ナノックス・イメージング（NNOX）2026年第2四半期決算説明会：売上高37%増、4,070万ドルの減損損失

ナノックス・イメージング（NNOX）が発表した2026年第2四半期決算は増収となったものの、非現金減損損失を計上したことで赤字幅が急拡大しました。経営陣は、手元資金の存続期間（キャッシュ・ランウェイ）を延長するための取り組みとして、Nanox-Arcの商業化、新たな保険償還経路の確立、コスト削減を強調しました。

主なポイント

• 2026年第2四半期の売上高は前年同期比37%増の420万ドルとなり、主に90万ドルを寄与したNanox Health ITの連結化が寄与しました。
• GAAP純損失は前年同期の1,470万ドルから5,550万ドルに拡大しました。これは主に、Nanox AIソリューション事業に関連する無形資産について4,070万ドルの非現金減損損失を計上したためです。
• 2026年6月30日時点の現金・現金同等物及び拘束性預金は計3,140万ドルとなり、2025年12月31日時点の6,000万ドルから減少しました。ナノックスはその後に850万ドルの資金調達（総額）を実施しました。
• ナノックスは米国での商業化基盤を拡大し、販売パートナーシップ契約の署名数が10件に達しました。RadNetの施設にあるNanox-Arcシステムは商用運用段階にあり、日常の臨床ワークフローに組み込まれています。
• フィラデルフィアにある最初のNanox Imaging Network拠点では患者のスキャンを開始しており、1件あたり200ドルから700ドルの保険請求支払を受領しています。経営陣は、稼働率や保険償還の状況に応じ、1拠点あたり年間50万ドルから100万ドルの売上潜在力があると試算しています。
• イスラエルと韓国での人員削減およびサードパーティ製造への移行により、2027年以降、年間約200万ドルのコスト削減が見込まれています。

主要財務データ

ナノックスによると、減損処理により、Nanox Health ITを除くAIソリューション事業に関連する無形資産の公正価値は190万ドルに減少しました。この処理は流動性には影響せず、調整後EBITDAからは除外されています。

事業および運用業績

Nanox-Arcの商業化

経営陣は、設置にあたって許認可、放射線遮蔽、建設工事、ワークフロー統合などの調整が必要となるため、商業化には想定以上の時間がかかっていると述べました。ナノックスは導入を加速させるため、画像診断分野で実績のあるパートナー企業の活用を拡大しています。

同社は現在、米国で10件の販売パートナーシップ契約を結んでいます。最新の合意はAssociated X-Ray Imaging Corp.とのものであり、同社はすでにニューイングランド地方におけるNanox-Arcの稼働設置を支援しています。

RadNetの施設に設置されたNanox-Arcシステムは、商用運用が行われています。最近の米国でのその他の動きとしては、フロリダ州の整形外科センター、ニューヨーク州の急病診療施設、およびフィラデルフィアのNanox Imaging Network第1号拠点への設置が含まれます。月間数百件のスキャンを実施している施設もあるほか、健診ユニット契約から製品購入へ切り替えた顧客も1社ありました。

米国外において、ナノックスはチェコ共和国でのエンドユーザーへの導入を完了し、ルーマニアおよびギリシャへの納入を進めました。また、コスタリカでSolme RCSAをディストリビューターとして選任したほか、スロベニア、エクアドル、アルゼンチンでも商談の開発を継続しました。

Nanox Imaging Network

フィラデルフィアの拠点では患者のスキャンを開始しており、保険会社や支払機関からの保険償還を受け取っています。受領した請求支払額は1件あたり200ドルから700ドルの範囲となっています。

予備的なビジネスモデルに基づき、経営陣は各拠点により年間50万ドルから100万ドルの売上高が見込めると考えています。実際の業績は、稼働率、保険償還水準、支払者構成、および拠点レベルでの運用実行力に依存します。

遠隔画像診断、AIおよびヘルスケアIT

USARadの売上高は、顧客基盤の拡大に伴い、2026年上半期に前年同期比で平均14%成長しました。同事業は多国籍航空宇宙機関との契約を更新したほか、Joint CommissionのGold Seal of Approval（ゴールドシール認定）を維持しました。

ナノックスは、同社のAI骨ソリューションに関してVertec Scientific Limitedと英国における独占販売代理店契約を締結しました。また、米国およびインドで新たに5件のAIパイロットプロジェクトを開始しました。

