Why the Nanosonics (ASX:NAN) share price is edging higher today

Here’s why the Nanosonics Ltd (ASX:NAN) share price is pushing slightly higher on Friday…
The post Why the Nanosonics (ASX:NAN) share price is edging higher today appeared first on Motley Fool Australia. –

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The Nanosonics Ltd (ASX: NAN) share price is trading ever so slightly higher on Friday after the release of an announcement.

In late morning trade the infection prevention company’s shares are up a touch to $6.45.

What did Nanosonics announce?

This morning Nanosonics announced that I-MED Radiology Network has signed an agreement to upgrade their entire fleet of over 200 trophon EPRs to the new trophon2.

According to the release, I-MED is Australia’s largest and one of the world’s most respected imaging specialist groups.

It was also one of the first adopters of trophon EPRs and today is the largest user of the trophon technology in Australia.

In addition to upgrading its entire trophon EPR fleet, I-MED is further expanding its trophon installed base. This is to ensure all clinics in their growing network have a group wide standardised practice for automated high level disinfection of ultrasound transducers, as well as state of the art disinfection traceability.

Nanosonics’ CEO and President, Michael Kavanagh, commented: “We are proud to continue our partnership with I-MED as they upgrade their entire fleet of over 200 trophon EPRs to the new trophon2. The trophon2 brings enhanced clinical workflow as well as full traceability for ultrasound probe decontamination to their entire network.”

“Nanosonics has over 24,000 trophon units installed globally, the majority of which are the first generation trophon EPR model. In 2018 Nanosonics introduced the trophon 2 model which delivers a range of important benefits to customers across usability, clinical efficiency and traceability. These customer benefits present a significant opportunity for upgrades from the trophon EPR to trophon 2 over time,” added Mr Kavanagh.

The company didn’t provide any details in relation to the financial impact of the move, nor did it say when the upgrade will commence or complete.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Nanosonics (ASX:NAN) share price is edging higher today appeared first on Motley Fool Australia.

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