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Cochlear grows, but not the same as before Covid

Manufacturing News

Cochlear may have grown its sales from the depths of a Covid-19 slump in sales and surgeries to reach a new record level in FY 22, but the company has not returned to what it was before the pandemic.

The maker of Cochlear implants reported sales revenue grew 10 per cent in the year to a record $1.64 billion.

However the increase was not driven by Cochlear implant sales but by strong demand for its acoustic implants and sound processors where all regions and product segments are now tracking above pre-Covid levels.

While Cochlear implants electrically stimulate the cochlear nerve, the company’s Osia (or bone conductive system) is placed under the skin and works by bypassing damaged areas of the outer and middle ear, sending sound directly to the inner ear.

In FY22 sales of Cochlear implants increases five percent to 38,182 units, boosting sales revenue by three percent.

Sales in developed markets grew in the second half following a drop in the first, while US volumes were around 20 percent above pre-Covid levels. A strong recovery in FY21 in the US was followed by a small decline in 2022.

In the US while demand is high, access to operating theatres remains constrained as a result of hospital staff shortages.

Australian volumes were also impacted by Covid elective surgery deferrals and volumes are still below pre-Covid levels.

Meanwhile acoustics revenue increased by 28 percent to a record $202 million.

Picture: Cochlear Osia bone conductive system

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