QT Imaging Q2 2026 Earnings Call Transcript

Quartr
Provided by Quartr
August 12, 2026

Key Takeaways

  • Positive Sentiment: Second-quarter revenue more than doubled year over year to $7.4 million, driven by 15 scanner shipments versus eight in the prior-year period. First-half revenue reached $14 million on 28 shipments, and management reaffirmed approximately $39 million in 2026 revenue guidance.
  • Positive Sentiment: QT Imaging expanded its commercial and international infrastructure, adding U.S. regional sales leadership and securing regulatory authorization in Saudi Arabia and Israel. The company expects to ship another 15 scanners in the third quarter and 17 in the fourth quarter, primarily through NXC Imaging.
  • Positive Sentiment: The company highlighted clinical and reimbursement progress, including a dedicated Category III CPT code effective January 1, 2027, a study at Mayo Clinic involving more than 100 patients, and evidence showing less than 1% variability in speed-of-sound measurements across scanners.
  • Negative Sentiment: Gross margin declined to 41% from 50% a year earlier, while operating expenses increased to $4.9 million. The net loss widened to $11.1 million, including an $8.3 million non-cash loss tied to the company’s debt amendment; the amended loan also carries a higher interest rate of 12% versus 10%.
  • Negative Sentiment: Management acknowledged that scanner deployment and customer utilization are progressing more slowly than desired, requiring the company to spend the next several months helping NXC Imaging place scanners with customers. Second-half operating expenses are expected to rise modestly due to sales hiring and clinical-study costs.
AI Generated. May Contain Errors.
Earnings Conference Call
QT Imaging Q2 2026
00:00 / 00:00

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Tirth Patel
Tirth Patel
Head of Investor Relations at QT Imaging

Uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. All forward-looking statements are based on QT Imaging's current beliefs, as well as assumptions made by and information currently available to QT Imaging, and relate to, among other things, QT Imaging's Breast Acoustic CT scanner, including its product commercialization and manufacturing, the evolution of QT Imaging into a scalable imaging platform, the QTI Cloud Platform and SaaS model, performance of software enhancements, new product development and introduction, and product sales growth and projected revenues. For a list and description of the risks and uncertainties associated with the company's business, please see its filings with the Securities and Exchange Commission. Furthermore, the content of this call contains information that is accurate only as of the date of this live broadcast, August 12th, 2026.

Tirth Patel
Tirth Patel
Head of Investor Relations at QT Imaging

QT Imaging disclaims any obligation, except as required by law, to update or revise any financial or operational projections or other forward-looking statements, whether because of new information, future events, or otherwise. Now I'd like to turn the call over to Dr. Raluca Dinu. Raluca?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Thank you, Tirth, and good afternoon, everyone. Thank you for spending time with us and for your interest in QT Imaging. The second quarter was another strong period of execution for QT Imaging as we continued to scale our commercial business and build the foundation for broader adoption of Breast Acoustic CT imaging technology. Our mission is to transform breast health by giving women and physicians a better approach to breast imaging. Today's pathway still has important limitations. Mammography can be less effective in dense breasts and requires compression, MRI can be costly and burdensome, and conventional ultrasound remains highly operator-dependent. QT Imaging was built to address these challenges with a differentiated three-dimensional imaging platform that is radiation-free, compression-free, and quantitative. Our vision extends beyond delivering better imaging experience.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

We are building a platform designed to provide objective, reproducible information that can support more personalized breast health management, and over time, enable quantitative biomarkers and AI-driven applications. During the quarter, we shipped 15 Breast Acoustic CT scanners in line with our U.S. shipment plan and generated revenue of $7.4 million, an increase of 103% compared with the second quarter of 2025. For the first six months of 2026, we shipped 28 scanners and generated $14 million in revenue, compared to 14 scanners and $6.5 million in revenue during the same period last year. To put that growth in perspective, QT Imaging generated no revenue in 2023, $4.9 million in revenue in 2024, and $18.9 million in 2025.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

