Nanosonics Stock Earnings Reports

Nanosonics reported a strong FY'25 with 17% revenue growth to $198.6m, driven by a growing installed base (37,000 trophon units) and 20% growth in recurring revenue (consumables and service) to $146.1m. Capital revenue rose 9% to $52.5m, total unit sales were 3,870 (2,210 new installs, 1,660 upgrades). Gross margin improved to 78.2% and profit before tax increased 72% to $22.3m, reflecting operating leverage as OpEx grew only 10%. Management highlighted strategic milestones: FDA De Novo clearance for CORIS, launch of trophon3 and trophon2 plus with cloud/DICOM connectivity (enabling future SaaS revenue), expanded manufacturing (including a U.S. consumables facility) and ERP/cloud infrastructure. CORIS commercialization will proceed via controlled market release (Europe/Australia first, then U.S. after 510(k) submissions for additional scope), with minimal FY'26 revenue expected from CORIS. FY'26 guidance: total revenue $215–$223m (8–12% growth), gross margin 75–77% (impacted by ~$4m of tariffs), and OpEx up 6–9%. Management expects continued trophon growth from new installs, software and capital upgrades (trophon2 plus / trophon3), consumables, service, and emerging digital subscription revenue (~$1k pa per device for DICOM connectivity). Cash position strong ($161.6m), no debt; planned CapEx ~ $10m in FY'26 (including new site fit-out), with additional depreciation and lease costs related to facility moves and CORIS commercialization.