Nanosonics (ASX:NAN) has reported a net profit for the fiscal year of A$19.9 million, a significant increase of 431.35% from the prior year.

The company also noted that the annual revenue rose by 37.96% resulting in A$166 million.

Future projections indicate an estimated total revenue growth of 15-20% for fiscal year 2024.

The firm is also expecting a gross margin within the range of 75-77% in the same period, along with operating expenses that are predicted to rise between 17-22%.

Nanosonics is a healthcare company known for innovative, high-quality infection control solutions.