ASX CEO CONNECT · leading brands such as: GE Healthcare, Philips, Samsung, Siemens and Toshiba •...
Transcript of ASX CEO CONNECT · leading brands such as: GE Healthcare, Philips, Samsung, Siemens and Toshiba •...
Nanosonics Limited 2019 2
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Certain information may relate to protected intellectual property rights owned by Nanosonics Limited (Nanosonics) and its subsidiaries (together the Group).
While due care has been taken in compiling the information based on the information available to Nanosonics at the date of this presentation material, neither Nanosonics nor its officers or advisors or any other person warrants the accuracy, reliability, completeness or timeliness of the information or guarantees the commercial or investment performance of the Group.
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Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, Nanosonics disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of the Group since the date of these materials.
Nanosonics Limited 2019
DISCLAIMER
3Nanosonics Limited 2019
OUR MISSION
We improve the safety of patients, clinics, their staff and the environment by transforming the way infection prevention practices are understood and conducted and introducing innovative technologies that deliver improved standards of care.
Company Overview• ASX 200 listed healthcare company specialised in the
development and commercialisation of infection control solutions
• First product, trophon® – proprietary automated technology for low temperature, high level disinfection (HLD) of ultrasound probes
• Approved for sale in most major markets including: US/Canada, ANZ, Europe, Singapore, HK, South Korea, Japan
• 250 staff across Australia, US, Canada, UK, Germany and France
• Sold direct and through distributors including leading brands such as: GE Healthcare, Philips, Samsung, Siemens and Toshiba
• Active R&D program targeting expansion of product portfolio for Infection Prevention market
1. As at 14 April 2019.
Shareholder Return
June 2007
June2008
June2009
June2010
June2011
June2012
June2013
June2014
June2015
June2016
June2017
April2019
June2018
Market Capitalisation
0
$400
$200
$800
$600
$1,200
$1,000
$1,400
3.5
3.0
4.50
5.0
2.5
2.0
1.5
1.0
0.5
0
$1,600
Closing Share Price
SharepriceMarket Capitalisation ($ million)
4.0
Share price $4.53Shares on issue 299.3 millionMarket capitalisation $1.36 billionLiquidity (30 day avg.) 1.1 million sharesCash (31 Dec 18) $71.3 millionShare register breakdown (30 Jun 18)
Founders/ Related Parties 16.9% Institutions 53.6% Private 29.5%
Financial Overview
2019Half Year
40.7
2015
22.2
2016
42.8
2017
67.5Sales Revenue ($M)
2018
60.7 *
H1 H2
(2.6)(5.5)
0.1
13.9
5.6
2014 2015 2016 2017 2018
11.0PBT ($M)
2019Half Year
21.2
2014 2015
45.7
2016
48.8
2017
63.0
2018
69.4 71.3Cash ($M)
2019Half Year
Key Corporate Data 1
4Nanosonics Limited 2019
1. Vickery et al, J InfPub Health 2013; in press2. Leroy, S. J HospInfect 2013 83(2): 99-1063. Ma S et al. EmergMed J. 2013 30(6): 472-54. FerhiK, et al. Case Rep Urol, 2013: p. 7972485. Medicines and Healthcare products Regulatory Agency (UK),
Medical Device Alert Ref: MDA/2012/0376. McNally G, NguA, ISUOG world congress, Sydney, 2013
A REAL MARKET NEED Fundamentals for adoption continue to strengthen with an increasing number of international guidelines requiring high level disinfection for semi critical probes
Risk of cross contamination with ultrasound probes well established
• 0.9-9% of barrier sheaths and condoms leak 1
• A meta-analysis has shown that 12.9% of transducers are contaminated with pathogenic bacteria following routine disinfection 2
• HPV, a known cause of cervical cancer, has been found on up to 7.5% of transvaginal ultrasound transducers following routine disinfection 3
• A fatal case of hepatitis B and non-fatal case of hepatitis C have been attributed to improper ultrasound transducer disinfection 4,5
• Ultrasound transducer handles are not routinely disinfected and can harbour pathogens including MRSA 6
• Six year population-level study demonstrates increased risk of infection and antibiotic prescriptions following semi-critical ultrasound procedures
trophon® setting a new Standard of Care globally
Traditional mechanisms of decontamination unchanged in decades
The traditional methods: soak, spray or wipe
Chemical spills and vapour control present OH&S risks
Probes often must be transported to a central sterilisation facility
Pathogens may remain –increased risk of cross contamination
Wipes and sprays not approved by the FDA for HLD
Toxic chemicals must be disposed of as chemical waste
Safe
Versatile
Simple
• Patient proven effective on wide range of pathogens
• User safe for user
• Environment water and oxygen by products
• Compatible with > 1,000 probes
• Can be used at point of care
• Supports streamlined practice workflows
• Simple to use – one button operation
• Fast 7 minute cycle
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TROPHON® The trophon® is an automated system that delivers effective, efficient and safe high level disinfection of ultrasound probes
The latest innovation in ultrasound probe high level disinfection.
