Nanosonics meets revenue guidance, shares lift
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The news: Medical equipment maker Nanosonics has posted a drop in full-year profit but a strong second half performance limited the decline.
The numbers: Profit for the year to June slumped 34.8% to $12.97 million, better than analyst expectations.
Revenue rose 2% to $170 million, near the top end of its guidance range, while gross margin eased to 77.9%. The company will not pay any dividend for the year.
Nanosonics shares were up more than 8% at $2.92 in early trading on the ASX.
The context: Nanosonics CEO Michael Kavanagh said there was a considerable improvement in sales during the second half, despite ongoing capital budget challenges faced by hospitals.
That helped reverse the impact of a poor first-half. The group says growth opportunity for its Trophon disinfection device remains significant, and is targeting revenue growth of 8% to 12% for FY25 with a gross margin of 77% to 79%.
What they said: “The growth opportunity for Nanosonics remains significant given the growing pipeline and and ever-increasing emphasis on infection prevention,” Kavanagh said.
The source: ASX announcement
