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- Infection prevention company, Nanosonics’ (NAN) unaudited sales were up significantly higher for the third FY20 quarter, compared to the previous corresponding period
- The company attributes the growth to more awareness and understanding of ultrasound probe decontamination
- Nanosonics also reported consumable sales are in line with its pre-COVID-19 expectation
- Nanosonics’ flagship technology, trophon, reduces cross-contamination and the spread of infections
- Unfortunately however, the COVID-19 crisis has impacted direct access to hospitals meaning installation of trophon will be delayed
- Due to these delays, Nanosonics is uncertain of the impacts on its fourth quarter performance but ultimately expects a much smaller growth, if any
- Nanosonics is down 3.08 per cent on the market this morning, trading at $5.98 per share
Nanosonics’ (NAN) unaudited sales were up significantly higher for the third FY20 quarter, compared to the prior corresponding period.
The infection prevention company says the growth is due to increased awareness and understanding of the importance of ultrasound probe decontamination.
Nanosonics develops technologies that are set to improve practices for prevention infections. Its flagship technology, trophon, reduces cross-contamination between patients and reduces the spread of Healthcare Acquired Infections (HAIs).
The company also reported that its consumable sales are in line with pre-COVID-19 expectations for the third quarter. The potential impact the pandemic will have for the fourth quarter is uncertain at this stage.
Understandably, the direct access to hospitals is becoming limited, due to the rush of infected patients, finding a cure and reducing the risk, therefore hospitals wanting trophon have had to delay the installation.
How much of a delay this would be is uncertain at this stage, therefore overall growth for the fourth quarter could be lower than expected.
However, the company has measures in place for digital communication and engagement. Nanosonic’s staff are helping with on-site installation of trophon, while taking the necessary safety precautions.
“Now more than ever the importance of infection prevention has gained prominence not only within the healthcare community but across the broader community,” CEO Michael Kavanagh said.
“Our focus is on the safety of our employees as well as the support for our healthcare customers and their patients,” he added.
Nanosonics has a strong balance sheet with cash reserves of $82 million (as from the end of 2019). The company says the net impact on revenue is uncertain for the fourth quarter and therefore 2020 financial year.
“During this challenging time, we acknowledge the efforts of the Nanosonics team, our suppliers as well as the important work of the healthcare community,” Michael told the market.
“We are committed to doing everything we can as an infection prevention company to help all stakeholders during these unprecedented circumstances,” he said.
Nanosonics is down 3.08 per cent on the market this morning, trading at $5.98 per share.