大動脈弁石灰化を評価するため、Nanox AI Health AVCと標準的ケアのツールを比較したシダーズ・サイナイでのパイロット評価では、92%以上の一致率が示されました。これとは別に、大学関連医療センターが別の研究に関して治験審査委員会（IRB）の承認を取得し、データ収集段階へ移行しています。

対象となる胸部CTスキャンからの冠動脈カルシウムおよび大動脈弁石灰化のアルゴリズム解析を対象とするCMSコードG0680が2026年4月1日に発効しました。経営陣は、支払機関、説明文書、医学的必要性の条件が満たされた場合、このコードがNanox AI心臓ソリューションの潜在的な保険償還経路になるとみています。

Nanox Health ITは上半期の売上高に大きく貢献し、新たに20件以上のプロジェクトが本格稼働を開始しました。同社はこの事業をNanox AI、Nanox-Arc、USARadと統合を進めています。

コスト構造改革

ナノックスは、イスラエルの人員を15%、韓国の人員を約67%削減しました。同社は韓国のチップ生産ラインを停止しており、今後の量産については認定済みのサードパーティ製造パートナーに依存する計画です。

ナノックスはまた、韓国の製造施設の売却準備を開始しました。経営陣は、この構造改革によって固定費とキャッシュバーンが低下し、リソースを商業化および中核技術に集中できると見込んでいます。

経営陣による業績見通し

経営陣は、直接販売、代理店パイプラインの案件化、Nanox Imaging Networkの拡大など、最近の商業化活動の成果が今後数カ月間でより明確に売上に貢献し始めると予想しています。なお、具体的な四半期売上高目標は提示しませんでした。

構造改革の取り組みにより、2027年以降、年間約200万ドルのコスト削減が生じると見込まれています。CFOによると、削減額の大半は営業費用に反映され、一部が売上原価に反映される見込みです。

ナノックスは、RSNA 2026をNanox-Arc、Nanox AI、および同社のより広範な画像診断エコシステムの商用プラットフォームとして活用し、2027年に向けた顧客開拓および事業開発活動のキックオフとする準備を進めています。

リスクおよび注視すべき領域

• 商業化は経営陣が当初予想していたよりも時間を要しており、許認可、放射線遮蔽、建設工事、システム統合などが契約から実際の運用開始への移行を遅らせています。
• 減損評価は、同社株価の大幅な下落および売上高・業績見通しの引き下げを契機として行われました。
• 当四半期末時点の現金および拘束性預金は3,140万ドルに減少しました。ナノックスは四半期終了後に850万ドルを調達したものの、経営陣は多様な手段を通じて資金調達を継続する意向であると述べています。
• 増収となったものの、調整後EBITDA損失およびNon-GAAP純損失はいずれも前年同期比で拡大しました。
• Nanox Imaging Networkの各拠点における収益性は、稼働率、保険償還水準、支払者構成、および現地での運用実行力に依存します。
• AI心臓ソリューションに対するCMSの保険償還は、対象となる検査であること、および該当する支払機関、説明文書、医学的必要性の条件を満たすことが前提となります。

アナリスト質疑応答のハイライト

経営陣は、現時点では追加の減損損失が発生する見通しはないものの、会計基準に従って必要に応じて資産価値を再評価していくと述べました。

CFOは、足元の試算（プロフォーマ）に基づく発行済株式数を約7,060万株と見込んでいます。

システムの設置に関して、経営陣はギリシャ、ルーマニア、チェコ共和国での最近の動きに言及した一方、ペルーおよびアルゼンチン向けのシステムは輸入許可の取得待ちであると述べました。米国での動きとしては、IDNでの設置、急病診療施設での導入、整形外科クリニック、およびNanox Imaging Networkに関連する3台のシステムが含まれています。

追加の営業費用削減について問われたCFOは、目標数値の提示を控えました。CFOは、ナノックスが費用の見直しを継続しており、適切な時期に追加の措置を開示すると述べました。

決算説明会（電話会議）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

[Operator Instructions]

Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Cavanaugh, Investor Relations. Please go ahead.