With our 2026 revenue guidance of approximately $39 million, we believe this trajectory demonstrates the continued scaling of our commercial business and the growing adoption of Breast Acoustic CT imaging modality. Most importantly, more than 12,000 women have now been imaged using Breast Acoustic CT scans to date. For us, that milestone is about more than the growth of our installed base. It represents a growing body of real-world clinical experience with our technology, and progress toward our ultimate objective, expanding access to a more patient-centered quantitative approach to breast imaging. As we enter the second half of the year, our focus is increasingly on translating this foundation into broader adoption. Let me start with our U.S. commercial strategy. In U.S., we continue to strengthen the commercial infrastructure needed to support our next phase of growth.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Under the leadership of our Chief Commercial Officer, Satrajit Misra, we expanded our U.S. commercial organization with the appointment of Jason Dyer, our Vice President, Regional Sales East, and Dave Reinhart as Vice President, Regional Sales West. This expanded team strengthens our ability to engage directly with breast imaging centers, clinicians, and enterprise health systems while continuing to leverage our exclusive distribution partnership with NXC Imaging, a subsidiary of Canon Medical Systems U.S.A., Inc. By combining established distribution infrastructure with expanded direct commercial and business development capabilities, we're building a scalable commercial model designed to deepen customer engagement, accelerate clinical adoption, and installed base growth and support sustainable long-term revenue growth and margin expansion. Internationally, we continue to expand our commercial infrastructure through experienced regional partners with established market presence, local relationships, and deep knowledge of their healthcare systems.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Our distribution partnerships with Gulf Medical in Saudi Arabia and Al Nahdi Medical in United Arab Emirates, together with our sales agent partnership of Re-invent Pharma in Pakistan, provide a capital-efficient model for extending our commercial reach and supporting local market development. This partner-led approach enables QT Imaging to leverage established sales and service infrastructure while building the foundation for broader international adoption of Breast Acoustic CT imaging modality. While geopolitical developments have impacted commercial activity in parts of the Gulf region, we are beginning to see encouraging signs of renewed customer engagement, supported by our regulatory authorization and distributor partnerships. On the regulatory front, we continue to expand our international commercial foundation. We received clearance from the Saudi Food and Drug Authority, SFDA, for the QTI Breast Acoustic CTâ„¢ scanner, enabling us to market and sell our technology in Saudi Arabia.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

More recently, we received AMAR authorization from the Ministry of Health in Israel, enabling commercialization of the Breast Acoustic CT scanner in the market. Together with our existing authorization in the United Arab Emirates, these milestones further strengthen our regulatory foundation across the Middle East and expand the markets in which we can commercialize Breast Acoustic CT platform. The first Breast Acoustic CT scanner in Israel is going to Rambam Health Care Campus to support a planned clinical study in women with hereditary risk for breast cancer. This study provides an important opportunity to evaluate our radiation-free, compression-free, quantitative imaging technology in a high-risk population where longitudinal imaging is particularly important, and to generate additional evidence supporting its potential role in personalized breast health management. During the quarter, we also strengthened our balance sheet through a $10 million underwritten public offering.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

In addition, we amended our senior secured term loan with Lynrock Lake, extending the maturity date by two years. Together, these actions provide additional financial flexibility as we continue to execute our commercial, clinical, and strategic initiatives. During the first half of this year, we secured two FDA clearances that expanded the capabilities of the Breast Acoustic CT system, including an enhanced scanner configuration that improves posterior breast imaging coverage and software functionality supporting volumetric measurements for lesion doubling time assessment. These enhancements reinforce QT Imaging's strategy of continuously expanding the platform through innovation in both hardware and software. A critical milestone during the first half of the year was the American Medical Association approval of a dedicated category III CPT reimbursement code for our imaging modality. The code was released on July 1 and becomes effective January 1, 2027.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

