The Nanosonics Ltd (ASX: NAN) share price printed a record high of $7.39 today despite the ultrasound disinfectant business not releasing any specific news to the market. It’s due to hold its AGM in Sydney on November 18 and investors may be bidding it higher in anticipation of a positive trading update.
The shares are up around 130% over just the last year after the group more than doubled net profit to $13.6 million on revenue of $84.3 million for the financial year ending June 30 2019. Its core U.S. market saw 19% growth in unit sales with the group expanding into other overseas markets such as Norway, Denmark, Finland, Spain, Portugal, Switzerland and Israel over the prior financial year.
Nanosonics’ Trophon 2 medical device is reportedly a market-leading product that helps it command price premiums and maintain healthy margins.
Its balance sheet is strong with no debt and $72 million cash on hand as at the end of the last financial year.
The group is forecasting more growth in FY 2020, with profits skewed to the second half.
The post Why the Nanonsonics share price just hit a record high appeared first on Motley Fool Australia.
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The Motley Fool Australia owns shares of and 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.
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