Nanosonics are infection control specialists. We keep an eye on them, they’re in the benchmark.
Surely the problem here for NAN remains the fact that they are ~40% of the total addressable US market, which is a spectacular achievement, and a clear indicator of the strength of their product…
yet have almost no group profitability, and very modest cashflows…
…but are c10x price-sales.
These things just don’t go together.
Not one for us.
By the reaction today, I’d say the market is inclined to agree with us.
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