Unknown Speaker

Good morning and welcome to Nanox Imaging's Q2 2026 Earnings Call. Earlier today, Nanox Imaging Limited released financial results for the quarter ending June 30, 2026. The release is currently available on the investor section of the company's website. With me today are Erez Meltzer, Chief Executive Officer and Acting Chairman, and Guy Nathanson, Chief Financial Officer. Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial research and development, manufacturing, commercialization activities, regulatory process, and clinical activities, and other matters. These statements are subject to risks, uncertainties, and assumptions that are based on management's current expectations as of today and may not be updated in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date.

Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. We will also refer to certain non-GAAP financial measures to provide additional information to investors. The reconciliation of the non-GAAP to GAAP measures is provided with our press release, which reconciles the following non-GAAP measures to the closest equivalent figures under GAAP: non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP net loss, and adjusted EBITDA loss. With that, I'd now like to turn the call over to Erez Meltzer.

Erez Meltzer

Thank you all for joining us today. In the 2 months since our last call, we have advanced commercialization across several areas of the business. Our management team has completed a thorough review of the business and started implementing lessons learned with progress reflected across our commercial, operational, and strategic priorities. Today, I will focus on the steps we are taking to improve execution, extend commercialization, and support the long-term value of the Nanox platform. While our business is trending in the right direction, as we discussed last quarter, our commercialization has taken longer than we expected. When we initiated the commercial phase, we had already provided preliminary financial results last month, and our results are substantially consistent with those previously disclosed figures.

The main friction points have been, as mentioned, operational. Commercialization required close side-by-side coordination with small and medium-sized imaging centers, particularly around permitting, shielding, construction timelines, and integration. These are practical deployment requirements, but they have been important lessons as we refine how we move systems from commercial agreement to active utilization. By identifying where the friction has occurred, we have been able to shape the changes we are now implementing. Most importantly, we are increasingly leveraging commercial partners with established relationships and workflow in the imaging space to meaningfully enhance our presence in the U.S. At the same time, our direct sales effort continued to support additional Nanox-Arc CapEx agreements and deployment activity, including the first Nanox imaging network installation in Philadelphia, which has already scanned its first patients.

Beyond the U.S., we continue Nanox-Arc deployment activity across Europe and Latin America, advanced new Nanox AI commercial and pilot programs in India and the U.S., and move forward with the restructuring of our South Korea operations to better align resources with our core technologies and commercialization priorities. We continue to broaden our U.S. footprint through strategic collaborations, customer evaluations, and deployment activities, including our recently announced collaboration with RadNet and ongoing work with leading clinical institutions with the goal of expanding our engagement with healthcare chains and increasing activity within those chains.

As we disclosed in our last call, the Nanox system has been operational for several months at RadNet sites. RadNet is the largest outpatient imaging center operator in the United States and has deployed a Nanox-Arc system at one of its facilities where it is now in commercial use and integrated into routine clinical workflow. We continue to explore opportunities for clinical research, including early lung nodule detection. We believe this represents an important step in demonstrating Nanox-Arc's clinical value in a major outpatient imaging setting, and we are excited to continue this collaboration. We recently deployed a Nanox-Arc system through a capital equipment sale to an internationally recognized orthopedic center in Florida, which is part of an IDN, Integrated Delivery Network. As this organization integrates the system into its orthopedic imaging workflow, we are launching a strategic collaboration aimed at broadening the clinical use of Nanox-Arc in orthopedics and generating clinical experience in a high-volume specialty care environment.

We believe the true measure of innovation in medical imaging lies in clinical relevance and potential to improve patient care. Our continuing engagement with leading healthcare organizations reflects our commitment to generating more real-world evidence and evaluating a growing number of clinical applications for our technology. For example, we recently installed an Arc system in an urgent care unit located in New York. Turning to our commercial distribution partnership, we are seeing channel partners build pipeline activity that supports future CapEx sales. In addition, our U.S.-based subsidiary, Nanox Impact Inc., has entered into a distribution agreement with Associated X-Ray Imaging Corp., a New England-based provider of medical imaging equipment and services specializing in X-ray, MRI, and CT systems to support deployment of the Nanox-Arc across the region. We now have 10 signed commercial distribution partnerships in the United States. Associated has already supported the customer installation of the Nanox-Arc that is installed and operational, further demonstrating its ability to support deployment and service in the region. The agreement follows other recent engagements, including Digital X-Ray Imaging, Integrity Medical Services, and Elite Surgical Technologies. The goal is to supplement our direct sales force and increase our presence economically as we pursue broader coverage of major U.S. markets.

