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 Chris 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.
