Cochlear Optimistic about its New Products

Submitted by Jim Thesiger on 12 August, 2009 - 05:23

Cochlear (COH), an Australia based company that produces and supplies implantable hearing solution has boosted its annual profit as much as 13 percent and declared that its current financial year results will be motivated by the launch of new products. A net profit worth of $130.54 million was made by the company in the financial year that ended in June 30th where its previous year net profit was about $115.23 million. The revenue of the hearing implant company reflected a 22 percent climb in its impact sales to $614 million and a gain of 29 percent in bone anchored solutions to $97.8 million.

Dr. Chris Roberts, the chief executive of Cochlear expressed his satisfaction regarding the results claiming that the figures have represented the capability of Cochlear in difficult times like during a global economic crisis. Dr. Roberts also added that the new products are expected to strengthen up the growth of the company as soon as they receive final regulatory and reimbursement sign-off in the jurisdictions that are remaining. Cochlear Nucleus 5 system along with the new Cochlear Baha sound processor BP100 were made available in the market from June 30th.

Cochlear have stated that it will update the market regarding its outlook during the annual general meeting which is expected to be held in next October. The company projected that the growth to the second half of 2009-10 will be biased. The company’s earning before interest and tax raise as much as 10 percent to 183.3 million while sales was increased 14 percent and 10 percent respectively in Europe and Americas. However, it saw a 5 percent drop in the Asia Pacific region sales. The company admitted that despite its continued growth in 2008/09 in a tough financial scenario, the company was not invulnerable from the significant international market uproar.

A final dividend worth of 95 percent (19% up) was declared by Cochlear on the earlier corresponding period which took the sum for the financial year to the $1.75 mark. Cochlear stocks dropped 9c to $58.66.