We are also expanding joint commercialization activity with our partners, including participation in Howard's annual sales summit, our webinar partnership with RadNet, and ongoing sales and marketing initiatives. As more customers, channel partners, and physicians gain firsthand experience with Nanox-Arc, we are seeing encouraging utilization, including sites performing hundreds of scans per month, and one customer transitioning from MSUs to CapEx purchase. The Nanox Imaging Network proof of concept is beginning to contribute to our commercialization strategy by targeting segments that may offer potentially higher reimbursement rates, such as worker compensation groups and concierge medical providers. Through this initiative, Nanox completed the first Nanox imaging network installation in Philadelphia, and the site has begun scanning its first patients. It is encouraging that we are already seeing reimbursement from insurers and payers with paid claims in the range of $200 to $700 per claim. This provides early validation of the commercial opportunity for the Nanox imaging network and supports our focus on targeted care segments where reimbursement dynamics can be favorable. Based on the preliminary business model, we believe each site may have the potential to generate annual revenue in the range of $0.5 million to $1 million, depending on utilization, reimbursement, payer mix, and site-level execution.

In our rest of the world markets, we advance commercialization activities across Europe and Latin America. During the quarter, we completed an end-user deployment in the Czech Republic and advanced system deliveries in Romania and Greece were local distribution partners, which we have discussed on previous calls. We also appointed Solme RCSA as our new distribution partner in Costa Rica, further expanding our presence in Latin America. We also continue to develop commercial opportunities with distributors in Slovenia and Ecuador, and are preparing to ship the system to Argentina. Since the acquisition, our Teleradiology Services Division, USARad, continued to deliver strong and consistent revenues during the first half of 2026, which grew on a year-over-year basis, averaging 14% growth driven by continued expansion of our teleradiology client base. USARad Holdings Inc. has once again earned the Joint Commission's Gold Seal of Approval for ambulatory healthcare accreditation by demonstrating continuous compliance with its performance standards. The gold seal is a symbol of quality that reflects a healthcare organization's commitment to providing safe and quality patient care.

We also extended USARad engagement with a leading multinational aerospace organization. This renewal reflects the value of USARad services offering in our ability to support large organizations with reliable, high-quality teleradiology services. We continue to view the radiology business as both a source of recurring revenues and an important channel for advancing the commercialization of our broader imaging and AI solutions. Nanox AI advanced on both the commercial and the clinical fronts during the quarter. We recently announced that Nanox entered into an exclusive sales reseller agreement with Vertec Scientific Limited for the Nanox AI bone solution in the United Kingdom. Vertec is also the exclusive supplier of Hologic DXA scanners in the U.K., and has an extensive network of key opinion leaders, clinics, and hospitals. Moreover, we launched 5 new AI installations, pilots, across the United States and India. These engagements expand our clinical and commercial footprint and provide opportunities to demonstrate the value of our AI solution in real-world healthcare settings.

We are actively supporting these organizations through the evaluation process and look forward to advancing discussions around broader deployments. We also completed a pilot study with Cedars-Sinai comparing Nanox AI Health AVC with standard of care tools for assessing aortic valve calcification. The study demonstrated greater than 92% agreement between the two approaches, reinforcing the accuracy of our technology and supporting its potential integration into existing imaging workflows. In addition, IRB approval has been received from a leading university-affiliated medical center for an upcoming clinical study and we are now moving forward with data collection. To end my update on the AI business, I would like to share some reimbursement news. In the U.S., the Centers for Medicare and Medicaid Services established a new Healthcare Common Procedure Coding System, coding code G0680, effective April 1, 2026, for algorithmic analysis of coronary artery calcium and aortic valve calcification from chest CT scans. This creates a potential reimbursement pathway for the Nanox AI cardiac solution when used with eligible chest CT exams and when applicable payer, documentation, and medical necessity requirements are met.

