Up almost 17% in a month, what’s up with Nanosonics (ASX:NAN) lately?

November 25, 2022 01:00 PM AEDT | By Sonal Goyal

Up almost 17% in a month, what’s up with Nanosonics (ASX:NAN) lately? — Image source: © Pattanaphongphoto | Megapixl.com

Potential reasons behind Nanosonics’ monthly share price rise

In the past one month, the only major update that the company shared was its 2022 annual general meeting (AGM) update. The AGM update included the trading update for the first four months of the financial year 2023 (FY23).

Michael Kavanagh, CEO and president of Nanosonics, said that the company had achieved some significant milestones over the last year, such as

Transitioning to direct operations in North America.
Continuous investment in the geographical expansion plans across the Asia Pacific and Europe. As reported, the fundamentals for market growth are improving in these two markets.
The commitment to research and development to expand product portfolio.

As reported in AGM, the total revenue of Nanosonics increased by 17% over FY21 to AU$120.3 million. The installed base grew by 12%, and capital revenue surged 41% to AU$37.7 million. The consumables/service revenue grew by 8% over FY21.

While talking about the performance during the first months of FY23, Kavanagh said,

During the stated period, the total revenue increased by 42% to AU$52.6 million, with a 63% rise in capital revenue and a 35% increase in consumables/service revenue. Upgrades continued their momentum as they increased by 51% over the prior corresponding period.

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