Full Year 2024 Nanosonics Ltd Earnings Call Transcript
Key Points
- Second-half revenue increased by 14% compared to the first half, indicating a strong recovery.
- The trophon business alone delivered a profit before tax of $40.4 million, representing 24% of sales.
- Nanosonics Ltd (NNCSF) has a strong cash position with $130 million in cash and cash equivalents and no debt.
- The company has reached 50% market penetration in North America for its trophon units, with strategies in place to access the remaining market.
- Significant progress in regulatory and market expansion efforts, including a new partnership with Ecolab in France and ongoing efforts in Japan and China.
- First-half revenue was negatively impacted by hospital budget constraints, leading to an overall modest annual revenue growth of 2%.
- Operating expenses increased by 10% year-over-year, impacting overall profitability.
- Gross profit margin decreased to 77.9%, down 0.8 points from the previous year, partly due to a one-off slowdown in manufacturing.
- The upgrade opportunity outside North America is limited due to the lower installed base of older devices.
- The CORIS device is still undergoing FDA approval, with no revenue contribution expected in FY25, while continuing to incur significant R&D and commercialization costs.
Thank you for standing by, and welcome to the Nanosonics Limited 2024 full-year results call. (Operator Instructions). I would now like to hand the conference over to Mr. Michael Kavanagh, Managing Director and CEO. Please go ahead.
Thank you very much, and a very good morning, everybody. And thank you, all, for joining this morning. I understand how busy everybody is this time of the year.
I'm joined today by Jason Burriss, our CFO, who you will hear from shortly to take you through the details of the financial results for the year. But before that, I think while the impact of the hospital capital budget restrictions on our capital sales in the first half are well understood, a central theme for the full-year results, I think, is the turnaround in performance in the second half over the first half.
We saw our second-half revenue of $90.4 million, up 14% on the first half. And of course, then that's what (technical difficulty) half was
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