Nanosonics Share Price Skyrockets 10.40% Today
Nanosonics Ltd [ASX:NAN] is involved in the manufacturing and distribution of the trophon EPR probe disinfector. This product reduces the risk of ultrasound-related cross-infection.
The stock is up 10.40% for the day.
Founded in 2000, the company seeks to set a new standard of care in ultrasound probe disinfection practices.
Probe disinfection may not be glamourous or exciting, but a 10% gain in a day certainly is.
What caused this increase?
Today, Nanosonic announced that it has received US Food and Drug Administration clearance for its new device, trophon2.
The chief executive officer and president of Nanosonics, Michael Kavanagh said:
‘This is excellent news delivering earlier than anticipated FDA clearance for our next generation trophon device. Further, it delivers the first regulatory approval of our targeted new infection prevention solutions.’
The device has been redesigned, and a number of new features have been added. The device has also been made with the European market in mind.
Trophon2 is currently in the manufacturing process, and is expected to be released in the first quarter of 2019. Nanosonic had previously taken feedback from its customer base globally and is confident in its product.
Investors seem confident too, judging by the share price increase.
What does the future hold for Nanosonics?
Being given the green light earlier than expected is great news for Nanosonic.
And with their product rolling out in the first quarter of 2019, it won’t be long until we see how it’s received globally. If received well, the long-term prospect of Nanosonic could be very bright.
Editor, Money Morning
PS: Nanosonic has seen substantial growth as well loss over the past few months. Despite this, the potential for increase is now higher than ever. Our Money Morning Editor Sam Volkering argues that the biggest potential gains can be found in the sector with the biggest potential risk — small-cap stocks. If you’re interested in learning more, check out his free report ‘Top Three Aussie Small-cap Stocks to Own in 2018’, downloadable here.