RTTNews | May 11, 2021 10:15AM EDT

10:15 Tuesday, May 11, 2021 (RTTNews.com) - Shares of medical imaging technology company Nano-X Imaging Ltd. (NNOX) are down more than 12% Tuesday morning.

The company does not expect to meet its previously announced milestone of shipment of 1,000 multi-source Nanox units by the first quarter of 2022, as it experiences third-party supplier delays due to the Covid-19 pandemic, Nano-X said in its first-quarter earnings release.

"While we have experienced delays, compounded by the world pandemic, in the production of our second-generation high-power tube by a third-party manufacturer, which caused us to revisit certain timelines associated with the shipment of multi-source units, we believe that the manufacture and shipment of at least 1,000 multi-source systems will be accomplished in 2022," stated Ran Poliakine, Chairman and Chief Executive Officer of Nanox.

Nano-X reported net loss of $12.72 million or $0.27 per share in the first quarter, compared with net loss of $7.42 million or $0.26 per share in the same quarter a year ago.

On an adjusted basis, loss for the quarter was $7.05 million or $0.15 per share, compared with $2.57 million or $0.09 per share for the corresponding prior year period. Analysts polled by Thomson Reuters expected the company to report loss of $0.25 per share in the quarter.

NNOX, currently at $22.84, has traded in the range of $20.26- $94.81 in the past 52 weeks.

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