It provides a standardized mechanism for reporting, utilization tracking, and data collection, and importantly, creates the framework to build the clinical and health economic evidence that can support future coverage decisions. We continue to strengthen the clinical expertise supporting the adoption of the Breast Acoustic CT platform. Our clinical advisory board includes leaders across breast imaging, breast surgery, and clinical practice, including Dr. Mary Yamashita of USC Keck School of Medicine, Dr. Barry Roseman, an MD Anderson Cancer Center-trained surgical oncologist and breast surgeon, and Dr. George Tellinger, a Mayo Clinic-trained radiologist and early adopter of our imaging modality in his imaging center. Their complementary expertise is helping us strengthen physician education, clinical implementation, and reader training as we support broader clinical adoption. Additionally, we announced results from a multi-site study evaluating the repeatability and reproducibility of quantitative measurements generated by the Breast Acoustic CT platform.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

The results demonstrated less than 1% variability in speed of sound measurements across scanners under the study conditions. This level of consistency is important because quantitative imaging biomarkers must be reproducible across systems, locations, and operators to reliably measure changes in breast tissue over time. We believe that this result reinforce the potential of our imaging platform to provide objective, reproducible quantitative information for longitudinal breast health management and precision breast care. As reported previously, Mayo Clinic conducted a prospective feasibility study evaluating QTscan in a supplemental imaging setting. The study reported breast level agreement between QTscan and MRI, and the identification of QTscan of all lesions considered suspicious on MRI. These pilot findings support the rationale for a second study involving more than 100 patients, which is expected to begin in the coming months.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

We are also advancing a prospective clinical study with Dr. Barry Roseman to evaluate the Breast Acoustic CT technology in a diagnostic breast imaging pathway. This study will compare QTscan with established breast imaging modalities and, where available, pathology with the goal of generating real-world clinical evidence supporting the diagnostic performance and broader adoption of our technology. At Sunnybrook, ongoing 100-patient clinical studies evaluating QTscan versus MRI, and under our NIH contract, clinical work is evaluating advanced quantitative ultrasound findings in relation to treatment response in women receiving neoadjuvant chemotherapy. Together, these programs are building complementary body of evidence across diagnostic performance, high-risk populations, quantitative reproducibility, and treatment response monitoring, supporting our broader objective of establishing the Breast Acoustic CT imaging modality as a clinically validated quantitative breast imaging platform. Innovation remained an important area of focus during the quarter.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Software version 4.5.0 improved the spatial resolution of Breast Acoustic CT reflection imaging, providing radiologists with greater image detail and clear visualization of breast anatomy and tissue structures while maintaining processing time designed to support an efficient clinical workflow. Our collaboration with Olea Medical was focused during the quarter on productization of the QTI Imaging-Olea Viewer as an advanced modality imaging solution for Breast Acoustic CT platform. The viewer is being developed to provide physicians with an integrated environment for image visualization, correlation with other imaging modalities, quantitative assessment, and longitudinal patient evaluation while supporting more efficient clinical workflows. In parallel, our collaboration with Intelerad provides a secure cloud and PACS infrastructure supporting image management, clinical and research connectivity, and enterprise deployment of QT Imaging Precision Pathway.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Building on this infrastructure, we continue to advance the QTI Precision Pathway cloud platform to support secure image management, clinical collaboration, quantitative analysis, software development, and future AI-enabled applications. Our strategy is to build a platform that combines the Breast Acoustic CT scanner with software and cloud-based capabilities to enhance the value of each system across the installed database. In July, we announced the successful completion of our first routine FDA inspection since the inception of the company with zero Form FDA 483 observation. The inspector provided positive feedback regarding the organization of our quality management system and the responsiveness of our team. We believe this exceptional outcome reflects the quality culture we are building and the strength of the systems and processes supporting the manufacturing and commercialization of our technology.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

