Nanosonics Limited (AU:NAN)
ASX:NAN
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Nanosonics Limited
(Sydney:NAN)
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Rating:68Neutral
Price Target:
AU$4.00
▲(6.67% Upside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by strong financial performance (high margins, improving profitability, and a low-leverage balance sheet) and a constructive earnings update with reaffirmed guidance and operating leverage. Offsetting these positives are weak technicals (broad downtrend with negative momentum) and a high P/E valuation without dividend support.
Positive Factors
Recurring revenue and installed-base growth
Nanosonics’ razor-and-blades model shows durable traction: a growing installed base (38,080 devices) and recurring consumables +9% YoY create predictable, usage-driven revenue. This supports long-term cash flow visibility and margin leverage as consumable pull‑through scales with procedures.
Negative Factors
Gross-margin headwinds from tariffs, freight and mix
Structural exposure to supply‑chain cost shifts, tariffs and freight can pressure Nanosonics’ otherwise high gross margins. If elevated logistics costs or adverse tariff regimes persist, margin compression could erode operating leverage and slow the pace at which revenue growth converts to free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue and installed-base growth
Nanosonics’ razor-and-blades model shows durable traction: a growing installed base (38,080 devices) and recurring consumables +9% YoY create predictable, usage-driven revenue. This supports long-term cash flow visibility and margin leverage as consumable pull‑through scales with procedures.
Read all positive factors
Nanosonics Limited (NAN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.17B
Dividend YieldN/A
Average Volume (3M)506.11K
Price to Earnings (P/E)31.3
Beta (1Y)0.44
Revenue Growth15.60%
EPS Growth58.74%
CountryAU
Employees466
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.03
Shares Outstanding303,290,860
10 Day Avg. Volume525,818
30 Day Avg. Volume506,110
Financial Highlights & Ratios
PEG Ratio0.95
Price to Book (P/B)5.85
Price to Sales (P/S)6.18
P/FCF Ratio34.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.23Price Target Upside12.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$211.45M
Nanosonics Limited Business Overview & Revenue Model
Company Description
Nanosonics Limited, together with its subsidiaries, operates as an infection prevention company in Australia and internationally. The company engages in the manufacturing and distribution of the trophon ultrasound probe disinfector, and its associ...
How the Company Makes Money
Nanosonics makes money primarily by selling its trophon installed base (capital equipment) and generating recurring revenue from consumables used in each disinfection cycle. Key revenue streams include: (1) Capital sales of trophon units: healthca...
Nanosonics Limited Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 01, 2026
Earnings Call Sentiment Positive
The call presented a substantially positive operational and financial picture: revenue and recurring revenue grew ~9% YoY, operating margin expanded materially (27%) with tight OpEx control, installed base and installations (20%) increased, and CORIS reached important regulatory and controlled release milestones. Headwinds cited were mostly external or transitional — FX volatility caused reported EBIT/PBT to dip slightly, gross margins were modestly compressed by tariffs, airfreight and product mix, and CORIS commercialization is driving incremental OpEx and near-term inventory investment. Overall, the company reaffirmed FY26 guidance (8–12% revenue growth at constant currency) and conveyed clear execution plans and balance-sheet strength, leaving the balance of information as net positive.Positive Updates
Revenue Growth
Total revenue of $102.2M for H1 FY26, up 9% year-over-year (8% in constant currency), driven by both recurring and capital streams.
Negative Updates
Gross Margin Moderation
Gross profit margin moderated to 76.3% for the half (down ~2.2 percentage points YoY), driven by U.S. tariffs, increased air freight costs and product mix impacts from capital/upgrades.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $102.2M for H1 FY26, up 9% year-over-year (8% in constant currency), driven by both recurring and capital streams.
