Conference Call and Webcast Details
Thursday, May 22, 2025 @ 8:30am ET
Individuals interested in listening to the conference call may do so by joining the live webcast on the Investors section of the Nanox website under Events and Presentations. Alternatively, individuals can register online to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.
About Nanox:
Nanox (NASDAQ: NNOX) is focused on driving the world's transition to preventive health care by bringing a full solution of affordable medical imaging technologies based on advanced AI and proprietary digital X-ray source.
Nanox's vision encompasses expanding the reach of Nanox technology both within and beyond hospital settings, providing a seamless end-to-end solution from scan to diagnosis, leveraging AI to enhance the efficiency of routine medical imaging technology and processes, in order to improve early detection and treatment and maintaining a clinically driven approach. The Nanox ecosystem includes Nanox.ARC -- a multi-source digital tomosynthesis system that is cost-effective and user-friendly; Nanox.AI Ltd., a subsidiary of Nanox Imaging, an AI-based suite of algorithms that augment the readings of routine CT imaging to highlight early signs often related to chronic diseases; Nanox.CLOUD -- a cloud-based software platform that manages and stores data collected by Nanox devices, and provides users with tools for in-depth imaging analysis; Nanox.MARKETPLACE -- a proprietary decentralized marketplace through Nanox's subsidiary, USARAD Holdings Inc., that provides remote access to radiology and cardiology experts, and a comprehensive teleradiology services platform. By improving early detection and treatment, Nanox aims to enhance better health outcomes worldwide. For more information, please visit www.nanox.vision
Forward-Looking Statements
This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, any statements relating to: guidance with respect to the number of units that the Company will have deployed and operational by the end of the 2025 year; the initiation, timing, progress and results of the Company's research and development, manufacturing, and commercialization activities with respect to its X-ray source technology and the Nanox.ARC; and the ability of the Company to realize the expected benefits of its recent acquisitions and the projected business prospects of the Company and the acquired companies. In some cases, you can identify forward-looking statements by terminology such as "can," "might, " "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "should," "could," "expect," "predict," "potential," or the negative of these terms or other similar expressions. Forward-looking statements are based on information the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to (i) Nanox's ability to complete development of the Nanox System; (ii) Nanox's ability to successfully demonstrate the feasibility of its technology for commercial applications; (iii) Nanox's expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; (iv) Nanox's ability to realize the anticipated benefits of its recent acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired companies to grow and manage growth profitably and retain their key employees; (v) Nanox's ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.ARC; (vi) the market acceptance of the Nanox System and the proposed pay-per-scan business model; (vii) Nanox's expectations regarding collaborations with third-parties and their potential benefits; (viii) Nanox's ability to conduct business globally; (ix) changes in global, political, economic, business, competitive, market and regulatory forces; (x) risks related to the current war between Israel and Hamas and any worsening of the situation in Israel; (xi) risks relating to macroeconomic factors, including tariff policy, inflation, interest rate levels and supply chain costs; and (xi) potential litigation associated with our transactions.
For a discussion of other risks and uncertainties, and other important factors, any of which could cause Nanox's actual results to differ from those contained in the Forward-Looking Statements, see the section titled "Risk Factors" in Nanox's Annual Report on Form 20-F for the year ended December 31, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. The reader should not place undue reliance on any forward-looking statements included in this press release. Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in the Company's expectations.
Non-GAAP Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), including non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit (loss), non-GAAP gross profit (loss) margin, non-GAAP research and development expenses, net, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other expenses (income) and non-GAAP basic and diluted loss per share. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. These non-GAAP measures are adjusted for (as applicable) amortization of intangible assets, share-based compensation expenses, expenses related to an offering and legal fees expenses in connection with class-action litigation. The Company's management and board of directors utilize these non-GAAP financial measures to evaluate the Company's performance. The Company provides these non-GAAP measures of the Company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the Company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, these non-GAAP measures are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, these non-GAAP measures should not be considered measures of the Company's liquidity. A reconciliation of certain GAAP to non-GAAP financial measures has been provided in the tables included in this press release.
