The Street is telling a different story about Nano-X Imaging (NNOX)

Nano-X Imaging (NNOX), an innovative diagnostic device manufacturer, has received FDA approval and plans to start shipping to U.S. hospitals next year.

The Nano X body scanner is Nano X Imaging’s flagship product, and it’s comparatively economical to produce and manage. MRI machines that are more expensive can be replaced with this device. Their breakthrough was to develop a machine based on nanotechnology that replaced the heating elements in traditional X-ray machines with digital X-rays. Nano-X technology allows manufacturers of CAT scanners of greater than one million dollars to lower the cost dramatically to about $10,000. Based on company statements, the x-ray will drop in price from about $300 to $40. Nano-X Imaging also has software produced for cloud-based storage and data management, which MSaaS will monetize: medical scanning as a service.

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Nano-X Imaging (NNOX) received approval from the FDA for its scanning device last week. In the fourth quarter of 2021, the NNOX stock will be able to begin delivering to U.S. hospitals. By the end of 2024, the NNOX stock aims to deliver 15,000 scanning systems.

Several new applications Nano-X will submit to the FDA for future versions of its X-ray device, including one that is multisource, as well as a cloud-based software platform that allows medical screenings to be sold as a service.

A series of negative reviews have been published about Nano-X Imaging since its IPO. Despite its effectiveness, Nano-X Imaging has been referred to by experts as a fraudulent enterprise. On the other hand, NNOX stock rose by 17 % on FDA approval news in the April 5 trading session. On April 6, NNOX corrected its price to $ 44.76.

Nano-X Imaging (NNOX) closed at $44.66 on the last trading day, down -7.81%. During the previous three months, the average traded volume was 2.37 million, whereas yesterday’s volume traded over 7.54 million. The stock fluctuated between $43.71 and $48.3884 during the trading session. The NNOX stock has a negative earnings-per-share ratio of -1.01. The company’s stock has gained 15.15% over the last five sessions and moved 13.58% over the previous month but is down -1.97% year-to-date. Furthermore, the stock currently trades at an RSI index of 49.17.

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