New Micro-X CEO drives strategic reset with medical CT focus

• Micro-X implemented a strategic reset during the quarter under new CEO Brian Gonzales, who was appointed in August
• More than $3 million of annualised cost savings implemented, alongside $8 million in convertible notes during quarter
• Post-quarter unveils first human Head CT images at international stroke conferences

Special Report: Specialist in cold-cathode X-ray technology Micro-X implemented a strategic reset during the September quarter with the appointment of a new CEO to shape its operational priorities and growth strategy.

Dr Brian Gonzales was appointed CEO in August with Micro-X (ASX:MX1) refocusing resources on its longer-term opportunity in medical CT, while strengthening its existing mobile digital X-ray business to generate revenue and support the transition.

The reset, outlined at MX1’s Investor Open Day in September, centres on four priorities including growing Rover sales, focusing on medical CT, delivering funded development programs and reducing and controlling costs.

The company sees an opportunity to take advanced CT imaging beyond dedicated hospital imaging facilities to wherever patients require care.

Such areas include emergency departments, operating rooms, ICUs, ambulances and aeromedical retrieval, nursing homes, rural and remote communities along with deployed health facilities.

MX1’s initial medical CT focus is stroke diagnosis, where rapid access to imaging can significantly improve patient outcomes, with potential future applications in trauma, cancer diagnosis and pain management.

The company said its strategic reset was designed to focus resources on translating the unique advantages of NEX Technology into commercially viable medical CT products capable of addressing this significant unmet clinical need.

Building a more profitable Rover business

A key part of the reset is establishing a scalable and profitable business for MX1’s first commercial product, the Rover portable X-ray system.

Following a 10-week review by Seattle-based revenue growth consultancy Altus Alliance, Rover sales have been reorganised, supported by a refreshed sales team, a revamped CRM and sales pipeline processes.

MX1 said Rover was now being sold through a more scalable commercial model including direct and partner sales.

The changes are already showing early signs of traction, with purchase orders received for 10 Rover units during the September quarter across the US, Europe, Middle East and Africa (EMEA) and Asia Pacific.

This represented its strongest quarter of orders outside the Malaysian Government tender. Product sales receipts were $1.2 million, up from $200,000 in the June 2026 quarter.

MX1 also reported that open opportunities in its Rover sales pipeline had grown threefold during the quarter, with prospective customers including hospitals, distributors and government health agencies.

Since the end of September, MX1 has secured purchase orders for another seven Rover units, including six units for two hospitals in Bucharest, Romania. MX1 is also pursuing several larger tenders, including in defence.

RoverX hits market ahead of RSNA launch

RoverX is being commercially released this week ahead of its launch at the Radiological Society of North America (RSNA) annual meeting in Chicago, starting on November 29.

The updated system is designed to deliver lower manufacturing costs and higher margins and incorporates six new features developed in response to market feedback.

The updates enable the device to compete more effectively with conventional high-end mobile digital radiography systems while retaining advantages including lower-dose imaging, a lighter and more manoeuvrable design and lower total cost of ownership.

Medical CT primary medium-term opportunity

While Rover provides an opportunity to build commercial revenues, MX1’s primary medium-term value opportunity is its Head CT.

To support the strategic reset, during the quarter MX1 secured commitments for an $8m placement of unlisted secured three-year convertible notes from institutional and sophisticated investors.

The company is directing its largest allocation of convertible note proceeds towards the development and commercialisation of Head CT.

MX1 continued its human imaging pilot study at Melbourne’s Royal Melbourne Hospital during the September quarter, with the Royal Adelaide Hospital expected to become its second pilot study site.

Recent patient imaging, supported by improvements in image reconstruction algorithms, has delivered better image quality, while the final Head CT tube design was also demonstrated during the quarter.

Near-term priorities include completing clinical validation, preparing an FDA 510(k) submission and progressing a Head CT ambulance trial.

During the quarter MX1 received $700,000 in Industry Growth Program grant funding towards developing and testing an ambulance-mounted Head CT device.

First Head CT images unveiled

Post-quarter the first human Head CT images were unveiled by the Australian Stroke Alliance at the 18th World Stroke Congress in Seoul, South Korea, and at a subsequent conference in Guiping, China.

Gonzales said the images represented a major milestone for MX1 and cold cathode X-ray technology, which had the potential to fundamentally change how and where CT imaging was delivered.

“For over 20 years, research groups around the world have worked to advance carbon nanotube X-ray technology for human CT imaging,” he said.

“These first human images using Micro-X’s NEX technology represent a significant step forward.

“By addressing many of the size, weight and infrastructure limitations of conventional CT, we have an opportunity to bring advanced diagnostic imaging directly to patients, reduce the burden on existing healthcare infrastructure, and improve access to quality healthcare around the world.”

Progress on other programs

Meanwhile, its Full Body CT program funded by the US Advanced Research Projects Agency for Health (ARPA-H) received a $1.6m milestone payment during the quarter.

Following completion of a critical design review in June, the manufacture of a full-sized engineering prototype designed to demonstrate the system’s imaging capabilities using physical phantoms and test objects was progressed.

Post-quarter Sandia National Laboratories conducted an independent verification and validation visit ahead of an ARPA-H decision on whether MX1 will progress to Phase II of the program, expected in early November.

The company also received a $450,000 start payment for its University of Sydney Lung CT research program.

The Lung CT will leverage the same CT tube and generator components as the Head CT for a lightweight and deployable lung screening CT imaging system.

In September MX1 signed a US$750,000 (~$1.05m) contract extension with the US Department of Homeland Security Science and Technology Directorate (DHS S&T) for its CT Baggage Scanner program.

The extension adds eight months to the current self-screening checkpoint contract and funds the design, build and delivery of an upgraded miniaturised CT Baggage Scanner, the core enabling technology of the Passenger Self-Screening Checkpoint.

The upgraded scanner will incorporate improvements identified through testing of the four existing prototypes, which have been used to collect images from thousands of test bags.

Lower costs and funding support transition

The strategic reset has also delivered a substantial cost reduction program, with more than $3m in annualised savings implemented.

MX1 ended September with $4.4m in cash, with $6m of its convertible note financing settling during the quarter.

A further $1m note tranche settled in October, with the final $1m due on December 1.

The company also anticipates a ~$2.3m net R&D tax incentive refund in the December quarter.

MX1 said it expected the full benefit of its cost savings to flow through to operating cash outflows from the December quarter.

This article was developed in collaboration with Micro-X, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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