The Nanosonics Ltd (ASX: NAN) share price has surged 9.38% higher to $5.60 in lunchtime trade. This jump comes after the company released a business update for the first 4 months of the 2021 financial year.
What did Nanosonics announce?
Nanosonics reported that sales of consumables, including its Sonex and NanoNebulant products, were up 4% in the 4 months to 31 October 2020 compared to the prior corresponding period (pcp). Additionally, sales of the same products were up 25% in the 4 months to 31 October 2020 when compared with the last 4 months of the 2020 financial year, during which the major impacts of COVID-19 were experienced.
Further highlights quoted in the report included:
- In the four months to 31 October 2020, the number of new trophon units installed was 91% of the pcp with North America at 90% and EMEA at 119%
- The number of new trophon units installed in the first four months of FY21 was up 16% compared with the last four months of FY20. During this period, North America was up 14% and EMEA was up 64%.
Nanosonics CEO Matt Kavanagh commented on the outlook for the company, stating;
"Despite ongoing periods of uncertainty we remain optimistic about the future and investments in our growth agenda continue across the business as we look to further expand our geographical footprint and product portfolio."
The company stated that it would release a more detailed business update at its AGM, scheduled for 24 November 2020.
About the Nanosonics share price
Nanosonics is a biotechnology company that specialises in technology for infection control. Nanosonics has been listed on the ASX since 2007.
In the year to 30 June 2020, Nanosonics had revenue of $100.1 million, an increase of 19% compared to FY19. The company had a net profit after tax of $10.1 million in the 2020 financial year, down 26% compared to the 2019 financial year.
The Nanosonics share price is up 38.15% since its 52 week low of $4.01, however, it is down 12.89% since the beginning of the year. Over the past 12 months, the Nanosonics share price has fallen 21.19%, compared to a drop of 10.1% for the S&P/ASX 200 Index (INDEXASX: XJO).
