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Cochlear profit to lift up to 20 per cent

Implantable hearing device maker Cochlear expects to lift its 2017 annual profit by up to 20 per cent, after a strong 2016.

Cochlear’s net profit for the 12 months to June 30 is up 30 per cent on last year, to $189 million, on the back of a weaker Australian dollar, the release of new products, and more focused direct-to-consumer marketing.

The bottom-line result was at the top of Cochlear’s guidance of $180 million to $190 million.

Cochlear says it expects its 2017 net profit to come in at between $210 million and $225 million.

“Cochlear expects positive momentum to continue, with investments made in product development and market growth initiatives expected to underpin growth for FY17,” Cochlear CEO┬áChris Smith said, calling 2016’s result fantastic.

The company had benefited from the devaluation of the Australian dollar and had accelerated investment in market growth initiatives, including direct-to-consumer marketing and enlarging its sales force.

It also increased its research and development investment.

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