Nanosonics stock plunges 12pc on half-year profit slump

Shares in Nanosonics plunged on Tuesday as the medical device business reported a sharp drop in profits for the second half, and revealed its plans to drop GE as its sales distributor in the US and head direct to market.

Nanosonics’ shares traded 12.5 per cent lower at $4.13 in late trade as the Sydney-based company booked a 45 per cent profit slump in the half year ended December 31.