We view this as a positive development that may help support commercial adoption of Nanox AI by enabling providers to incorporate AI-driven analysis into existing imaging workflow. The new reimbursement code may expand the addressable market for the Nanox AI cardiac solution by creating a direct reimbursement pathway for outpatient imaging centers and clinics performing eligible chest CT examinations. This pathway may enable qualifying providers to incorporate our cardio solution into existing CT workflows and receive reimbursement without requiring an additional imaging procedure. We are exploring further our engagement with two of our leading research sites, Meir Medical Center and Rabin Medical Center, by expanding our ongoing clinical work into rheumatology, an area we believe may represent a meaningful extension of the Nanox-Arc value proposition. Together with these centers, we are evaluating the potential role of the Arc in the assessment and long-term management of chronic rheumatology conditions. While still in the research stage, we believe this work may help broaden our understanding of additional clinical applications for the Arc and inform future opportunities in rheumatology. I'd like to share a few additional updates on our OEM relationship and pursuits.

Varex tubes are undergoing the final integration process to become a main X-ray tube source for the Nanox-Arc X-system. We've additionally taken receipt of a Varex multi-beam X-ray vessel utilizing multiple Nanox emitters and have begun our initial testing. We are excited to measure our emitters' capabilities in this configuration and have potential partner interest in the areas of security, food inspection, and of course medical. Regarding Oak Ridge National Laboratory prototypes, we have completed and delivered prototypes of the latest design iteration to Oak Ridge for their assessment and integration with their intended application in security use cases. We are also pursuing discussions with other entities for this purpose. Overall, interest in the Nanox breakthrough source technology remains very strong. The Nanox Health IT that we acquired at the end of 2025 has proven to be a valuable addition to Nanox and continue to contribute meaningful revenue in the first half of the year, supported by an expanding customer base and more than 20 new projects going live.

As we complete our integration to make the business more scalable and begin to more fully leverage its synergies with Nanox AI, Nanox-Arc, and USARad business segments, we are very excited about the growth potential of this business. Turning to our South Korea operations, as we previously disclosed, we have been evaluating a range of strategic alternatives aimed at optimizing our cost structure and maximizing the value of our asset in Korea. Following this review, we have decided to move forward with a broader structural transformation of our South Korea operation. As part of this process, we've idled our chip production line and reduced our workforce in Korea by two-thirds. We are transitioning volume production activities to qualified third-party manufacturing partners. In parallel, we have initiated the necessary processes with the relevant authorities and other stakeholders in preparation for the sale of the manufacturing facility. We believe these actions will further streamline our operating model, reduce our fixed cost base and burn rate, and allow us to focus our resources on our core technologies and commercialization priorities. Guy will work through the specifics of the restructuring in his financial overview.

We are also preparing for RSNA 2026, where we plan to engage with customers, partners, and key opinion leaders across the radiology community. RSNA provides an important platform to present our end-to-end imaging solution across Nanox-Arc, Nanox AI, and our broader imaging ecosystem, while supporting business development, customer engagement, and awareness of our recent commercial and clinical activity. We are preparing for RSNA 2026 with the goal of building on last year's success and using the event as a strong commercial kickoff for 2027. I will now turn the call over to Guy, whom we are very pleased to officially welcome to the team.

Guy Nathanzon

Thank you, Erez. Before I begin, I would like to say that I'm very excited to be at Nanox, and I look forward to helping drive our future success as we seek to change medical imaging. Thank you. As we implement the lessons we have learned and drive commercial growth, we've also sought various ways to extend our cash runway to the point where we are at a sustainable run rate. During the quarter and subsequently, we have taken deliberate steps to implement effective measures, including reduction to our cash expenditures and cash burn. Among those steps have been a 15% headcount reduction of our Israeli-based employees, and as previously noted, a reduction in our activities at our Korean location, mainly in the chip fabrication facility, as well as an approximately 67% in our headcount in Korea. We will instead rely on our OEM partners to supply the chips we need for future demand. The estimated annualized cost savings from these steps are expected to be approximately $2 million beginning in 2027. Along with cost reductions, we also recognize the need for additional capital and have recently raised fresh capital via an existing ATM program and a registered direct offering in August that raised together a total of $8.5 million of gross proceeds.

All figures that I'm reviewing now relate to the second quarter ending June 30, 2026. And all comparable figures relate to the comparable quarter of 2025, unless otherwise noted. Q2 2026 revenue was $4.2 million, compared to $3 million in Q2 2025, representing a year-over-year increase of 37%. The increase was driven mainly by the consolidation of the Nanox Health IT, formerly known as Vasal Healthcare IT business, which was consolidated as of November 19, 2025, and accounted for $0.9 million of revenue in Q2 2026. The company generated revenue of $3 million from our teleradiology services, $1 million from our AI and software solutions, and $0.2 million from the sale of imaging systems and OEM services. Q2 2026 adjusted EBITDA loss, a financial measure that is derived as described below under non-GAAP financial measures, was $11.3 million, compared with adjusted EBITDA loss of $10.4 million in Q2 2025. Q2 2026 GAAP gross loss margin was -1,051% compared to a GAAP gross loss margin of -107% for Q2 2025.

