Nanosonics (NAN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum representing 65% of shares, board and auditor introduced, and agenda outlined for addresses, formal business, and Q&A.

• Instructions provided for both in-person and online participation, including voting and question procedures.

• Chairman Steve Sargent and CEO Michael Kavanagh delivered opening addresses, outlining the company's mission to improve infection prevention and patient safety through innovative technologies.

Financial performance review

• FY 2024 revenue reached AUD 170 million, up 2% year-on-year, with a strong second half (H2 revenue up 14% over H1).

• Gross profit margin was 77.9%, with operating profit before tax at AUD 13 million; excluding long-term investments, core business PBT was AUD 40.4 million.

• Operating expenses were AUD 125.6 million, reflecting investments in R&D, product and geographic expansion, and a new ERP system.

• Global installed base grew by 2,340 units to 34,790, a 7% increase year-on-year, driven by upgrades and increased ultrasound procedural volumes.

• Free cash flow was AUD 20.4 million, with cash reserves of AUD 129.6 million at year-end.

Board and executive committee updates

• Ongoing board renewal with new directors onboarded; directors David Fisher and Geoff Wilson retiring.

• Marie McDonald standing for reelection, bringing legal and healthcare board experience.

• Board comprises Steve Sargent (Chairman), Michael Kavanagh (CEO), and six non-executive directors.

• Search for a new director is well advanced, with appointment expected early 2025.