Why the Nanosonics (ASX:NAN) share price is edging higher today

Here's why the Nanosonics Ltd (ASX:NAN) share price is pushing slightly higher on Friday…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Nanosonics Ltd (ASX: NAN) share price is trading ever so slightly higher on Friday after the release of an announcement.

In late morning trade the infection prevention company's shares are up a touch to $6.45.

What did Nanosonics announce?

This morning Nanosonics announced that I-MED Radiology Network has signed an agreement to upgrade their entire fleet of over 200 trophon EPRs to the new trophon2.

According to the release, I-MED is Australia's largest and one of the world's most respected imaging specialist groups.

It was also one of the first adopters of trophon EPRs and today is the largest user of the trophon technology in Australia.

In addition to upgrading its entire trophon EPR fleet, I-MED is further expanding its trophon installed base. This is to ensure all clinics in their growing network have a group wide standardised practice for automated high level disinfection of ultrasound transducers, as well as state of the art disinfection traceability.

Nanosonics' CEO and President, Michael Kavanagh, commented: "We are proud to continue our partnership with I-MED as they upgrade their entire fleet of over 200 trophon EPRs to the new trophon2. The trophon2 brings enhanced clinical workflow as well as full traceability for ultrasound probe decontamination to their entire network."

"Nanosonics has over 24,000 trophon units installed globally, the majority of which are the first generation trophon EPR model. In 2018 Nanosonics introduced the trophon 2 model which delivers a range of important benefits to customers across usability, clinical efficiency and traceability. These customer benefits present a significant opportunity for upgrades from the trophon EPR to trophon 2 over time," added Mr Kavanagh.

The company didn't provide any details in relation to the financial impact of the move, nor did it say when the upgrade will commence or complete.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »