Nanosonics (NAN) H2 2025 earnings summary

Executive summary

• Achieved 17% revenue growth to AUD 198.6 million for FY 2025, at the top end of upgraded guidance, with profit before tax up 72% to AUD 22.3 million, driven by a growing installed base and recurring revenue expansion.

• Recurring revenue from consumables and service grew 20% year-over-year, now representing 73% of total revenue.

• Installed base reached 37,000 devices, protecting approximately 28 million patients annually.

• Major milestones included FDA De Novo clearance for CORIS, launch of trophon3 and trophon2 Plus, and significant progress in digitalization and sustainability initiatives.

• Expanded digital infrastructure and new product development supported growth.

Financial highlights

• Gross profit margin improved to 78.2%, with all regions contributing to revenue growth: North America 17%, EMEA 22%, APAC 4%.

• Operating expenses increased 10% to AUD 138.7 million, with R&D as a percentage of revenue dropping from 19% to 17%.

• EBIT rose 95% to AUD 17.8 million; net finance income increased 16% to AUD 4.5 million.

• Cash and cash equivalents reached AUD 161.6 million, with strong cash flow generation and no debt.

• Capital revenue grew 9% to AUD 52.5 million, driven by 3,870 new device installations.

Outlook and guidance

• FY 2026 revenue guidance is AUD 215–223 million, representing 8–12% growth, with minimal CORIS revenue expected.

• Gross margin expected between 75–77% due to AUD 4 million in tariff impacts, with mitigation strategies in place.

• Operating expenses projected to grow 6–9%, below revenue growth.

• Continued investment in innovation, market expansion, CORIS commercialization, and new headquarters, with positive but lower cash flow expected.