- X-ray tech company Micro-X (MX1) has filled $500,000 worth of orders for its Carestream DRX Revolution Nano product in the month May alone
- This is on top of the $500,000 shipped for existing orders in April
- The company says it now has a backlog of orders of less than $1 million, which will be fully delivered over June
- Demand for x-ray devices has sourced in the face of the COVID-19 pandemic as hospitals need to monitor patients' lungs to assess their condition
- Micro-X said it is now delivering its Nano product in less than four weeks after order, in line with new industry requirements
- Shares in the company are trading two per cent lower today, however, currently worth 15 cents each
X-ray tech specialist Micro-X (MX1) has filled $500,000 worth of orders for its Carestream DRX Revolution Nano product in the month of May alone.
The company flagged an upswing in demand for its lightweight x-ray tech back in March, and business has continued to boom since then.
Today, the company said over May, $500,000 Nano units have been built, shipped, and invoiced, bringing the total value of orders filled since the start of 2020 to $2.2 million.
With $500,000 worth of Nano units from existing purchase orders shipped in April, Micro-X has reduced a heavy backlog of existing orders. The company told shareholders today its backlog is now less than $1 million worth of orders and will be fully delivered over June.
Why the demand?
As the COVID-19 pandemic continues to spread, the need for diagnostic x-ray imaging grows. For coronavirus patients, the tech is often used to image patients' lungs and assess their condition to speed up diagnostics.
Micro-X's tech is touted as a powerful but ultralight weight x-ray device.
The industry norm weight for x-ray devices is between 350 and 600 kilograms, Micro-X claims. However, with the company's carbon nanotube technology, Micro-X's machines weigh just 90 kilograms.
This makes for easy transport and storage while not sacrificing durability and performance.
Micro-X said the mobile x-ray market across the world has been "significantly changed" by the coronavirus, with x-ray machines now needing to be delivered in less than four weeks after being ordered.
Before the virus struck, delivery time was conventionally between eight and 12 weeks. As the need for imaging tech continues to increase, the speed at which it needs to be delivered increases, too.
This was a core reason for Micro-X's $15 million capital raising plan. The company said today it has invested significantly in inventory and resources to pick up its production pace.
Importantly, the company confirmed delivery times for its Nano products are now less than four weeks — making it an even more attractive buy for desperate hospitals.
Micro-X Managing Director Peter Rowland said the company had to work "tremendously hard" to bring its delivery speed to such a pace.
"We believe this will be a key factor in maintaining the momentum of growth in new Nano purchase orders to support health care facilitates internationally in their response to COVID-19," Peter said.
Nevertheless, Micro-X has fallen victim to a tough day for the wider healthcare sector today. Shares in MX1 are currently down by two per cent and trading for 15 cents each.