trophon® is covered by 14 patent families. Most are active through to 2025 and in many cases beyond including patents relating to the consumables which go out to 2029.
Key features
• Highly effective in killing bacteria, fungi and viruses including the highly resistant HPV virus.
• Easy to use with fast 7 minute cycle.
• Can be placed at point of care to support efficient clinical workflows.
• Over 1000 ultrasound probes from all major ultrasound brands approved for use in the system.
• Safe for the operator, patient and environment with oxygen and water as by products.
• Fully automated delivering reproducible results every time.
• Data logs each cycle for excellent traceability.
trophon® Consumables Accessories
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Tap into the latest innovation in ultrasound probe high level disinfection.
SMART PROTECTIONtrophon®2 delivers protection for patients,
staff and the environment – reduces risk
SMART FLEXIBILITYStreamlines set-up, can be customised to your workflow and has extensive probe compatibility – improves efficiency
SMART FUNCTIONALITYEnhances user experience so you can perform HLD simply, automatically, and with confidence – increases compliance
SMART TRACEABILITYAcuTrace™ simplifies the creation of accurate digital records, all stored on trophon2 – increases audit readiness
SMART INTEGRATIONAcuTrace™ PLUS delivers the option to seamlessly connect trophon2s to your hospital information system – simplifies data access
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Significant replacement/ upgrade opportunity as installed base ages and new generation devices are introduced to market
Age distribution of global Installed Base at December 2018
10
20
15
25%
5
Age 2 yrs
0
7 yrs 8 yrs1yr 3 yrs 4 yrs 5 yrs 6 yrs
Replacement/upgrade expected after 5-7 years
REPLACEMENT/ UPGRADE OPPORTUNITY
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INSTALLED BASE
Global installed base grew 9% in last 6 months and 20% in last 12 months to
trophon®2 successfully launched in North Ameria, Europe and Australia end August/September
units19,310
Every day approximately
patients are protected from the risk of cross contamination because their probe has been trophoned
~60k
Global installed base
3,960
2014 2015
6,250
2016
10,130
2017
14,160
2019Half Year
19,310
2018
17,740Global installed base up
in last 6 months9%
in last 12 months20%
North American installed base
3,000
2014 2015
5,007
2016
8,708
2017
12,480
2019Half Year
17,020
2018
15,620
North America installed base up
in last 6 months9%
in last 12 months21%
Europe and Middle East installed base
110
2014 2015
240
2016
300
2017
490
2019Half Year
850
2018
730
Europe and Middle East installed base up
in last 6 months16%
in last 12 months33%
Asia Pacific installed base
850
2014 2015
1,010
2016
1,130
2017
1,270
2019Half Year
1,440
2018
1,390
Asia Pacific installed base up
in last 6 months4%
in last 12 months10%
Graphs are not to scale and therefore not comparable.
SIGNIFICANT GLOBAL OPPORTUNITYInstalled base opportunity 1
Global
120,000units
19,310
FY19 H1
17,740
FY18
14,160
FY17
10,130
FY16
6,250
FY15
• Increasing number of international guidelines requiring high level disinfection (HLD) supporting growing international demand.
• Nanosonics expanding its footprint geographically both direct and through distribution.
Cumulative installed baseMarket penetration
16%
Installed base opportunityNorth America
40,000units
17,020
FY19 H1
15,620
FY18
12,400
FY17
8,700
FY16
5,000
FY15
• Fundamentals for adoption strong with requirements for HLD in place.