NANO-X IMAGING LTD.
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands except share and per share
data)
March 31, December 31,
2025 2024
-------------- ------------
U.S. Dollars in thousands
-----------------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 40,373 39,304
Short-term deposits 15,500 15,500
Marketable securities 6,586 18,402
Accounts receivables net of
allowance for credit losses
of $168 as of March 31, 2025,
and $112 December 31,2024,
respectively. 1,722 1,805
Inventories 1,748 1,493
Prepaid expenses 876 827
Other current assets 1,166 1,349
------------- ------------
TOTAL CURRENT ASSETS 67,971 78,680
------------- ------------
NON-CURRENT ASSETS:
Restricted deposit 330 337
Long-term deposits 10,132 10,000
Property and equipment, net 45,339 45,355
Operating lease right-of-use
asset 3,830 3,843
Intangible assets 67,342 69,995
Other non-current assets 1,794 1,792
------------- ------------
TOTAL NON-CURRENT ASSETS 128,767 131,322
------------- ------------
TOTAL ASSETS 196,738 210,002
============= ============
Liabilities and Shareholders'
Equity
CURRENT LIABILITIES:
Short-term loan 3,068 3,061
Accounts payable 1,941 2,209
Accrued expenses 2,975 3,968
Deferred revenue 112 140
Current maturities of operating
lease liabilities 812 745
Other current liabilities 3,923 3,849
------------- ------------
TOTAL CURRENT LIABILITIES 12,831 13,972
------------- ------------
NON-CURRENT LIABILITIES:
Non-current operating lease
liabilities 3,516 3,640
Deferred tax liability 2,482 2,576
Other long-term liabilities 744 695
------------- ------------
TOTAL NON-CURRENT LIABILITIES 6,742 6,911
------------- ------------
TOTAL LIABILITIES 19,573 20,883
------------- ------------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary Shares, par value NIS
0.01 per share 100,000,000
authorized at March 31, 2025 and
December 31, 2024, 63,819,170
and 63,762,001 issued and
outstanding at March 31, 2025
and December 31, 2024,
respectively 181 181
Additional paid-in capital 563,975 562,688
Accumulated other comprehensive
loss (3) (1)
Accumulated deficit (386,988) (373,749)
------------- ------------
TOTAL SHAREHOLDERS' EQUITY 177,165 189,119
------------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 196,738 210,002
============= ============
NANO-X IMAGING LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND
COMPREHENSIVE LOSS
(U.S. dollars in thousands except share and per share
data)
Three Months Ended
March 31,
---------------------
2025 2024
---------- --------
REVENUE 2,815 2,553
COST OF REVENUE 5,864 4,607
--------- --------
GROSS LOSS (3,049) (2,054)
--------- --------
OPERATING EXPENSES:
Research and development, net 4,978 5,220
Sales and marketing 939 800
General and administrative 5,138 5,042
Other expenses (income), net (14) 9
--------- --------
TOTAL OPERATING EXPENSES 11,041 11,071
--------- --------
OPERATING LOSS (14,090) (13,125)
--------- --------
FINANCIAL INCOME, net 765 790
--------- --------
OPERATING LOSS BEFORE INCOME TAXES (13,325) (12,335)
========= ========
INCOME TAX BENEFIT 86 94
--------- --------
NET LOSS (13,239) (12,241)
========= ========
BASIC AND DILUTED LOSS PER SHARE (0.21) (0.21)
Weighted average number of basic and
diluted ordinary shares outstanding (in
thousands) 63,946 57,901
========= ========
Net loss (13,239) (12,241)
Other comprehensive income (loss):
Unrealized gain (loss) from marketable
securities (2) 187
--------- --------
Total other comprehensive income (loss): (2) 187
--------- --------
Total comprehensive loss (13,241) (12,054)
========= ========
NANO-X IMAGING LTD.
UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
(U.S. dollars in thousands, except share and per share
data)
Accumulated
Ordinary shares Additional other
-------------------
Number of paid-in comprehensive Accumulated
shares Amount capital loss deficit Total
----------- ------ ---------- ------------- ----------- -------
U.S. Dollars in thousands
----------------------------------------------------------------------
BALANCE AT JANUARY
1, 2025 63,762,001 181 562,688 (1) (373,749) 189,119
Changes
during the
period:
Issuance of
ordinary
shares upon
exercise of
RSUs 3,245 * - - - -
Issuance of
ordinary
shares upon
exercise of
options 53,924 * 121 - - 121
Share-based
compensation - - 1,166 - - 1,166
Unrealized loss
from
marketable
securities - - - (2) - (2)
Net loss for
the period - - - - (13,239) (13,239)
---------- ------ ---------- ------------- ----------- -------
BALANCE AT March 31,
2025 63,819,170 181 563,975 (3) (386,988) 177,165
========== ====== ========== ============= =========== =======
Accumulated
Ordinary shares Additional other
-------------------
Number of paid-in comprehensive Accumulated
shares Amount capital loss deficit Total
----------- ------ ---------- ------------- ----------- -------
BALANCE AT JANUARY
1, 2024 57,778,628 165 515,887 (305) (320,233) 195,514
Changes during the
period:
Issuance of
ordinary
shares upon
exercise of
options 405 * 24 - - 24
Share-based
compensation - - 1,477 - - 1,477
Unrealized gain
from
marketable
securities - - - 187 187
Net loss for
the period - - - - (12,241) (12,241)
---------- ------ ---------- ------------- ----------- -------
BALANCE AT MARCH 31,
2024 57,779,033 165 517,388 (118) (332,474) 184,961
========== ====== ========== ============= =========== =======
* Less than $1.
NANO-X IMAGING LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(U.S. dollars in thousands)
Three Months ended
March 31,
------------------------------
2025 2024
------------- -----------
U.S. Dollars in thousands
------------------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss for the year (13,239) (12,241)
Adjustments required to
reconcile net loss to net cash
used in operating activities:
Share-based compensation 1,166 1,477
Amortization of intangible assets 2,653 2,653
Depreciation 290 286
Deferred tax liability, net (94) (94)
Exchange rate differentials 7 (174)
Amortization of premium, discount
and accrued interest on
marketable securities 20 73
Loss from disposal of property and
equipment - 25
Changes in operating assets and
liabilities:
Change in inventories 102 (676)
Accounts receivable, net 83 42
Prepaid expenses and other current
assets 134 737
Other non-current assets (2) 219
Accounts payable (373) (1,443)
Accrued expenses and other
liabilities (919) (298)
Operating lease assets and
liabilities (44) (1)
Interest on long-term deposits (132) -
Deferred revenue (28) (47)
Other long-term liabilities 49 17
------------ -----------
Net cash used in operating
activities (10,327) (9,445)
------------ -----------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Proceeds from maturity of
marketable securities 11,794 12,874
Purchase of marketable securities - (14,797)
Purchase of property and equipment (527) (141)
------------ -----------
Net cash provided by (used in)
investing activities 11,267 (2,064)
------------ -----------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of ordinary
shares upon exercise of options 121 24
------------ -----------
Net cash provided by financing
activities 121 24
------------ -----------
EFFECT OF CHANGES IN EXCHANGE
RATES ON CASH AND CASH
EQUIVALENTS 8 29
------------ -----------
NET CHANGE IN CASH AND CASH
EQUIVALENTS 1,069 (11,456)
============ ===========
CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE YEAR 39,304 56,377
============ ===========
CASH AND CASH EQUIVALENTS AT END OF
THE YEAR 40,373 44,921
============ ===========
SUPPLEMENTARY INFORMATION ON
ACTIVITIES INVOLVING CASH FLOWS:
Cash paid for income taxes 8 -
============ ===========
Cash paid for interest 33 37
============ ===========
SUPPLEMENTARY INFORMATION ON
ACTIVITIES NOT INVOLVING CASH
FLOWS:
Operating lease liabilities
arising from obtaining operating
right-of use assets 93 -
============ ===========
(*) Less than 1 thousand US dollars.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(U.S. dollars in thousands (except per share data))
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with GAAP. The Company uses information about certain financial measures that are not prepared in accordance with GAAP, including non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit (loss), non-GAAP gross profit (loss) margin, non-GAAP research and development expenses, net, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other expenses (income) and non-GAAP basic and diluted loss per share. These non-GAAP measures are adjusted for (as applicable) amortization of intangible assets, share-based compensation expenses, expenses related to an offering and legal fees expenses in connection with class-action litigation. The Company believes that separate analysis and exclusion of the one-off or non-cash impact of the above reconciling items (as applicable) adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that the non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance. However, these non-GAAP measures are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance.