Read all positive updates
Company Guidance
Nanosonics reaffirmed its FY26 guidance at constant currency, targeting revenue growth of 8–12% (H1 revenue $102.2m, +9% reported / +8% CC) with continued half‑on‑half capital unit growth and ongoing recurring revenue expansion; gross margin guidance is 75–77% (H1 gross margin 76.3%, gross profit ≈$78m), and the outlook assumes tariff rates remain at H1 levels and the August FX hedge rate (USD 0.65) — management noted an H2 AUD/USD of ~0.70 (after hedging) would reduce the revenue range by ~3%. OpEx discipline will continue (H1 OpEx +4% to $69.5m) while investing in priorities, supporting operating margin expansion (H1 operating margin +27% to $8.5m; EBIT $8.4m, -3% reported / +15% CC). The company remains debt‑free with cash $159.8m, modest H1 cash outflow ~$1.4m and ~$4m of buybacks executed, and expects CORIS commercialization activity to ramp into FY27.Nanosonics Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
80
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 207.39M | 198.93M | 171.56M | 167.51M | 119.73M | 101.83M |
| Gross Profit | 160.05M | 155.66M | 133.99M | 125.66M | 86.15M | 74.91M |
| EBITDA | 29.06M | 31.82M | 21.72M | 29.50M | 7.86M | 15.75M |
| Net Income | 20.56M | 20.68M | 12.97M | 19.88M | 3.74M | 8.58M |
Balance Sheet | ||||||
| Total Assets | 279.25M | 272.48M | 237.34M | 226.07M | 193.24M | 164.57M |
| Cash, Cash Equivalents and Short-Term Investments | 159.83M | 161.29M | 129.55M | 112.16M | 94.51M | 96.03M |
| Total Debt | 9.88M | 7.69M | 9.30M | 10.72M | 11.71M | 2.49M |
| Total Liabilities | 59.56M | 62.57M | 55.14M | 62.22M | 54.55M | 29.01M |
| Stockholders Equity | 219.69M | 209.91M | 182.20M | 163.86M | 138.69M | 135.57M |
Cash Flow | ||||||
| Free Cash Flow | 24.38M | 35.26M | 20.27M | 19.74M | -271.00K | 5.93M |
| Operating Cash Flow | 29.40M | 43.98M | 22.78M | 23.31M | 6.70M | 7.32M |
| Investing Cash Flow | -5.00M | -8.71M | -2.36M | -3.54M | -6.90M | -1.38M |
| Financing Cash Flow | -7.59M | -3.30M | -3.01M | -2.71M | -1.97M | -1.03M |
Nanosonics Limited Technical Analysis
Positive
3.75
Price Trends
3.64
Positive
3.87
Negative
4.02
Negative
Market Momentum
0.04
Negative
63.19
Neutral
91.95
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NAN, the sentiment is Positive. The current price of 3.75 is above the 20-day moving average (MA) of 3.56, above the 50-day MA of 3.64, and below the 200-day MA of 4.02, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 63.19 is Neutral, neither overbought nor oversold. The STOCH value of 91.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NAN.
Nanosonics Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$148.58M | 8.38 | 11.23% | 3.70% | -0.74% | 16.65% | |
68 Neutral | AU$1.17B | 31.27 | 9.57% | ― | 15.60% | 58.74% | |
63 Neutral | AU$127.42M | 7.70 | 14.03% | ― | 39.98% | -30.04% | |
56 Neutral | AU$203.83M | -47.06 | -3.80% | ― | 16.93% | 76.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | AU$61.04M | -59.43 | -1.32% | ― | 7.38% | 82.39% | |
44 Neutral | AU$99.06M | -6.27 | -54.48% | ― | 34.20% | -23.90% |
* Healthcare Sector Average
AU:NAN
Nanosonics Limited
3.86
-0.89
-18.74%
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Trajan Group Holdings Ltd
0.40
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AU:ARX
Aroa Biosurgery Ltd
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0.15
34.09%
Nanosonics Limited Corporate Events
Nanosonics Seeks ASX Quotation for New Employee Incentive Shares
Apr 2, 2026
Nanosonics Limited has applied for quotation on the ASX of 33,541 new fully paid ordinary shares issued on 30 March 2026. The new securities were issued under the company’s employee incentive scheme and will be quoted, indicating ongoing use...
Nanosonics Reports Lapse of 70,098 Performance Rights
Apr 2, 2026
Nanosonics Limited has reported the cessation of 70,098 performance rights, which lapsed after the specified performance or service conditions were not met or became incapable of being satisfied as of 30 March 2026. The lapse of these conditional ...
Nanosonics Advances On-Market Share Buy-Back Program
Apr 1, 2026
Nanosonics Limited has continued executing its on-market share buy-back program, reporting that it repurchased 142,097 ordinary fully paid shares in the latest trading day, bringing the total number of shares bought back so far to 3,805,734. The o...
Nanosonics Withdraws Appendix 3H After Administrative Error
Apr 1, 2026
Nanosonics Limited has withdrawn a previously lodged Appendix 3H notification concerning the cessation of securities after identifying an administrative error in the original filing. The company has notified the market that the earlier announcemen...
Nanosonics Cancels 70,098 Lapsed Conditional Rights
Apr 1, 2026
Nanosonics Limited has informed the market of a change in its issued capital, with 70,098 ordinary fully paid shares ceasing due to the lapse of conditional rights. The conditions attached to these rights were not met, or became incapable of being...
Nanosonics Updates Progress of On-Market Share Buy-Back
Mar 26, 2026
Nanosonics Limited, the ASX-listed infection prevention technology company, continues to focus on its core medical device and disinfection markets, where it supplies solutions to healthcare providers globally. The company’s securities trade ...
Nanosonics Provides Daily Update on Ongoing On-Market Share Buy-Back
Mar 19, 2026
Nanosonics Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The update confirms that the company is continuing to execute daily buy-backs as part of a previ...
Nanosonics Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 18, 2026
Nanosonics Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update, dated 19 March 2026, reports that a total of 3,076,985 shares had been repurchased prior t...
Nanosonics Seeks ASX Quotation for New Employee Incentive Shares
Mar 18, 2026
Nanosonics Limited has applied for quotation on the ASX of 14,945 fully paid ordinary shares issued on 13 March 2026 under its employee incentive scheme. The additional securities, to be traded under the existing NAN ticker, represent a modest exp...