During the quarter, we entered into an agreement to relocate our headquarters and manufacturing operations into a new 22,000-square-foot facility in Petaluma, California. As reported previously, the new facility will provide more than 2.5x. Our current operational space while reducing the lease cost per square foot by approximately 55%. Put another way, we are more than doubling our real estate footprint at a comparable cost. This investment expands our manufacturing capacity, improves operating efficiency, and provides the infrastructure needed to support future commercial growth. Strengthening our scientific leadership is an ongoing priority. We recently appointed Dr. Julia Albright as our Chief Science Officer. Julia brings more than three decades of leadership experience across medical imaging, healthcare technology, artificial intelligence, and enterprise software. In her role, she is helping align our scientific strategy, product innovation, engineering, and clinical programs as we advance the QT Imaging platform.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Collectively, this achievement demonstrates that we are building the commercial, clinical, regulatory, and operational foundation needed to support broader adoption of Breast Acoustic CT platform. As we look toward 2027, our focus is increasingly on accelerating adoption, expanding our installed base, and leveraging the commercial infrastructure we are building today to support sustainable growth and margin expansion. At the same time, as I mentioned previously, our vision extends beyond the Breast Acoustic CT scanner itself. We are building a quantitative breast imaging platform that brings together advanced hardware, software, cloud infrastructure, and over time, quantitative biomarkers and AI-enabled clinical applications. We believe this platform has the potential to increase the value of our growing installed base while providing physicians with objective, reproducible information to support more personalized breast health management. I will turn the call over to our CFO, Jay Jennings, to review our financial results. Jay?

Jay Jennings
Jay Jennings
CFO at QT Imaging

Thank you, Raluca, and good afternoon, everybody. Revenue for the second quarter of 2026 was $7.4 million, an increase of 103% compared with $3.7 million for the second quarter of 2025. The increase was primarily attributable to the shipment of 15 Breast Acoustic CT scanners in the 2026 quarter, compared with eight in the prior year quarter. Gross margin was 41% for the second quarter of 2026, compared with 50% for the second quarter of 2025. The gross margin for the second quarter of 2026 was in line with our projections for sales in the U.S. The higher prior gross margin reflected a lower weighted average cost of inventory sold. Total operating expenses for the second quarter of 2026 were $4.9 million, compared with $2.9 million a year ago, with the increase reflecting higher employee compensation and benefits, professional service costs, and marketing expenses.

Jay Jennings
Jay Jennings
CFO at QT Imaging

Operating loss for the second quarter of 2026 was $1.9 million, compared with an operating loss of $1.0 million for the second quarter of 2025 and $2.3 million for the first quarter of 2026. The net loss for the second quarter of 2026 was $11.1 million, compared with a net loss of $4.0 million for the second quarter of 2025. The second quarter 2026 net loss included an $8.3 million non-cash loss on debt extinguishment and modification associated with the amendment of our senior secured term loan with Lynrock Lake. Accounts receivable was $7.4 million as of June 30th, 2026, primarily from the shipment of 15 scanners during June 2026, compared to $5.8 million as of December 31st, 2025, primarily from the shipment of 12 scanners during December 2025. The accounts receivable of $7.4 million was paid during the beginning of August 2026.

Jay Jennings
Jay Jennings
CFO at QT Imaging

Accordingly, as of August 7, 2026, cash and restricted cash totaled approximately $14.2 million, compared with approximately $11.0 million as of June 30th, 2026. Please see our Form 10-Q filed earlier today for further details regarding our second quarter and first-half financial results. During the quarter, we amended our credit agreement with Lynrock Lake, extending the maturity date of the $10.1 million senior secured term loan by two years, from March 31st, 2027 to March 31st, 2029, and increasing the interest rate from 10% per annum to 12% per annum. Now turning to 2026 financial guidance. We are affirming our expectation for revenue of approximately $39 million for the year, more than double 2025 revenue. This guidance is based on the expected shipment of scanners under distributor minimum order quantities as well as expected contributions from our direct sales efforts. I'll turn the call back to Raluca.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Thank you, Jay. As we look ahead, we believe QT Imaging is entering an important next phase. We have demonstrated commercial growth, expanded our U.S. and international infrastructure, strengthened our clinical and regulatory foundation, and continue to advance the QT Imaging platform. Our priorities for the remainder of 2026 are clear. One, accelerate commercial adoption and installed base growth. Two, strengthen our clinical and scientific evidence. Three, expand global market access. Four, advance our quantitative imaging platform. Five, to continue scaling the business with operational discipline. We believe execution across these priorities position us well as we move towards 2027 and continue building QT Imaging into a leading quantitative breast imaging company. Thank you for your interest in QT Imaging and for your continued support. With that, we are ready to take questions. Operator?

