Cochlear powers to new half year revenue record

Hearing implant manufacturer Cochlear has powered to a new first half record revenue based on new product offerings and as the company completes its recovery from the pandemic.

The Sydney company reported sales revenue up nine percent (seven percent in in constant currency terms) to a record $893 million, revealing strong growth in cochlear and acoustic implant revenue.

Cochlear implant unit sales increased 14 percent driven by strong demand for the Cochlear Nucleus 8 Sound Processor, which was launched during the second quarter, and the continuing recovery from Covid surgery delays across emerging markets.

During the pandemic Cochlear surgeries fell sharply as clinics closed and patients shunned hospital settings.

Cochlear reported statutory net profit down 16 percent to $142 million, with one‐off gains included in HY22.

Underlying net profit decreased 10 percent to $14.2 million, reflecting an increase in cloud computing‐related expenses, new product launch costs and the impact of the weighting in operating expenses to the second half of FY22.

During the first half Cochlear spent $102.6 million on R&D.

Picture: Cochlear