The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Medi-tech company Nanosonics’ profits after tax for FY19 is up 137 per cent
  • Sales jumped 39 per cent over the financial year, with sales recorded in North America, Europe, the Middle East and the Asia Pacific
  • Nanosonics’ share price is up 35.31 per cent today, currently sitting at $6.63 apiece

Nanosonics is leading the ASX’s gainers list today, after announcing its profits after tax jumped 137 per cent during the 2019 financial year.

The medi-tech company is behind the trophon technology, which is designed to prevent cross-infections from ultrasound probes.

On top of soaring profits, Nanosonics sales increased 39 per cent on the previous year. Sales increases were recorded in North America, Europe, the Middle East and in the Asia Pacific.

The company expanded into several new markets over the year, including Norway, Denmark, Finland, Spain, Portugal, Switzerland and Israel. Additionally, it recently acquired regulatory approvals in Japan.

CEO and President of Nanosonics Michael Kavanagh said: “There were significant achievements across all aspects of our growth strategy including strong growth in the trophon installed base.”

Sales of the trophon installed base increased 18 per cent to 20,930 units. According to the company, this equates to 18 million patients per year using the device.

During the 2020 financial year, Nanosonics forecasts growth in North America will progress similarly to the 2019 financial year. Additionally, investment in Europe, Japan and the Asia Pacific will continue.

Subject to regulatory approval, the company expects it will distribute its new product at the end of the current financial year.

Nanosonics’ share price is up 35.31 per cent today, currently sitting at $6.63 apiece, as of AEST 4:00 pm.

NAN by the numbers
More From The Market Herald

Fortescue powers ahead with green energy investments, approving projects in US & Australia

Fortescue Metals Group (ASX:FMG) has achieved a significant milestone by securing Board approval for an FID…

Fortescue rapidly expands US presence with green energy investments

Fortescue Metals Group (ASX:FMG) is set to rapidly expand its presence in the United States, buoyed…

AMP shares sink amid news of new digital bank for Australia

AMP Limited (ASX:AMP) is bringing a new digital bank to Australia in partnership with the UK's…

Lithium giant Livent wins approvals to snatch up Allkem

Allkem (ASX:AKE) shares climbed more than seven per cent to $9.28 at lunchtime today as Canberra…