Cochlear’s strong results as sales rebound

Hearing implant manufacturer Cochlear has revealed that sales jumped 19 per cent, or 16 percent in constant currency terms, in the year ended June to reach $1.96 billion.

Sales were driven by the release of new products and as clinicians caught up with implant surgeries postponed during the Covid-19 pandemic.

The company, which launched its upgraded Nucleus 8 sound processor (pictured) during the second half, said there was strong growth across all business units with sales of implant units up 16 percent to 44,156.

Unit sales still dominate company results, with services sales such as software upgrades valued at $584.4 million in the year.

Sales of bone conduction hearing aid products were $239.9 million.

Statutory net profit for the year was up four percent to $301 million and underlying net profit rose 10 percent to $305 million.

During the second half of the year the Sydney company lifted growth investment in the business as sales momentum rose – second half sales were up 24 percent on the previous corresponding period.

During the year Cochlear moved ahead with its purchase of competitor Oticon Medical’s cochlear implant business following a positive finding from the UK Competition and Markets Authority (CMA).

Cochlear said FY24 net profit guidance range was $355-375 million, a 16 to 23 percent increase on FY23.

Further reading:
Cochlear gets UK clearance to take over competitor

Picture: Nuclear 8 sound processor

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