Nano-X Imaging: The Inflection Point That Value Investors Keep Missing

November 27, 2025 | NANOX-IMAGING | By Choice

Executive Summary

📊 2026 Revenue Guidance of $35M+ — Projected +157% YoY Growth

Daniel Jones has maintained a Sell rating on NNOX since February 2024, applying a cash-flow framework designed for mature energy companies to a pre-commercial medical device innovator
In 2025, Nanox achieved FDA 510(k) clearance (Nanox.ARC X), ISO 13485 certification with zero findings, MDR CE Mark, and distribution agreements covering 1,800+ U.S. healthcare facilities
Q3 2025 earnings call delivered 2026 guidance of $35M+ revenue and company-wide EBITDA breakeven target for 2027
A single institutional investor committed $15M at $3.92/share post-Q3 results — this is informed, conviction capital
At ~$295M market cap, investors own FDA-cleared hardware, AI diagnostic suite, $70M+ pro forma cash, and validated distribution channels

The Framework Problem

Daniel Jones runs "Crude Value Insights," a cash-flow focused newsletter for oil and gas investors. His analytical rigor is well-suited to mature, capital-intensive businesses with predictable cash generation.

This is the wrong tool for evaluating medical device companies at commercial inflection points.

By his framework, Intuitive Surgical in 2003, DexCom in 2010, and Shockwave Medical in 2020 were all "uninvestable." Each delivered 10x+ returns to investors who recognized inflection points that backward-looking financials could not capture.

2025 Milestones: Fact-Based Analysis

Date	Milestone	Significance
April 2025	FDA 510(k) Clearance — Nanox.ARC X	General-use authorization for multi-source digital tomosynthesis
May 2025	ISO 13485 Certification	Zero audit findings, 3 days post-implementation — manufacturing scale readiness
June 2025	MDR CE Mark — HealthOST	European market access for AI spine assessment software
September 2025	Monarch Medical Partnership	Workers' comp, nursing homes, outpatient clinics — 12+ initial sites
November 18, 2025	3DR Labs Distribution Agreement	Access to 1,800+ U.S. hospitals and imaging centers
November 19, 2025	VasoHealthcare IT Acquisition Closed	U.S. AI infrastructure and deployment capability, ~$4M annual revenue added
November 25, 2025	$15M Registered Direct Offering	Single institutional investor, no warrants, clean equity

100+ Nanox.ARC systems are now in various stages of deployment for commercial, demonstration, and clinical use (year-end 2025 target)