Why fund managers are watching Nanosonics' CORIS product finally reach market

After six years and roughly $150 million in development spending, Nanosonics' CORIS endoscope disinfection system is clearing regulatory hurdles across multiple markets.

22 May 2026 · 6 min read

Infection prevention company Nanosonics is nearing the payoff on a multi-year, roughly $150 million investment in a new endoscope disinfection product. Forager Funds' May 2026 Article described the core Trophon ultrasound probe disinfection business as the world standard, holding over 50% US market share with 75% of revenue now recurring, while the CORIS endoscope product built alongside it over six years is finally coming to fruition.

A long-dated bet on a second product category

Longwave Capital's November 2025 Monthly Report tracked the milestones as they landed: the base Trophon business resumed its growth trajectory, with revenue up 17% and profit up 30%, while CORIS received FDA De Novo clearance in the United States for colonoscope disinfection, with Nanosonics planning to extend approval across all major categories of flexible endoscopes over time. Selector Funds Management's December 2025 Monthly Report added that CORIS had also gained inclusion in Australia's Register of Therapeutic Goods along with CE and UKCA marks for European and UK markets, paving the way for controlled market releases with hospital partners in early 2026.

There are 60 million endoscope procedures done every year in Nanosonics key markets and these procedures are growing at 6% per annum.

— Longwave Capital, Monthly Report, November 2025

ECP Asset Management's March 2026 Monthly Report noted the stock benefited from continued positive reaction to the controlled market release of the FDA-approved CORIS product, supported by a strong balance sheet containing over $160 million in net cash and a track record of generating $35 million in free cash flow. Not every manager is fully convinced yet: Investors Mutual Limited's April 2026 Article rated the stock a hold, noting that while the core Trophon business trades on a reasonable mid-teens EBITDA multiple once CORIS start-up losses are stripped out, it would like to see more traction with the new product before adding to the position.

What managers are watching next

With a second US FDA 510(k) submission already in preparation to expand CORIS endoscope coverage, and Selector Funds Management noting the phased regional roll-out will use insights from the UK and Australian controlled market releases before a full US commercial launch commencing FY27, Forager Funds' view is that this business has a track record of turning long, expensive product development cycles into durable, high-margin recurring revenue, and expects Nanosonics to eventually do the same again in another category down the track.