Non-GAAP gross loss margin was -13% compared to a non-GAAP gross loss margin of -21% in Q2 2025. In accordance with applicable accounting standards, as of June 30, 2026, the company performed an impairment assessment of its asset groups. The impairment assessment was triggered by significant decline in the company's share price and reduced forecasted revenue and operating results. The company recorded a charge of $40.7 million, which was accorded to cost of revenue, impairment of intangible assets, reducing the fair value of the intangible assets related to its AI solutions business unit, excluding Nanox Health IT, to $1.9 million. The company also re-evaluated the remaining useful life of the intangible assets and concluded that no changes were necessary. The impairment charge did not result in any cash outflow or impact the company's liquidity and was excluded from the calculation of the adjusted EBITDA for the period. Q2 2026 GAAP operating expense was $11.8 million compared to GAAP operating expense of $11.3 million in Q2 2025.

Q2 2026 non-GAAP operating expense was $11.1 million compared to a non-GAAP operating expense of $10.2 million in Q2 2025. The increase was mainly driven by the consolidation of Nanox Health IT business and an increase in the legal expense. Q2 2026 GAAP net loss was $55.5 million compared to a GAAP net loss of $14.7 million in Q2 2025. Q2 2026 non-GAAP net loss was $11.6 million compared to a non-GAAP net loss of $10.9 million in Q2 2025. The increase in net loss was mainly related to the impairment of certain intangible assets as described above. Cash and cash equivalents and restricted deposits as of June 30, 2026 were at $31.4 million. This compares to a cash and cash equivalents, short-term deposits, and restricted deposits balance of $60 million as of December 31, 2025.

Post-quarter end, the company raised aggregate gross proceeds of $8.5 million from its ATM program and a registered direct offering. The company intends to continue raising funds from various sources to improve its cash balance and support its activities. I'll now turn the call over to Erez for final comments and the questions and answer session.

Erez Meltzer

Before we open the call for questions, I want to close by reflecting on the priorities I outlined today and the progress they have produced so far. We are focused on moving Nanox-Arc systems into active use, extending our commercial footprint through new partnerships, advancing the Nanox imaging network, and adding new Nanox AI customers, all while managing our resources decisively and responsibly. We made real progress across these areas. We are also taking the necessary steps to improve our operating structure and extend our runway. There is still plenty of work ahead, but we believe we are taking the right actions to support Nanox's long-term opportunity in medical imaging. I want to thank our employees, partners, customers, and shareholders for your continued support. Operator, you may now open the call for Q&A.

Operator

[Operator Instructions]

And our first question will be coming from the line of Jeffrey Cohen of Ladenburg, Thalmann & Company, Inc. Your line is open.

質疑応答

Jeffrey Cohen

Good morning. Just a few questions from Aaron. And I guess firstly for Guy, what's expected on the impairment for the balance of 2026? I know you're at 40.69 currently.

Guy Nathanzon

So, hi. Currently we already completed the process as of today. And if required, according to the accounting rules, we will continue in the future. Currently we have no visibility for any other elements around the impairment. But we do the assessment according to the accounting rules every period.

Jeffrey Cohen

And we'll do what we need to do. Okay, got it. What's the latest pro forma share count?

Guy Nathanzon

Sorry, could you repeat the question?

Jeffrey Cohen

The latest pro forma outstanding share count.

Guy Nathanzon

I believe it is 70.6, if I remember correctly.

Jeffrey Cohen

Million. Got it. And then could you talk about the placements out there? I'm curious about the evaluations and our placements. Could you give us a sense of how many were placed during the last quarter and maybe give us a sense of the pipeline that you expect throughout the balance of the year as far as evaluations.

Guy Nathanzon

I believe, Erez, would you like to take this answer? Erez, would you like to answer this question?

Jeffrey Cohen

Oh, no, I was just wondering about placements.

Erez Meltzer

Can you hear me? Can you hear me?

Guy Nathanzon

Okay. Now we can swap, no we can't do that. for the balance of the year. Jeff, can you hear me?

