Nano-X Imaging Ltd. (NNOX) stock soared 14.44% in the current-market trading session at the price of $13.87 after opening chip fabrication facility in South Korea.
Nanox is an Israeli company that generates a commercial-scale digital X-ray source used for medical applications. The company’s novel technology lowers the expenses of medical imaging. NNOX intends to cooperate with leading healthcare firms to deliver early detection imaging services.
NNOX Opened Chip Fabrication Plant
On 5th April 2022, NNOX announced the opening of a new fabrication factory in South Korea to produce semiconductor chips. Nanox hopes to scale the plant’s production by mid of 2022. The plant is operational and will serve as the manufacturing site for MEMs, also called Nanox.SOURCE. MEMs is the chip that designs digital X-ray sources for Nanox.ARC system.
Besides, the company is improving its production line capacities and setting up an active assembly line at the Israeli Factory. It will support the production and shipments of the Nanox.ARC technology. Additionally, the company is devising a holistic medical imaging solution to combine AI medical imaging systems, Nanox.ARC, and teleradiology services.
The recently opened facility is a highly advanced fabrication factory established to manufacture MEMs at an industrial scale. The plant has believed to reduce the costs of Nanox.ARC system compared with conventional 3D imaging techniques. Strategically located next to the world-class semiconductor cluster in South Korea, the facility spans 12K square meters with a MEMs clean room of 1.2K square meters.
Current Market Scenario
One fact about medical stocks is that it creates more opportunities for investors to buy shares meanwhile serving the people and society. Not every market offers that kind of potential that could be viewed as a win to win. Nanox, nonetheless, has done much work hard for years to be in this position today. However, the firm has not yet generated record revenue to exceed its expectations, causing net losses to climb.