The Nanosonics Ltd (ASX: NAN) share price is up 7.4% to $5.69 today despite the ultrasound disinfectant business not releasing any material news to the market since April 4 2019. In total Nanosonics shares are up an incredible 104% over just 2019 year-t0-date, which is a period that has included only a single update on its financial performance.
On February 25 2019 Nanosonics reported a half year net profit of $7.1 million on sales of $40.7 million. The profit and sales being up 221% and 36% respectively over the prior corresponding half-year period. Much of the success after a period of flat to falling profits was attributed to the launch of its Trophon 2 disinfectant device in Europe, the US, and Australia over August and September 2018.
As at the end of its last reporting period Nanosonics also had a solid balance sheet with no debt and $71.3 million cash on hand to support ongoing research and growth investments.
On April 3 it reported that the French healthcare regulator had favourably updated guidance over the use of ultrasound disinfectant devices, but aside from that it seems the shares are rising on the back of improved sentiment.