Reconciliation of GAAP net loss attributable to ordinary shares to Non-GAAP net loss attributable to ordinary shares and Non-GAAP basic and diluted loss per share (U.S. dollars in thousands)
Three Months Ended
March 31,
---------------------
2025 2024
---------- ---------
GAAP net loss attributable to ordinary
shares 13,239 12,241
Non-GAAP adjustments:
Less: Class-action litigation and SEC
investigation - 32
Less: Amortization of intangible assets 2,653 2,653
Less: Share-based compensation 1,166 1,477
--------- ---------
Non-GAAP net loss attributable to ordinary
shares 9,420 8,079
========= =========
Non-GAAP BASIC AND DILUTED LOSS PER SHARE 0.15 0.14
========= =========
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
(in thousands) 63,946 57,901
========= =========
Reconciliation of GAAP cost of revenue to Non-GAAP cost of revenue (U.S. dollars in thousands)
GAAP cost of revenue 5,864 4,607
Non-GAAP adjustments:
Amortization of intangible assets 2,556 2,556
Share-based compensation 58 53
----- -----
Non-GAAP cost of revenue 3,250 1,998
===== =====
Reconciliation of GAAP gross loss to Non-GAAP gross profit (U.S. dollars in thousands)
GAAP gross loss (3,049) (2,054)
Non-GAAP adjustments:
Amortization of intangible assets 2,556 2,556
Share-based compensation 58 53
------ ------
Non-GAAP gross profit (loss) (435) 555
====== ======
Reconciliation of GAAP gross loss margin to Non-GAAP gross profit margin (in percentage of revenue)
GAAP gross loss margin (108)% (80)%
Non-GAAP adjustments:
Amortization of intangible assets 91% 100%
Share-based compensation 2% 2%
---- ---
Non-GAAP gross profit (loss) margin (15)% 22%
==== ===
Reconciliation of GAAP research and development, net, expenses to Non-GAAP research and development expenses (U.S. dollars in thousands)
GAAP research and development expenses, net 4,978 5,220
Non-GAAP adjustments:
Share-based compensation 355 589
----- -----
Non-GAAP research and development expenses, net 4,623 4,631
===== =====
Reconciliation of GAAP sales and marketing expenses to Non-GAAP sales and marketing expenses (U.S. dollars in thousands)
GAAP sales and marketing expenses 939 800
Non-GAAP adjustments:
Amortization of intangible assets 97 97
Share-based compensation 84 146
--- ---
Non-GAAP sales and marketing expenses 758 557
=== ===
Reconciliation of GAAP general and administrative expenses to Non-GAAP general and administrative expenses (U.S. dollars in thousands)
GAAP general and administrative expenses 5,138 5,042
Non-GAAP adjustments:
Class-action litigation and SEC investigation - 32
Share-based compensation 669 689
----- -----
Non-GAAP general and administrative expenses 4,469 4,321
===== =====
Contacts
Investor Contact
Mike Cavanaugh
ICR Healthcare
mike.cavanaugh@icrhealthcare.com
Media Contact
ICR Healthcare
NanoxPR@icrinc.com
(END) Dow Jones Newswires
May 22, 2025 08:00 ET (12:00 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.