Nanosonics: Flexible timeline on launch
About the author:
- Author name:
- By Scott Power
- Job title:
- Senior Analyst
- Date posted:
- 23 August 2023, 7:00 AM
- Sectors Covered:
- Healthcare, Life Sciences
- Nanosonics' (ASX:NAN) FY23 results came in at the top end of guidance however focus centred around timing of CORIS®, which has been delayed by at least six months. Disappointing, but not unsurprising.
- Increased costs associated with upgrading back-office systems as well as further regulatory costs to bring the device to market will provide an earnings drag through FY24, rolling off in FY25. No major impact to long-term earnings trajectory.
- Overall, a mixed result with the FY24 outlook fairly muted prior to a pick-up in FY25 and beyond. Following model roll-forward and a number of assumption adjustments, our valuation reduces marginally to (login to view) and we retain our Add recommendation.
- We see this one as being fairly range-bound until key catalysts are approached. No issues over the long term, but for now see shorter term trading as a reasonable way to make money on this stock.
Find out more
Download full research note
You can find further detailed analysis of company results this reporting season by browsing our reporting season tag, and view a full list of upcoming results on our Reporting Season Calendar.
If you would like more information, please contact your adviser or nearest Morgans office.
Request a call
Find local branch
Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.
Print this page