Sales of Cochlear’s hearing implants have rebounded to pre-COVID levels, helping the business lift revenue by 10 per cent to a record $1.6 billion.
Sales of Cochlear’s hearing implants have rebounded to pre-COVID-19 levels across the business, helping the business lift revenue by 10 per cent to a record $1.6 billion, but in markets such as the UK and Australia they still remain depressed.
But the boost in cloud investment will constrain Cochlear’s profit growth in the 2023 financial year, with the business forecasting underlying net profit of $290 million to $305 million – a 5 per cent to 10 per cent increase. Without the cloud investment, the range would be 8 per cent to 13 per cent – more closely in line with pre-COVID-19 growth rates.
“As we look to the future, we remain confident of the opportunity to grow our markets,” Cochlear said in a statement to the ASX.
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