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What’s moving the Nanosonics (ASX:NAN) share price today?

Shares in the medical technology company are wobbling following a new product announcement this morning.
The post What’s moving the Nanosonics (ASX:NAN) share price today? appeared first on The Motley Fool Australia. –

The Nanosonics Ltd (ASX:NAN) share price is wobbling in morning trade, following an announcement made this morning that the company is set to launch a new infection prevention digital product platform, known as AuditPro.

At the time of writing, Nanosonics shares are down 0.67% to $5.93 apiece.

What did Nanosonics announce today?

According to Nanosonics, its new digital-based platform AuditPro “provides you with real-time intelligence on ultrasound probes, operators, and infection control events to manage infection prevention practices across your organisation.”

AuditPro operates via a mobile scanning device that also comes with a subscription to a browser-based application. The company says the platform has potential application across a range of medical instruments, for traceability, reporting and compliance, and also highlights it will provide a new revenue stream.

Nanosonics chief executive officer and president Michael Kavanagh said:

With the introduction of Nanosonics AuditPro, together with our existing trophon technology and other product developments currently progressing through our R&D program, Nanosonics continues to focus on the delivery of a portfolio of innovative infection prevention solutions to market.

AuditPro is expected for release at the Association for Professionals in Infection Control (APIC) on 28 June 2021, with a full rollout across the US anticipated for July 2021.

About the Nanosonics share price

The Nanosonics share price has gained almost 7% over the past month, but is in the red 28% year-to-date at the time of writing. Over the previous 5 days, Nanosonics shares have gained 1.7% at the time of writing.

The company also has a market capitalisation of around $1.8 billion at the time of writing, and trades at a price-to-earnings ratio (P/E) of around 312. Currently, Nanosonics shares are trading below their 52-week high of $8.25.

The post What’s moving the Nanosonics (ASX:NAN) share price today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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