Nanosonics Limited (ASX: NAN) had its Annual General Meeting on November 9, 2018, i.e. today. Strengthening its position internationally, NAN has delivered an outstanding series of milestones virtually across all dimensions of the business. Company is well positioned to leverage its success and provide effective and innovative infection control solutions to new market segments and various geographies. NAN’s leadership in the field of ultrasound automated reprocessing continues its growth story with its success backed by the successful launch of trophon2 in the international markets. At present various new programs in the Nordics and the Middle East are being initiated by NAN. NAN is also focusing on business development in Japan. Company’s presence in key international markets have shown tremendous growth and is showing enough growth potential for the future, while the entry into new markets remains as the key focus for years ahead.
NAN has posted transformative growth over the period of last five years. Ever since its inception till the current date, NAN has received substantial support from the investment community with initial investments received by Brandon Capital, 3M Corporation and indeed GE as it progressed its journey. With its global footprint and focus on new markets, NAN today has marked itself under ASX 200 Company with a market capitalization of $953.31m. NAN has established itself as the market leader in ultrasound reprocessing in Australia, with more than 90% of its sales being exported to 19 countries.
While addressing the shareholders and all team members of NAN, Chairman Mr. Maurie Stang presented some key highlights of the year 2018. The most significant achievement for the year 2018 was the completion of the developmental work on trophon2. NAN received the regulatory filing and approval in the last quarter of FY 2018 and subsequent launch in the first quarter of FY 2019. Cash position remained strong for FY 2018. NAN strategic growth is underpinned by its increasing investment in sales, marketing, service and operations. With a promising internal pipeline of technology innovation, NAN is also seeking an opportunity to expand its strategic relationships as well as exploring potential partnerships with companies around the world to have all license and acquire excellent technologies that may support the company to its overall mission.
NAN is expected to continue to generate an increasing level of free cash flow in future and the strong cash reserves will help NAN to stand in a very uncertain world where it can determine its growth priorities and get them executed as a function of its own financial strength. Trophon was recognized for its environmental excellence, winning the Environmental Solutions Award at the Premier’s NSW Export Awards in 2017. This year, 2018, NAN has bagged an award under the Health and Biotechnology category which recognizes the outstanding success.
At present, NAN has approximately 4000 hospitals and healthcare facilities including all the top 50 hospitals. As on June 30, 2018, NAN has a significant installed base. Growing support from the leading ultrasound OEMs and expansion in new markets and geographies will boost the growth potential for the company in near term. As on November 09, 2018, NAN holds market cap of $ 953.31m and is trading at the levels of $3.22 (up 1.3%) after making day low of $3.12 on November 09, 2018 (3:20 PM AEST).
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