2022 AGM Scattered Report

Dear All

I have justcome home from the Nanosonics 2022 AGM at 4 Seasons Hotel. It was a hybrid AGMbut no question was asked from online. The physical meeting was well attended,and praise should be (and was given from the floor) given to NAN management forhaving a physical AGM

The new chair Mr Sargant was upbeat about the progress of NANin very difficult circumstances. This is the last year of Mr Strang, NAN founderon the board. The CEO and president Mr Kavanagh was his usual succinct self.

Very little extra information about CORIS except thatcommercialisation is a CALENDAR 2023 story and most likely in Australia or Europe.Tight lips around partners. The relationship with GE is good. A three year distributionwith GE has been inked in Japan. Testing of T2 has begun in China.

NAN is favouring a DIRECT SALES model in all geographies. Oct31 saw 4 months of this model in the USA. Revenue has reached $52M(USD) for the4 months. The GO DEEP strategy in the 5 luminary hospitals is proving veryrewarding with more depts adopting T2. And also the upgrades.

NAN has been granted the ISO 27001 (I think this is thenumber……I am writing from memory) which is a great boon to Auditpro andimproves NAN’s security credentials with customer data.

I asked specifically about Hypernova Chronos as a competitor. Mr Kavanagh said they are competing in Australia, the UK and Canada. The market says T2 is the standard for automated high level. It does not have FDA approval. In fact the FDA DOES NOT approve technologies that are UV based.

$52M in 4 months. This is eye watering revenue