The Nanosonics Ltd (ASX: NAN) share price is wobbling in morning trade, following an announcement made this morning that the company is set to launch a new infection prevention digital product platform, known as AuditPro.
At the time of writing, Nanosonics shares are down 0.67% to $5.93 apiece.
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What did Nanosonics announce today?
According to Nanosonics, its new digital-based platform AuditPro "provides you with real-time intelligence on ultrasound probes, operators, and infection control events to manage infection prevention practices across your organisation."
AuditPro operates via a mobile scanning device that also comes with a subscription to a browser-based application. The company says the platform has potential application across a range of medical instruments, for traceability, reporting and compliance, and also highlights it will provide a new revenue stream.
Nanosonics chief executive officer and president Michael Kavanagh said:
With the introduction of Nanosonics AuditPro, together with our existing trophon technology and other product developments currently progressing through our R&D program, Nanosonics continues to focus on the delivery of a portfolio of innovative infection prevention solutions to market.
AuditPro is expected for release at the Association for Professionals in Infection Control (APIC) on 28 June 2021, with a full rollout across the US anticipated for July 2021.
About the Nanosonics share price
The Nanosonics share price has gained almost 7% over the past month, but is in the red 28% year-to-date at the time of writing. Over the previous 5 days, Nanosonics shares have gained 1.7% at the time of writing.
The company also has a market capitalisation of around $1.8 billion at the time of writing, and trades at a price-to-earnings ratio (P/E) of around 312. Currently, Nanosonics shares are trading below their 52-week high of $8.25.
