Highlights

  • Nanosonics (ASX:NAN) reported FY26 Revenue growth while reported EBIT declined amid currency impacts and increased investment.
  • The company continued expanding its installed base and Recurring Revenue from its infection-prevention platform.
  • Investor attention remains on CORIS commercialisation and future Earnings growth.
  • FY27 performance will be important in assessing the impact of growth investments and Margin trends.

Infection-prevention technology company Nanosonics (ASX:NAN) remains in focus following its FY26 results, which showed continued revenue growth alongside pressure on reported earnings. The company is advancing its infection-prevention technology platform while investing in new growth opportunities, including the commercialisation of its CORIS product.

FY26 Performance

Nanosonics reported total revenue of approximately $203.9 million for FY26, representing growth of 3% on a reported basis and 6% on a constant-currency basis. However, reported EBIT declined 10% to $16.0 million, while constant-currency EBIT increased 21% to $21.6 million.

The result highlighted the impact of foreign exchange movements on reported earnings, while also reflecting the company’s continued Investment in future growth initiatives. Gross margin was reported at 76.9%, compared with 78.2% previously.

Business Growth

Nanosonics continued to expand its installed base during FY26, with device placements increasing 9% to 4,230 units and the global installed base growing 6% to 39,230 devices.

Recurring revenue remained an important component of the business, reaching $149.2 million, up 2% on a reported basis and 6% on a constant-currency basis. The growth of the installed base continues to support the company’s long-term Business model.

CORIS Opportunity

A key focus for Nanosonics is the commercialisation of CORIS, which represents a new growth opportunity beyond its existing trophon platform.

CORIS has received regulatory clearances, including FDA 510(k) clearance and approvals in Australia, Europe and the UK. The product is expected to launch in the UK, Ireland and Australia during the first half of FY27, followed by the United States.

The success of CORIS adoption will be an important Factor in determining whether current growth investments translate into future revenue opportunities.

Management Strategy

Management has highlighted the strength of the company’s installed base, recurring revenue profile and progress towards expanding its product portfolio.

The company continues to focus on building its infection-prevention technology platform while investing in new opportunities. Higher operating expenses expected in FY27 reflect spending associated with growth initiatives, including CORIS commercialisation.

Future Outlook

Key factors to monitor for Nanosonics include CORIS market adoption, continued growth of the trophon installed base, recurring revenue expansion and the company’s ability to manage margins while investing for growth.

For FY27, Nanosonics expects revenue of $220–228 million on a constant-currency basis, representing 8–12% growth. The company also expects gross margin of 74–76% and operating expenses of $156–163 million as it continues investing in expansion initiatives.

Future results will provide further insight into whether these investments can support stronger earnings growth over time.

Key Risks

Nanosonics faces risks associated with product commercialisation, healthcare market dynamics and foreign exchange movements. The success of CORIS will depend on customer adoption, market acceptance and effective execution.

The company also remains reliant on its existing trophon platform, meaning competitive pressures or changes affecting Demand could influence future performance. Higher operating expenses may continue to affect margins if revenue growth does not accelerate as expected.

Conclusion

Nanosonics (ASX:NAN) delivered FY26 revenue growth while navigating earnings pressure from foreign exchange impacts and increased investment in future growth initiatives. The company’s expanding installed base, recurring revenue streams and CORIS opportunity remain key parts of its long-term strategy. Investors will continue to monitor FY27 execution, particularly the commercial rollout of CORIS and the company’s ability to convert growth investments into improved earnings.