Hearing implant manufacturer Cochlear plunged to a loss during the 2020 financial year as its results were hit by Covid-19 and a massive patent battle loss.
The Sydney company today reported a net loss of $238.3 million for the year which included $416.3 million in expenses and penalties in a failed patent battle in the United States.
The year was a tale of two halves with sales growing strongly in the first half but collapsing in the second as implant surgeries were cancelled, especially in the United States and Europe.
Cochlear implant unit sales declined seven per cent in the year to 31,662 after falling 26 per cent in the second half.
The worst month was April when unit sales were down 80 per cent on the same month in the previous year.
Sales revenue declined 11 per cent in constant currency terms to $1.4 billion.
The company is now seeing an upturn in surgery numbers and is in a strong financial position after raising $1.1 billion in new capital from investors.
Surgeries recommenced in China in March and are growing, however other emerging markets have remained low.
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