Nanosonics (ASX: $NAN) H1 FY24 Report Highlights

Nanosonics Limited (ASX: $NAN) has reported sales of $79.6 million for the half-year ended 31 December 2023, with a global installed base of trophon ultrasound probe disinfector increasing by 1,100 units to approximately 33,550 units. The gross profit was $63.4 million, and the gross margin as a percent of sales increased to 79.7% compared with the prior corresponding period. Selling and general expenses increased to $32.3 million, mainly due to annualisation of staffing costs driven by new hires in the prior period and the impact of annual inflation. Research and development expenses increased to $16.2 million, mainly due to increased investment in preparation for the commercialisation of the Company's new endoscope reprocessing platform, CORIS®. Other income for the period was $815,000, including $764,000 grant revenue associated with the New South Wales Jobs Plus Program. The Company's cash and cash equivalents at 31 December 2023 totalled $118.3 million, providing a strong balance sheet for the Company to continue executing on its growth strategies.

Executive Commentary on H1 FY24 Performance

The Company's performance in the first half of FY24 reflects our continued commitment to innovation and growth. We are pleased with the increase in the global installed base of trophon ultrasound probe disinfector, which demonstrates the growing adoption of our infection control and decontamination products. The increase in research and development expenses is a strategic investment in the commercialisation of our new endoscope reprocessing platform, CORIS®, which we believe will further strengthen our product portfolio and drive future growth. The grant revenue associated with the New South Wales Jobs Plus Program has also contributed to our financial performance, supporting our efforts to create new jobs and invest in new manufacturing and research & development facilities. The strong cash position provides us with the financial flexibility to pursue our growth initiatives and create long-term value for our shareholders.

Summary of Nanosonics (ASX: $NAN) H1 FY24 Report

Nanosonics Limited (ASX: $NAN) has reported a solid performance in the first half of FY24, with sales reaching $79.6 million and the global installed base of trophon ultrasound probe disinfector increasing by 1,100 units to approximately 33,550 units. The Company's focus on innovation is evident from the increased investment in research and development, particularly in preparation for the commercialisation of the new endoscope reprocessing platform, CORIS®. The grant revenue associated with the New South Wales Jobs Plus Program has supported the Company's efforts to create new jobs and invest in new manufacturing and research & development facilities. With a strong cash position of $118.3 million, Nanosonics is well-positioned to continue executing on its growth strategies and drive long-term value for its shareholders.