Australian medical company, Nanosonics (NAN), has already achieved an impressive 22.7% market penetration of US hospitals

Australian medical company, Nanosonics (NAN), has already achieved an impressive 22.7% market penetration of US hospitals. Nanosonic (NAN) reports 1296 hospitals (ex 5723) now have at least one Trophon ultrasound sterilising device. This is 31% up on October 2013. As most hospitals have the potential to purchase many units, with larger hospitals purchasing as many as 50 instruments, this initial install base should deliver robust future sales from existing customers. This is in addition to new hospital customers that may be acquired. The company announced a solid result for H1 FY14 with sales revenue up 119% v pcp to $9.7M, and gross profit up 100% to $6.0M. The company has a sound cash position with $21.6M in the bank and a net cash burn of $2.3M for the half. Sales from Europe are expected to grow this year. There is also the possibility of approval in Japan this year.