Nanosonics shares lift on strong second half performance
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More news: Shares in Nanosonics jumped nearly 7% to $3.36 in early trading on the ASX after the medical devices maker said full-year revenue and margins would be near the top end of the guidance range after a strong second half performance.
The company said second-half revenue was up 15% from the first half to $90.4 million, taking full-year revenue to $170 million.
Nanosonics reaffirms guidance after strong second half
The news: Medical devices maker Nanosonics has reaffirmed its full year guidance after reporting strong second half revenue on the back of additional offerings and growing order pipeline.
The numbers: The company said second-half revenue was up 15% from the first half, to $90.4 million, within the company’s 6% to 15% guidance in February. As a result, full-year revenue is likely to be $170 million, near the top end of its guidance range. It also expects gross margin to be at the upper end of the 76% to 78% range.
The context: Nanosonics CEO Michael Kavanagh said sales conversion timelines improved in the second half despite a challenging market environment. The growth opportunity for the company’s Trophon disinfection device remains significant, he said.
The company delivered 2,130 units in the second half, up 24% from the first half, as sales conversion improved in its main North American market despite hospital capital budget constraints.
The source: ASX announcement
