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Nanosonics Ltd. (NAN) Shares Drop On 79% Profit Fall In FY18 Report

Nanosonics Ltd. (ASX: NAN) released its 2018 financial results to the market today revealing a 10% fall in revenue.

Nanosonics’ ultrasound disinfectant device aims at reducing cross contamination between patients and reducing the spread of Healthcare Acquired Infections.

Here are some of the highlights from its report:

  • Revenue down 10% to $60.7 million
  • Gross profit margin increased by 1% to 75%
  • Net profit before tax down 60% to $5.6 million
  • Net profit after tax fell 79% to $5.8 million

The Nanosonics share price is down 5.7% in early trade, so what was announced appears to have been under investor’s expectations.

However, Nanosonics CEO Michael Kavanagh remained upbeat about the company’s progress: “By 30 June 2018, the global installed base (IB) grew by 25% to 17,740 units with North American IB growing 26% to 15,620 units and Europe up 49% to 730 units.”

The company’s second generation device, trophon2, will be launched in FY19. In the key US market, Nanosonics entered into a new reseller agreement with GE Healthcare in North American, which comes into effect next year. Nanosonics said it will gain a material increase in both consumables sales and margin.

Nanosonics is aiming to make the trophon technology the standard of care for increasing regulation of infection prevention.

The Nanosonics share price has fallen by 7.5% in early trade according to Google Finance.

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