ASX-listed hearing devices manufacturer Cochlear Limited has reported a record sales revenue of $1.6 billion for the end of fiscal year 2022, a whopping 10 per cent surge from FY 2021’s results.
Cochlear’s statutory profit dropped by 11 per cent, to $298.1 million, but underlying net profit surged to $277 million, an 18 per cent improvement from the previous year’s, the company said in its announcement.
Underlying earnings before interest and tax climbed by 17 per cent to $382.7 million. Basic earnings per share, however, declined by 11 per cent to $4.396, while underlying EPS showed an 18 per cent increase at $4.21.
Cochlear sold over 38,000 implant units in the previous fiscal year, which marked a 5 per cent year-on-year improvement. The result is due to the strong demand for acoustic implants and sound processor upgrades with all regions and product segments above pre-COVID levels, the company said.
Cochlear announced its intent to acquire Oticon Medical for $170 million in April, following Demant’s decision to let go of its hearing implants business activities. The acquisition is expected to add $75 million to $80 million to Cochlear’s annual revenue.
For its FY 2023 outlook, the company said it expects to deliver an underlying net profit of $290 million to $305 million, a 5 to 10 per cent increase compared to 2022’s results and an 8 to 13 per cent rise when adjusted for the increase in cloud computing-related expenses.
“We expect trading conditions to progressively improve across the year, with intermittent COVID-related hospital or region-specific elective surgery restrictions likely to continue,” the company said.
“The release of the Cochlear Nucleus 8 Sound Processor is expected to contribute from the second quarter as commercial availability commences in European countries. The new sound processor is expected to be launched across other markets by the end of December, subject to the timing of regulatory approvals.”
