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Date : 24/08/2021

Nanosonics Ltd. Share Price soars On ASX After Record Growth in FY21

Nanosonics Ltd. engages in the research, development, and commercialization of infection control and decontamination products and related technologies. Its products include trophon EPR, trophon technology, and trophon2.

Why is Nanosonics Share Price flying high today on the ASX?

Today, Nanosonics reported their FY21 results and markets have reacted positively – sending the NAN stock price up 21.9%. Total revenue for the year was $103.1 million, up 3% compared with the prior corresponding period. In constant currency, total revenue was up 12% compared with the prior corresponding period. Importantly, H2 saw a significant recovery as market conditions improved resulting in total revenue of $60.0 million, up 39% compared with H1. In constant currency terms, H2 revenue was up 50% compared with H1. The highlights from the announcement were:

  • Global installed base up 13% (3,030 units) to 26,750. H2 new installed base up 20% compared with H1 with 1,650 units installed.
  • Full year consumables and service revenue of $76.4 million, up 9% on prior corresponding period.
  • Significant increase in trophon® opportunity in North America resulting from increased estimate of Total Addressable Market, revised up to 60,000 units from 40,000 units, reflecting growth in the ultrasound market over the last eight years.
  • Continued investment in strategic growth agenda with operating expenses up 12% to $70.8 million. Operating expenses increased in H2 compared with H1 as market conditions improved, with Q4 expenses of $20.3 million reflecting a return to intended investment run rate.
  • Operating profit before tax of $11.0 million, compared with $12.4 million in prior corresponding period. H2 profit before tax of $10.8 million as total revenue increased 39% in H2 compared with H1.
  • Free cash flow for the year of $5.9 million, with H2 free cash flow of $8.3 million offsetting net cash outflow of $2.4 million in H1.

In addition to the strong performance, there has been a new product launch – Nanosonics Coris and this is the reason why NAN shares have skyrocketed. The product provides flexible endoscope cleaning. They also launched a new digital product platform, Nanosonics AuditProTM, delivering a unique new digital workflow compliance management system with potential applicability across a range of medical instruments.

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