Operator

We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Jeffrey Cohen with Ladenburg Thalmann. Please go ahead.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Good afternoon, Raluca and Jay. Hope you're doing well. We've got a few questions. Firstly, you did mention Pakistan at the beginning of the call. Could you bring us up to speed on what's going on there?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Hi, Jeff. Thank you so much for joining the call. Great to hear you. We do have a sales agent agreement in Pakistan with a woman-led company that is called Re-invent Pharma, and we do have a few systems that will hopefully go in the next few months towards that geography. FDA clearance is appropriate for Pakistan, so we do not need an additional regulatory clearance. That is the plan, Jeff. Thank you so much for asking.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Okay, got it. Could you talk about U.S. and the back half of the year and commercial activity as well as your few commercial adds internally and how that may work domestically with QT Imaging Holdings as well as with NXC Imaging in the U.S.?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Absolutely. We are executing against our plan for shipments in the United States. We shipped this quarter 15 scanners, and we do plan to ship another 15 scanners and 17 respectively from Q3 and Q4 in the United States, obviously through very strong partnership with NXC Imaging. We did move on, as we discussed last quarter, Jeff, with us starting to strengthen our direct sales team. We do see progress with our direct sales team selling into at least two segments, definitely imaging centers and hospitals. It is more of a solution sale, a technical sale, clinical sale in those segments. Thus, we have brought in the two very experienced sales VPs to cover the East Coast and the West Coast.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

We are not going to continue to hire up until we get our feet on the ground and the two sales managers start selling and growing the business in the U.S. We do plan to have our direct sales taking on the responsibility in 2027 and ahead, obviously with the support from NXC and other distribution partners as they move into 2027. Did I answer your question?

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Yeah. Perfect. Couple more, if I may.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Sure.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Cadence on back-half placements for this year, would you expect a ramp through Q3 and Q4, or would you expect them to be fairly even?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Jeff, I had a hard time hearing the beginning of your question. Could you please repeat?

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Oh.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

No worries.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Back-half placements for the back half of the year, Q3 versus Q4, would you expect a gradual increase?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Correct

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

through the next two quarters or even?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

We do expect an increase in the placements in Q3 and Q4, and our team will help NXC team through that.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Got it. Okay. One for Jay, if I may, Jay. Back half OpEx, is that $5 million number going to be fairly flat for the second half of the year per quarter?

Jay Jennings
Jay Jennings
CFO at QT Imaging

Yeah. We anticipate it going up a little bit with the hiring of the sales team, as well as shifting of some of the clinical studies expenses from the first half of the year into the second half of the year.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Got it. Okay. Lastly, Raluca, you mentioned a QT versus MRI 100-patient study. Is that a new study, and what do you expect to derive from that as far as coding or reimbursement down the road?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Jeff, it's a new study at Mayo, and what we're looking out of the results is the following. Number one, to make sure that all the findings from MRI are discovered by QT. Second, to reduce the number of biopsies. So, reducing the BI-RADS 4 findings to BI-RADS 3. If the woman is a BI-RADS 3 category, there's no need for her to get the biopsy. So that's the goal for that study. All this data would be recorded under the category 3 CPT code, reimbursement code, starting on January 1, 2027.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Okay. You would not expect any additional or add-on codes to the cat III starting in January?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Not for now. We have to start recording all the data against our code, Jeff, before we can improve or add to the reimbursement strategy.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Okay. Lastly for us, the facility in Petaluma, have you 100% completely moved to that facility, or you're still operating the two in California?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

No, we are operating the two. Very good question. We are operating the two. We got the keys for the facility this week. It will take us about a month, a month and a half to be moved completely there. We do plan to finish, Jeff, the production in our Novato facility. We do not bother the shipments for Q3 and then to have our shipments for Q4 out of Petaluma facility.

Jeffrey Cohen
Jeffrey Cohen
Managing Director of Equity Research at Ladenburg Thalmann

Perfect. That does it for us. Thanks for taking the questions.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

No, thank you so much. I appreciate it. Thank you very much, Jeff.

