Nanosonics Limited

FY26 reported revenue was $203.9 million, up 3% on PCP; constant-currency revenue was $211.5 million, up 6%. Gross profit margin was 76.9%, down 1.3 points year over year, or 77.6% on a constant-currency basis. Reported EBIT was $16 million, while constant-currency EBIT was $21.6 million, up 21%. Trophon-only EBIT was $50.6 million reported and $56.5 million constant currency, up 16%. Trophon placements were 4,230 units, up 9%, and the installed base reached 39,230 units, up 6%. North America revenue was $186.4 million, up 3% reported or 8% constant currency. FY27 constant-currency guidance is revenue of $220 million to $228 million, gross margin of 74% to 76%, and operating expenses of $156 million to $163 million. Management said CORIS revenue in FY27 is expected to be in the low single-digit millions.

Michael Kavanagh framed FY26 as a solid year with disciplined cost control, strong trophon execution and clear progress toward a multi-platform business model. He emphasized that CORIS is entering commercial launch in FY27 and that Nanosonics is moving from a single-platform company to one with a second major growth opportunity. His tone was confident and forward-looking, repeatedly pointing to a debt-free balance sheet, trophon’s cash generation and the flexibility to invest while returning capital to shareholders.

Jason Burriss said FY26 delivered solid earnings growth at constant currency, with revenue of $203.9 million, gross margin of 76.9%, and EBIT of $16 million reported or $21.6 million constant currency. He noted operating expenses of $141.4 million, with trophon costs at $106.8 million and CORIS-related spend at $34.6 million as commercialization prep continued. He also highlighted $155.2 million of cash and cash equivalents at year-end, business cash flow of $13.6 million excluding buybacks, a completed $20 million share buyback, and a further buyback of up to $40 million announced for FY27.

Analysts focused on the size and timing of CORIS-related OpEx, and management said the majority of the incremental spend will fund regional launch teams, installation/project management, clinical support and marketing, with FY27 representing the main investment year and no expectation of another major step-up beyond that. Questions also centered on the Q3 consumables softness, and management said it was tied to lower hospital traffic in the U.S. Northeast from severe weather, not restocking or a structural issue, and that volumes improved in Q4. Analysts pressed on whether competition or the end of trophon EPR could be pressuring consumables, and management said they had not seen major attrition to competitors, though they are watching it closely.