The Nanosonics Ltd (ASX: NAN) share price hit a 52-week low of $2.27 this morning as investors continue to sell the stock due to the softening U.S. dollar.
The hospital disinfectant equipment specialist earns the majority of its revenues in U.S. dollars, which means its FX-adjusted Australian dollar earnings will be lower.
For the half-year ending December 31 2016 the company produced sales of $36.1 million and free cash flow of $8.2 million. It also had cash on hand of $56.9 million and no debt. The free cash flow was up 19% on the prior half and compares to a $5 million negative free cash flow amount in the prior corresponding half.
The company is growing quickly and with 297.7 million shares on issue has a market valuation of $676 million based on the 52-week low price of $2.27. Nanosonics has plans to expand globally across Asia and Europe and recently became a member of the S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) index of leading companies.
Other healthcare businesses with a lot of leverage to U.S. dollar revenues have also been sold off heavily this week such as CSL Limited (ASX: CSL) and Cochlear Ltd (ASX: COH).