Operator

Our next question comes from Ben Haynor with Lake Street Capital Markets. Please go ahead.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

Hi. Good afternoon, Raluca and Jay. Thanks for taking the questions.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Hey. Hi, Ben. Thank you so much for being in our call. Thank you so much for listening to us.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

No problem. First off, just kind of following up on the direct sales force. It sounds, if I'm hearing you correctly, that you'll excuse me, begin to add some additional folks as sales materialize beyond from the gentleman that you've recently hired. Am I hearing you correctly there? And then I know you provided quite a bit of detail on who the targets are, but is there anything else worth sharing on the direct sales strategy?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Ben, thanks for asking. We have now three very senior sales guys who joined the team. We got ourselves set up in Salesforce. We have leads, and we got ourselves operational from the back end of the organizing the sales. These guys are extremely experienced, and they'll start bringing in opportunities through 2026. I do not foresee any additions to the team in 2026 for two reasons. Number one, we're trying to keep track of our operational costs, obviously. The second one, the strategic direction from the team was to collect enough information about the two market segments that this direct sales guys will address, the imaging centers and the hospitals, and obviously, still selling into the functional medicine space. We absolutely respect that segment too. But to get all the data points and know exactly what we need to hire in 2027, if we so decide.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

Okay, got it. That's helpful. Congrats on the Israeli clearance. Just wondering what the commercialization strategy is there. Is that something where you do yourself? Do you sign a distribution agreement? The study that you have planned there, it sounds like high-risk longitudinal data. Anymore, how many women, how long on the data? That'd be great to hear.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Absolutely. Ben, yes, we are extremely pleased with the fact that Rambam Health Care Campus has accepted our offer for a clinical study. We are going to focus exactly as you said, on high-risk women and longitudinal study, but also on trying to understand the standard of care in Israel and what else can be added with our technology within their standard of care. These are the two dimensions for the clinical study. To answer your question, we are exploring a relationship with a distributor in Israel. We would like to go through that, and we'll report back in the next call. The plan is to have a partnership with a distributor in Israel.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

Okay, got it. On international, I guess, any more countries in the works beyond Israel, Pakistan, that you mentioned on the call and the existing Gulf states?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Ben, we're trying to stay away from the missiles and the conflict there. We are looking into Bahrain and Qatar. These are the two additional countries for us to seek regulatory approval. Certainly now we are focused on building the business in Saudi Arabia, U.A.E, and Israel. That's the next two, Qatar and Bahrain, and then full focus on CE and MDR for next year.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

Okay. Got it. Just, I do not know if there is any more you can share or anything you can share on the utilization on the installs that you are seeing. Is it still sticking at the same kind of level? Any movement there? What can you tell us?

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

We do see a slow move, it is never as fast as we wanted, Ben, of implementation of the scanners or sharing of the scanners all the way to the customer. This is why Satrajit and his two hires will focus on helping NXC Imaging. NXC Imaging is making progress on having the scanners at the customers. We do feel that even for the functional medicine space, we need to help. For the next five months, we will focus on helping NXC Imaging, having all those scanners at the customers.

Ben Haynor
Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets

Okay. Excellent. Well, thank you so much for taking the questions, and congrats on all the progress.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

I appreciate it. Thank you so much, Ben. Thank you for taking the time to be with us.

Operator

This concludes our question and answer session. I would like to turn the conference back over to Dr. Raluca Dinu for closing remarks.

Raluca Dinu
Raluca Dinu
CEO at QT Imaging

Thank you very much. I want to thank everyone for joining us today and for your continuing interest in QT Imaging. We are energized by our progress and remain focused on disciplined execution during the second half of the year. We look forward to discussing our continued progress during our next conference call when we report third quarter results. Until then, have a nice evening. Thank you so much.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Executives
    • Tirth Patel
      Tirth Patel
      Head of Investor Relations
    • Raluca Dinu
      Raluca Dinu
      CEO
    • Jay Jennings
      Jay Jennings
      CFO
Analysts
    • Jeffrey Cohen
      Managing Director of Equity Research at Ladenburg Thalmann
    • Ben Haynor
      Managing Director of Medical Technology Research and Senior Research Analyst at Lake Street Capital Markets
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