• trophon® installed base over 17,020 and already in over 5,000 hospitals and clinics including majority of luminary hospitals.
• Nanosonics has a direct sales operation of 54 people as well as partnerships with all leading ultrasound companies to drive ongoing adoption.
Cumulative installed baseMarket penetration
43%
Installed base opportunityEurope and Middle East
40,000units
850
FY19 H1
730
FY18
490
FY17
300
FY16
240
FY15
• Guidelines in place in UK and Germany with guidelines in France pending requiring HLD of ultrasound probes.
• Nanosonics operations established in UK, Germany and France and expanding through distribution in Scandinavia and Middle East.
• A range of business models in place to support market requirements.
Cumulative installed baseMarket penetration
2%
Installed base opportunityAsia Pacific
40,000units
Cumulative installed baseMarket penetration
1,440
FY19 H1
1,390
FY18
1,270
FY17
1,130
FY16
1,010
FY15
• trophon® already standard of care in Australia with approximately 70% market penetration.
• Regulatory approval in place in Japan and pre-marketing strategy underway.
• Exploring opportunities in broader Asia Pacific market including China.
4%
PenetrationOpportunity Graphs are not to scale and therefore not comparable.
1. Interest estimate based on global ultrasound market. 9Nanosonics Limited 2019
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In FY18 the fundamentals for adoption continued to strengthen internationally with an increasing number of new guidelines and studies supporting the requirement for high level disinfection of all semi-critical ultrasound probes.
European society of Radiology (ESR)• High level disinfection required for all semi-critical procedures and
automated system presented as preferred option.
British Medical Ultrasound Society (BMUS)• HLD and use of sterile sheath required for all ultrasound probes used
in semi-critical procedures and critical procedures if sterilisation not possible.
German Society of Ultrasound in Medicine (DEGUM)• All semi-critical ultrasound probes need to undergo disinfection with
disinfectants that are proven to be bactericidal (includes mycobacteria), fungicidal and virucidal.
Health Protection Scotland study (HPS)• Six year population-level study demonstrates increased risk of infection
and antibiotic prescriptions following semi-critical ultrasound procedures.
USA National Survey Publication in American Journal of Infection Control• National survey reveals significant non-compliance with current guidelines
for reprocessing of surface ultrasound probes.
FUNDAMENTALS FOR ADOPTION STRENGTHEN INTERNATIONALLY
North AmericaNanosonics direct operation with over 54 employees. GE Healthcare also a distributor and Capital Reseller agreements in place with all major Ultrasound companies. trophon® becoming standard of care with >17,000 units across >5,000 hospitals and clinics
IrelandDistribution partner
in place with local guidelines for HLD
established
FranceNanosonics partnership
with GE Healthcare with supporting local
direct operations. New guidelines for HLD
emerging
KuwaitDistributor partnership in place and marketing activities underway
Australia & New Zealand
Distributor partnerships in
place. Achieved approx. 70%
market penetration
SingaporeDistributor
partnership in place and marketing
activities underwayHong KongDistributor partnership in place and marketing activities underway
GermanyNanosonics direct
operations in place and growing with new
guidelines recently introduced. Key luminary
sites now adopting
SwitzerlandDistributor partnership in place and marketing activities underway
IsraelDistributor
partnership in place and
marketing activities
underway
UKNanosonics direct
operation in place and growing. Guidelines
now in place in England, Scotland,
Wales and Northern Ireland. Strong
year on year installed base growth being
experienced
FinlandPartnership in place with GE Healthcare
DenmarkPartnership in place with GE Healthcare
SwedenPartnership in place with GE Healthcare
NorwayPartnership in place with GE Healthcare
QatarDistributor partnership in place and marketing activities underway
JapanClinical Studies underway as part of market development and Nanosonics Japan K.K. established
South KoreaRegulatory approval in place. Exploring
distributor partnership for market entry
ChinaMarket assessment
study underway
Saudi ArabiaExploring distributor
partnership for market entry
EXPANDING GLOBAL PRESENCE
SpainPartnership in place with GE Healthcare
PortugalPartnership in place with GE Healthcare
MexicoDistributor partnership in place and marketing
activities underway
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Capital Sale
• Capital equipment sold upfront with 12 month warranty.
• Customer purchases consumables as required.
