Nanosonics Limited (ASX: NAN) – Infection control Specialist reported significant decline in profits

Infection control Specialist reported - ASX:NAN

Ahead of launching 2nd generation trophon platform device, trophon2, in North America and Europe, the infection control specialist, Nanosonics has come up with the full year results release for the period ending 30 June 2018.

On Monday, 20 August 2018, the company posted FY18 operating profit before tax of $5.6 million, compared with $13.9 million in the prior year as total sales of $60.7 million went down by 10% on prior year. This downward shift in revenue is driven by reduction in capital revenue and customer deferring purchases associated with advanced disinfection device, trophon2.

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Global installed base increased by 25% to 17,720 units which comprises of 26% growth in North America to 15,620 units and 49% growth in Europe to 730 units. Total revenue of the group includes contribution from North America, Europe/Middle East and Asia Pacific, of $54.4 million, $3 million and $3.3 million, respectively.

Michael Kavanagh led company underwent management change in Europe and Middle East region with the aim to expanding its geographical boundaries. At the back of lower profits earned during the past 12 years, the board of directors did not recommend declaration of any dividend to its shareholders for FY18.

Beside achieving significant growth in global installed base, the company aims to establish the trophon technology as the standard of care. The company also anticipates new unit growth of 75% to 100% over FY18, resulting from continuous growth of MES program in UK. The operating expenses are expected to reach approximately $52 million in FY19. Based on ongoing development of new infection prevention solutions, company aims to launch one or more new products by the end of FY20.

Following to trophon2 approval received in April and June of FY18 for USA and Europe, respectively, the company has launched next generation device Trophon2 in first quarter of FY19. It is a next generation disinfection device which promises to provide the most advanced ultrasound high level disinfection solution in the world.

On the date of releasing FY18 results, Nanosonics’ (ASX: NAN) share price drifted down by 1.425% to $3.46.

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