RTTNews | Aug 10, 2021 10:47AM EDT

10:47 Tuesday, August 10, 2021 (RTTNews.com) - Shares of medical imaging technology company Nano-X Imaging Ltd. (NNOX) are down more than 15% in the morning trade on Tuesday after the company announced its entry into two agreements to acquire medical artificial intelligence developer Zebra Medical Vision and USARAD and its related company, Medical Diagnostics Web.

As per the deal, Nano-X will pay $100 million up front to Zebra Medical Vision and another $100 million on achieving certain targets, both to be paid in stock.

Further, the company has entered into a binding letter of intent to acquire USARAD and its related company, Medical Diagnostics Web for $30 million, including $21 million of Nano-X stock and $9 million in cash. USARAD together with MDW operates a global network of over 300 radiologists.

Nano-X Imaging reported its second-quarter net loss of $13.58 million or $0.28 per share, wider than net loss of $6.36 million or $021 per share in the same quarter a year ago, on higher R&D expenses.

Excluding items, loss of $0.18 per share beat the average estimate of analysts polled by Tomson Reuters at $0.25 loss per share.

NNOX, currently at $25.58, has been trading in the range of $19.05- $94.81 in the last one year.

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