• Customer elects to purchase service contracts from Nanosonics (usually after warranty period expires) or pays for service and parts as required.
Managed Equipment Service
• Nanosonics provides capital equipment to customer.
• Equipment fully maintained by Nanosonics.
• Customer purchases consumables as required at an ‘all-inclusive’ price.
• Nanosonics owns capital equipment, depreciated over 5 years.
Rental
• Customer rents capital equipment.
• Equipment fully maintained by Nanosonics.
• Customer purchases consumables as required.
Full Service Distribution
• Distributor purchases capital equipment, consumables and spare parts from Nanosonics.
• Distributor sells capital equipment, consumables and service to customer on a similar basis to the Direct Channel Capital Sale Model.
Capital Reseller Market
• Distributor purchases capital equipment only from Nanosonics and sells to end customer.
• Customer purchases consumables and service from Nanosonics.
RANGE OF SELLING MODELS 1
DIRECT CHANNEL DISTRIBUTION CHANNEL
Service/partsConsumablesCapital
Nanosonics revenue profile
1. The information in the revenue profile charts are intended to be illustrative only demonstrating the cumulative revenue associated with a single unit sale over five years.
0 yrs 5 yrs 0 yrs 5 yrs 0 yrs 5 yrs 0 yrs 5 yrs 0 yrs 5 yrs
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on FY18 H252%
on FY18 H222%
REVENUE
2019Half Year
40.7
2015
14.3
7.9
22.2
2016
15.6
27.2
42.8
2017
36.1
31.4
67.5
2018
30.0
30.7
60.7
H1 H2
*
Total revenue ($m)
Total renevue up
million
33%on FY18 H2
Record half year revenue of
$40.7
Capital revenue ($m)
2019Half Year
16.4
2018 H1 2018 H2
10.8
14.8
Capital revenue up
Consumables/service revenue ($m)
2019Half Year
24.3
2018 H1 2018 H2
19.9
15.3
Consumables/service revenue up
on PCP11%
on PCP59%
36%on PCP
Graphs are not to scale and therefore not comparable.
* Reduction in 2018 revenue reflects:
• Transitionary reduction in capital revenue associated with the earlier than anticipated regulatory approval of trophon®2 and subsequent run down of trophon EPR inventory by distributors; and
• Some customers deferring purchase, pending launch of trophon2 in Q1 of FY19.
H1 H2
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Revenue mix demonstrates strong growth in consumables as installed base continues to grow.
1. Majority of Europe and Middle East sales are derived in the UK where sales model is primarily Managed Equipment Service where no capital revenue is received.
North America
Total revenue ($m)
37.1
54.4
2018
27.2
27.2
2019Half Year
Capital revenue ($m)
15.6
2019Half Year
24.1
2018
14.1
10.0
Consumables/service revenue ($m)
21.5
30.3
2018 2019Half Year
13.1
17.236%on FY18 H2
Total revenue up
Capital revenue up
56%on FY18 H2
Consumables/ service revenue up
25%on FY18 H2
37%on PCP
11%on PCP
64%on PCP
Europe and Middle East 1
Total revenue ($m)
2019Half Year
1.7
2018
1.3
1.64
2.98
Capital revenue ($m) 1
0.480.89
2018 2019Half Year
0.36
0.52
Consumables/service revenue ($m)
2019Half Year
1.23
2018
0.98
1.12
2.10
Total revenue up
6%on FY18 H2
28%on PCP
Consumables/ service revenue up
11%on FY18 H2
26%on PCP
Capital revenue up
9%on FY18 H2
32%on PCP
Asia Pacific
2019Half Year
1.88
2018
1.81
3.31
1.50
Total revenue ($m)
2019Half Year
0.33
2018
0.340.280.62
Capital revenue ($m)
2019Half Year
1.55
2.69
2018
1.17
1.53
Total revenue up
4%on FY18 H2
Capital revenue down
21%on FY18 H2
Consumables/ service revenue up
1%on FY18 H2
Consumables/service revenue ($m)
25%on PCP
1%on PCP
33%on PCP
H1 H2Graphs are not to scale and therefore not comparable.