Jeffrey Cohen

Yes. I can, yes.

Erez Meltzer

Okay. So since the latest update, we have placed systems in Greece, in Romania, in Czech Republic. The systems for Peru are waiting for import license. Same goes with Argentina. In the U.S. we have one system which is converted from MSUs to CapEx. We've installed another one in an IDN. Another system for the first system in urgent care units in the U.S. We have 3 systems that are currently in the Nanox imaging network that we were talking about. One of them's already started. So, yeah, another one in the orthopedic clinic.

In a nutshell, that's where we are. So, quite nice progress in the last quarter.

Jeffrey Cohen

Thank you for taking our questions.

Erez Meltzer

Thank you. Thank you.

Operator

And our next question will be coming from the line of Scott Henry of AGP. Scott, your line is open.

Scott Henry

Thank you and good morning. Sounds like there's a lot of progress going on behind the scenes as far as building momentum for future sales. Could you give us a sense of how we should think about the timing of when that traction should start? How should we think about Q3 relative to Q2 in terms of revenues? And if we're not going to see much there, when should we start to see that traction result in revenues? Thank you.

Erez Meltzer

I think that we have addressed this question during the last call, that we saw the middle of the year as a sort of reflection point. First of all, what you can see is the progress that you actually were talking about. And second, we will start to see the impact of this progress in the next few months, as previously indicated already. We view the Nanox imaging network as part of the scale which is moving forward. The business partners are in terms of the pipeline which is being converted right now to installations or to sales. And from our point of view, the direct sales is also showing the progress. So I think that the reflection of these efforts and this momentum, we will see, as we said, in the next few months.

Scott Henry

Okay, great. So it is on track with prior expectations. Thank you. And then the $2 million in cost savings for 2027, should we expect that to show up in kind of the gross margin line or more in the G&A line?

Erez Meltzer

Which one? On the right. The one you're referring to?

Scott Henry

The $2 million in cost savings on target for 2027. I just wanted to get a sense where in the model of those cost savings should be located because it is a manufacturing plant.

Guy Nathanzon

Yes, so the simple answer is that probably most of the expenses would be reflected in the operating expenses. Some of them in the COGS, but most of them in the OpEx.

Scott Henry

Okay, great. And when we think about, I mean, it sounds like there are a lot of kind of cost rationalizations, getting costs out of the system, whether through contracting or what other reasons necessary. Where do you think you could get that operating expense? And that's on a GAAP basis. If it's been around $11 million, maybe a quarter of a million, maybe $11 million to $12 million per quarter on a GAAP basis, how much could you pull out of that as costs are shifted outside the system? Yes.

Guy Nathanzon

I'll try to be very cautious at this point, and if it's okay for you, I prefer not to answer this question directly. Once we have something to announce, we'll probably announce. At this point, in high level, I would say we are always doing ongoing research, examination, and evaluation of our expenses. There is no number that I can specifically announce right now. And once there would be a number, we'll definitely announce it like we just did on the Korean side.

Scott Henry

Okay, then I'll look forward to that. Also, in the press release, there was mention of a CMS reimbursement pathway. What would be the timing of developments on that front? Thank you.

Erez Meltzer

The reimbursement of the Nanox Imaging Network? Ah, the AI. As far as through CMS. Ah, the... The AI or the Nanox Imaging Network?

Scott Henry

Both, just the timing on either. How would we think about that?

Erez Meltzer

So the Nanox AI, the G0680 is already right now. And we'll probably see the impact of it. Right now we expect that it will be affected in the very near future and we are going to address this segment of the market in order to benefit from this effort. In terms of the reimbursement, first of all, it's already done, so we have already revenue which is generated from this reimbursement. And the more systems and sites we add to the Nanox imaging network, which actually we've already previously indicated what's the pipeline on this, the more we'll see the revenues growing up. I think that based on the model that we currently have. And right now we are in the first proof of concept for this, but based on the model right now and the indications that we have from current scans that are being done on this segment of the market, we expect these numbers to be in the hundreds of millions of dollars, or can go up to even more than that, close to $1 million, if the system is operating on a very wide scale, and this will generate for each one of the systems as was recorded in the press release.

Scott Henry

Okay, great. Thank you for taking the questions.

Erez Meltzer

Thank you so much.

Operator

And I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

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