Cochlear, a manufacturer of hearing implants has said that it has recorded a fall of 16 per cent in full-year underlying profit to $132.6 million compared to the previous year.
The company also said that its revenue fell 3 per cent to $752.7 million during the period from the previous year. The company had said in June that its net profit would be lower than expected for the year due to lower sales. However, the company recorded a 16 per cent rise in sales during the entire year. The results were announced as the company is planning to launch its new hearing-aid software, Nucleus 6.
Analysts were expecting the company to record profits in the rage of between $130 million to $135 million. The net profit excludes one-off expenses relating to product recalls, which totals about $240 million. Cochlear is mainly focused on the US market and is struggling with the slowdown in the market.
Chief executive Chris Roberts said, "During F13, we continued investing in key business drivers and remain confident in our ongoing growth. Approval for sale of Nucleus 6 in Europe has just been received and product roll-out is now underway."
Cochlear is one of the largest healthcare companies in Australia and has a market capitalisation of about $3.3 billion
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