REVENUE MIX BY REGION
PROFIT & LOSS SUMMARY
Highlights
• Revenue of $40.7 million, ($38.4 million in constant currency vs PCP): – up 36% compared with PCP (28% in constant currency); and
– up 33% compared with FY18 H2 (25% in constant currency).
• Gross profit of $30.6 million, or 75% of sales.
• Total operating expenses of $21.5 million compared with $19.3 million in PCP and $23.2 million in prior half.
• Other net gains, comprising mainly of net foreign currency gains, were $1.3 million.
• Operating income before tax of $11.0 million compared with $3.7 million in PCP and $1.9 million in prior half.
• Income tax expense of $3.9 million, with corresponding reduction in deferred tax asset of $3.9 million.
• Profit after income tax of $7.1 million compared with $2.2 million in PCP and $3.5 million in prior half.
• Cash balance of $71.3 million.
FY19 FY18 Change FY18 Change $ million H1 H1 (vs PCP) H2 (vs FY18 H2)
Total revenue 40.7 30.0 36% 30.7 33%
Gross profit 30.6 22.3 37% 23.0 33%
% 75% 74% 75%
Selling and general expenses (11.2) (10.2) 10% (12.7) 12%
Administrative expenses (4.8) (4.5) 7% (5.3) 9%
Research & development expenses (5.5) (4.6) 18% (5.2) 5%
Other income — — 0.1
Other gains /(net) 1.3 0.1 1.4
Finance income (net) 0.6 0.6 25% 0.6 25%
Operating income before income tax 11.0 3.7 195% 1.9 493%
Income tax (expense)/benefit (3.9) (1.5) 1.6
Profit after income tax 7.1 2.2 221% 3.5 101%
Cash Balance 71.3 66.5 7% 69.4 3%
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21.2
2014 2015
45.7
2016
48.8
2017
63.0
2018
69.4
2019
71.3CASH AND CASH EQUIVALENTS
• Cash and cash equivalents up $1.8 million to $71.3 million supporting ongoing growth and expansion.
• Free cash flow of $1.6 million compared with $3.9 million in PCP and $2.3 million in prior half.
• Cash flow for the half year was impacted by an increase in inventory of $3.2 million associated with the launch of trophon®2 and an increase in trade and other receivables of $5.0 million due to realigning payment terms with a key distributor with our standard payment terms and the timing of invoicing/payments by that distributor.
Cash and cash equivalents ($m)
(2.6)
2014 2015
(5.5)
2016
0.1
2017
13.9
2018
5.6
2019 H1
11.0
• Profit before tax of $11.0 million was up 195% on prior corresponding period ($3.7 million) and up 493% on prior half ($1.9 million).
Profit before tax ($m)
Graphs are not to scale and therefore not comparable.
for the half
as at 31 December 2018
$11.0
$71.3
million
million
PROFIT BEFORE TAX
GROWTH STRATEGIES
Expand trophon® usage in existing marketsEstablish trophon as standard of care for all semi-critical probes across all relevant hospital departments and private clinics.
Geographic expansionEntry into new markets with trophon and new products.
Product expansionContinued investment in R&D building a pipeline of new product opportunities.
www.nanosonics.com.au
Regional highlights | North America
The North America team. Nanosonics’ booth at this year’s Association for Professionals in Infection Control and Epidemiology (APIC) conference.
+47kpatients are protected every working day because their ultrasound probes are trophoned
+15ktrophons in more than 5,000 hospitals and clinics in North America
50out of 50 top US hospitals now use trophon
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Significant R&D Investment being made into Product Expansion Strategy.
Steven Farrugia BE, PhDChief Technical Officer
Steven joined Nanosonics as Senior Vice President, Design and Development in September 2016 and was appointed to the role of CTO in February 2018. He has over 20 years’ experience leading the development of medical devices. Prior to Nanosonics, Steven held a range of senior executive roles with ResMed, including VP of Technology and VP of Product Development. He is an inventor of almost 300 granted and pending patents and is a past Adjunct Professor of Engineering at The University of Sydney. In addition to Design and Development, Steven is responsible for the Regulatory Affairs function of the Company.