Nanosonics Updates Market on Progress of On-Market Share Buy-Back
Mar 18, 2026
Nanosonics Limited has provided an updated notification regarding its ongoing on-market share buy-back of ordinary fully paid shares traded under the ASX code NAN. The latest filing shows that, as of 18 March 2026, the company has repurchased a cu...
Nanosonics Reports Daily Progress in Ongoing On-Market Share Buy-Back
Mar 12, 2026
Nanosonics Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program involving its ordinary fully paid shares. The latest filing reports that the company has bought back a cumulative 2,606,628 s...
Nanosonics Reports Ongoing Progress in On-Market Share Buy-Back
Mar 11, 2026
Nanosonics Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of the latest notification dated 12 March 2026, it had repurchased a cumulative total of 2,...
Nanosonics Issues Daily Update on Ongoing On-Market Share Buy-Back
Mar 9, 2026
Nanosonics Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company disclosed that it had repurchased a total of 2,310,812 shares prior to the la...
Nanosonics Updates Market on Progress of On‑Market Share Buy‑Back
Mar 8, 2026
Nanosonics Limited has provided an updated notification to the ASX confirming ongoing execution of its on-market share buy-back program for its ordinary fully paid shares. The company reported that it has repurchased a cumulative total of 2,104,65...
Nanosonics Wins First FDA 510(k) Clearance to Expand CORIS Endoscope Use
Mar 8, 2026
Nanosonics has secured its first U.S. FDA 510(k) clearance expanding the range of endoscopes that can be reprocessed using its CORIS disinfection system, building on an earlier De Novo clearance for the initial indication. The company is already p...
Nanosonics Ramps Up On-Market Share Buy-Back Activity
Mar 5, 2026
Nanosonics Limited has provided an update on its on-market share buy-back program, confirming it is repurchasing ordinary fully paid shares under an arrangement first notified in December 2025. The company reported that a cumulative 1,704,656 shar...
Nanosonics Updates Market on Progress of On-Market Share Buy-Back
Mar 5, 2026
Nanosonics Limited has provided an updated notification to the Australian Securities Exchange regarding its ongoing on-market share buy-back of ordinary fully paid shares. The latest filing, dated 5 March 2026, confirms it is continuing this previ...
Nanosonics Updates Market on Progress of On-Market Share Buy-Back
Mar 3, 2026
Nanosonics Limited has reported an update to its on-market share buy-back program involving its ordinary fully paid shares listed under the ASX code NAN. The latest daily notification shows that the company had repurchased a cumulative 1,119,697 s...
Nanosonics Reports Daily Progress on On-Market Share Buy-Back
Mar 2, 2026
Nanosonics Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code NAN. The company reported that a cumulative 920,621 shares had been repurchased prior to the...
Nanosonics Director Sarah Butler Acquires Initial Indirect Shareholding
Mar 2, 2026
Nanosonics Limited has disclosed a change in director Sarah Butler’s relevant interest in the company, with Butler acquiring an indirect holding of 15,000 ordinary shares. The shares were purchased on market on 25 and 26 February 2026 via Th...
Nanosonics Highlights Growth and Expanding Portfolio in FY26 Half-Year Update
Feb 24, 2026
Nanosonics has presented its FY26 half-year results, highlighting continued growth in its installed base to 38,080 units and reinforcing its position in ultrasound probe reprocessing through the trophon platform. The company is also progressing th...
Nanosonics lifts revenue and margins on strong trophon upgrades and new product launches
Feb 23, 2026
Nanosonics reported first-half FY26 revenue of $102.2 million, up 9% year on year, with recurring and capital revenue each rising 9% and the installed base growing by 2,070 units to 38,080 devices. Operating margin expanded 27% to $8.5 million on ...
Nanosonics Expands Infection Prevention Reach With Growing Installed Base And New CORIS Rollout
Feb 23, 2026
Nanosonics reported that its trophon installed base has reached 38,080 cumulative units, underscoring its strong position in ultrasound probe reprocessing and its role in protecting millions of patients each year. The company is now progressing th...
Nanosonics lifts revenue and asset backing despite flat half-year profit
Feb 23, 2026
Nanosonics reported half-year revenue of $102.2 million for the period ended 31 December 2025, a 9% increase on the prior corresponding period, reflecting continued sales growth across its infection prevention portfolio. However, profit before tax...
UBS Group AG Ceases to Be Substantial Shareholder in Nanosonics
Jan 30, 2026
UBS Group AG and its related entities have notified Nanosonics Limited that they have ceased to be a substantial shareholder in the company as of 28 January 2026, reducing their holding below the substantial shareholding threshold under Australian...
Nanosonics Sets Date for FY26 Half-Year Results and Investor Briefing
Jan 26, 2026
Nanosonics Limited has announced it will release its FY26 half-year financial results on 24 February 2026, accompanied by an investor briefing hosted by CEO President Michael Kavanagh and CFO Jason Burriss. The company is offering both an audio w...
Nanosonics Strengthens Board with Appointment of Sarah Butler as Independent Director
Jan 19, 2026
Nanosonics Limited has appointed Sarah Butler as an independent non-executive director, effective 19 January 2026, strengthening its board with extensive international experience in healthcare, strategy, profitable growth and SaaS. Butler, a forme...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.