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SOLID performance in overseas markets and successful new research and development (R&D) initiatives has pushed Cochlear to strong half year results.
Net profit, and earnings before interest & tax (EBIT) hit totals of $111.4 million and $156.4 million respectively, with both results climbing 19 per cent from HY16.
Revenue scaled up to $609.2 million, as the total number of Cochlear implants sold grew to more than 16,000, beating last year's result by 10 per cent.
CEO and president, Chris Smith, says Cochlear gained the market edge by successfully expanding its product portfolio, having invested more than $72 million in R&D in the last half alone.
"Cochlear continues to demonstrate its commitment to being the technology leader in our industry with ongoing investment in research and development," says Smith.
"We have strengthened our market position by continuing to expand our portfolio with market-leading products."
The half year was underscored by the successful launch of new products across the United States and Europe.
"During the half, our Cochlear Kanso, our first off-the-ear sound processor, and the Nucleus Profile Slim Modular electrode, the world's slimmest electrode, were launched across Europe and the US," says Smith.
"We are experiencing strong uptake of both products, with a notable uptick in unit growth during the second quarter in those markets."
For the remainder of the financial year and beyond, Smith says Cochlear is focused on building its core business service and continuing to foster long term client relationships.
"With a growing recipient base, now numbering over 450,000, we are actively strengthening our servicing capability to provide products, programs and digital services to support the lifetime relationship with our recipients," he says.
Cochlear shares opened today at $134.50, dropping 2.9 per cent to currently trade at $129.87.
Business News Australia
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