Investment in R&D ($M)
FY13
3.2
FY12
3.1
FY14
4.1
FY15
4.9
FY16
7.3
FY17
9.5
FY18
9.9
12.0*
2019Half Year
Significant Research and Engineering team with over 50 people across following disciplines
• Mechanical Engineering
• Software Engineering
• Electrical Engineering
• System Engineering
• Chemistry
• Microbiology
* Anticipated investment in R&D in FY19
NEW PRODUCT DEVELOPMENT
20Nanosonics Limited 2019
David Fisher BRurSc (Hons), MAppFin, PhD, FFin, GAICD
Non-Executive Director
Marie McDonald BSc (Hons), LLB (Hons)
Non-Executive Director
Michael Kavanagh BSc, MBA (Advanced)
CEO, President and Managing Director
Maurie Stang
Non-Executive Chairman
Steven Sargent BBus, FAICD
Non-Executive Deputy Chairman
Richard England FCA, MAICD
Non-Executive Director
Nanosonics has a highly experienced and dedicated team of professionals leading the development and implementation of our Corporate Growth Strategy
Our Executive Team
Our BoardOUR PEOPLE
Steven Farrugia, BE, PhD
Chief Technology Officer
Gerard Putt BSc, GAICD
Chief Operations Officer
Ken Shaw BSc Finance
Regional President for the United States, Canada and Latin America
Michael Kavanagh BSc, MBA (Advanced)
CEO, President and Managing Director
Leanne Baxendale
Head of People and Culture
McGregor Grant BEc, CA, GAICD
Chief Financial Officer and Company Secretary
21Nanosonics Limited 2019
OUR PEOPLE
Nanosonics has a highly experienced and dedicated team of professionals leading the development and implementation of our Corporate Growth Strategy
As part of our Global expansion and growth strategy, three new senior executives join the Executive Management Team
Renee is a highly experienced international marketer having held senior executive roles including Executive Vice President and Worldwide Strategy Director for one of the world’s largest advertising agencies, Leo Burnett based in Chicago, and Worldwide Chief Strategy Officer for Publicis Healthcare Communications group based in Paris and Sydney.
Most recently Renee was Head of Marketing for Abbott Nutrition based in Sydney.
Renee SalaberryChief Marketing Officer
David was a member of the Cochlear executive team for over fourteen years where he held a number of executive positions including SVP of Strategy and Business Development, Global President for the Cochlear Bone Anchored Solutions Business based in Sweden and Chief Strategy Officer.
Most recently, David was Chief Executive Officer and Managing Director for Monash IVF Group Limited. David joins Nanosonics as an Executive KMP.
David MorrisChief Strategy Officer and Regional President Asia Pacific
Rod was a senior manager at Cochlear for over thirteen years, holding a number of operational roles including Global Head of Manufacturing and Chair of the Operational Excellence Strategy group. Prior to Cochlear, Rod worked at GM Holden as Operations Manager and Global Customer Liaison Manager. Rod joins Nanosonics as an Executive KMP.
Rod LopezChief Operating Officer
BUSINESS OUTLOOK
FY19Nanosonics expects:
• Continued growth in installed base in North America with FY19 adoption similar to FY18.
• Upgrades/replacements of trophon® EPR units over five years old to commence in FY19.
• Adoption in Europe to grow with: – Ongoing strong adoption in the UK, where new unit growth is targeted to be in the vicinity of 50% over FY18, of which the majority will be under MES;
– New guidelines in Germany as well as launch of trophon®2 to trigger broader adoption; and – New guidelines to be released in France by the Ministry of Health.
• Second clinical study in Japan to be completed by end of FY19. Pre-marketing activities to continue and regulatory approval of trophon®2 in Japan expected by the end of FY19.
• Active investment in growth with total FY19 operating expenses expected to be approximately $50 million including approximately $12 million in R&D, with the majority of that R&D expense directed towards new product development.
Beyond FY19Nanosonics expects:
• Continued growth in trophon® installed base in all core markets as new guidelines continue to be released and the requirements for HLD of all semi-critical probes is understood and followed.
• Material increase in sales and margin from consumables in North America during FY20 resulting from new GE distribution agreement, which will be effective from July 2019.
• Further expansion into new markets.
• Continued investment in R&D where we are building a pipeline of new potential product opportunities with a goal of introducing a range of new products over time commencing with the first by the end of FY20 (subject to regulatory approval).
• Ongoing investment in infrastructure, people and capability to drive strategic growth agenda.
22Nanosonics Limited 2019