What happened Nano-X (NASDAQ: NNOX) rose more than 16% on Wednesday. The stock opened at $23.66, then climbed to as high as $28.60 in mid-afternoon trading. The stock is still a lot closer to its 52-week low of $19.05 than its 52-week high of $94.81. Nano-X, which went public with an initial public offering in August of 2020, is down more than 38% for the year, but up more than 24% over the past month. So what This was purely a retail-investor push. The stock, which has the potential to be a disruptive force with its low-cost commercial grade digital x-ray system, didn't have any news to announce and its next earnings report isn't until Nov. 17. Image source: Getty Images. The key for Nano-X is getting Food and Drug Administration (FDA) clearance for its multi-source imaging system. The company already received clearance in April for its single-source Nanox.ARC digital x-ray system, but the product it intends to market is its multi-source imaging Nanox.ARC machine and in June, it submitted a 510(k) premarket notification application for its multi-source Nanox.ARC 3-D digital tomosynthesis system. It is still waiting for the FDA clearance and in its second-quarter earnings call, said it would likely have to push its launch back from late 2021 to sometime in 2022. Now what Nano-X, while it could be a big disruptive force in healthcare, doesn't yet have a marketed product and because of that, isn't yet profitable. It lost $13.6 million in the second quarter, but it does have $193.4 million in cash. There's obviously a lot of risk here. Not only does Nano-X need FDA clearance for its multi-source machine, it also has to gear up to produce them. It has said it would like to produce 15,000 multi-source units by 2024. The interesting thing is Nano-X CEO Ran Poliakine said last year that the company plans to sell the machines for $10,000 per machine, a fraction of what typical X-ray machines cost and instead make its profits from a per-scan basis, essentially a software-as-a-service (SaaS) model. Another concern with Nano-X is it is in the process of buying two companies, medical artificial intelligence (AI) developer Zebra Medical Vision and USARAD, which operates a network of 300 radiologists and its related company, Medical Diagnostics Web. To pay for those purchases, it is likely the company will sell more stock, diluting the stock's price. 10 stocks we like better than Nano-X Imaging Ltd.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Nano-X Imaging Ltd. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2021 Jim Halley has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source