Health Care
Micro-X Limited (MX1)
Micro-X Limited is an Adelaide-based high-tech company that designs and manufactures ultra-lightweight, mobile X-ray imaging systems. Its core innovation is a proprietary Carbon Nanotube (CNT) X-ray emitter, which enables smaller and lighter devices than traditional systems. The company's flagship product is the 'Rover' mobile X-ray for hospitals, and it is developing new applications for its technology in airport security and pre-hospital stroke diagnosis.
Market Cap
A$65M
Shares on Issue
N/A
Price Chart
AI Analysis
Micro-X is a pre-profit, commercial-stage medical technology company with a current market capitalisation of approximately A$65M. Its recent performance is characterised by modest but growing revenue from sales of its Rover mobile X-ray unit, primarily into the US healthcare market. The company remains cash-flow negative, funding its significant research and development and operational expenses through a combination of product sales, government grants, and periodic capital raisings. Key investor focus is on the company's cash burn rate, detailed in its quarterly 4C reports, and its ability to scale Rover sales to move towards profitability.
The company's future growth outlook is heavily tied to the successful development and commercialisation of its technology pipeline, which represents significantly larger market opportunities than the Rover. Key catalysts include the 'Argus' project, a mobile CT brain scanner for early stroke detection, and a collaboration with the US Department of Homeland Security to develop a self-service airport security checkpoint. Micro-X's strategic direction is to leverage its core CNT platform technology to disrupt multiple, high-value industries, but this is contingent on navigating complex regulatory approvals (e.g., FDA, TSA) and securing sufficient funding to bring these products to market.
Bull Case
- • Proprietary Carbon Nanotube (CNT) technology provides a significant technological moat, enabling lighter, more durable, and more precise X-ray systems than competitors.
- • Multiple high-value growth verticals beyond medical imaging, including the Argus brain scanner and airport security projects, each targeting multi-billion dollar markets.
- • Strong validation through partnerships with major organisations like the US Department of Homeland Security (DHS) and Johns Hopkins University, which also provide non-dilutive R&D funding.
Bear Case
- • Significant and ongoing cash burn requires periodic capital raisings, leading to potential shareholder dilution and financial instability if milestones are delayed.
- • Commercialisation risk is high; achieving sales traction for the Rover has been a slow process, and future products face long sales cycles and entrenched competition.
- • Major pipeline projects like the Argus brain scanner face long and uncertain regulatory pathways (e.g., FDA approval), with any failure or delay posing a major setback.
Recent Announcements
MX1 - Head CT First Human Pilot Site at Royal Melbourne
🚨 Price SensitiveMX1 has initiated its first human pilot program for a head-mounted, wearable X-ray imaging system using computed tomography (CT) technology in Australia.
MX1 - Quarterly Activities Report & Appendix 4C
🚨 Price SensitiveMX1, a commitments test entity on ASX, has released its quarterly activities report and appendix for investors to review the company's financial status and compliance with regulatory obligations.
Change in substantial holding
MX1 - Notice Under Section 708A(5) of the Corporations Act
Application for quotation of securities - MX1
FAQs
What does MX1 do?
Micro-X (MX1) is an Australian company that designs and manufactures innovative, ultra-lightweight X-ray imaging systems using its proprietary Carbon Nanotube (CNT) technology. Its key product is the 'Rover' mobile X-ray for hospitals, with pipeline products for airport security screening and a mobile brain CT scanner for early stroke detection.
Is MX1 a good investment?
MX1 is a high-risk, high-reward speculative investment. The potential upside is significant if it successfully commercialises its pipeline products which target massive markets. However, as a pre-profit company, it faces considerable risks including ongoing cash burn requiring future capital raisings, intense competition, and significant regulatory hurdles for its new technologies.
What drives MX1's share price?
MX1's share price is primarily driven by news flow related to its technology pipeline and commercial progress. Key catalysts include achieving technical milestones for the Argus brain scanner, securing regulatory approvals (e.g., FDA), signing new commercial partnerships or large sales contracts, and announcements regarding funding like capital raisings or government grants.
Key Metrics
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