Hearing device maker Cochlear has posted a rise in underlying full-year earnings and is looking for a stronger 2022/23 after the launch of its new sound processor.
Revenue grew 10 per cent to $1.6 billion in constant currency terms in the 12 months to June 30, as COVID-19 restrictions eased and hospitals resumed elective surgeries.
Cochlear's bottom line net profit for 2021/22 fell 11 per cent to $289.1 million, compared to the year before, which was slightly below the consensus expectation of $292 million.
But its underlying net profit, which excludes the impact of certain one-off expenses such as cloud computing investments, was up 10 per cent to $277 million.
The company sold 38,182 implants over the fiscal year, up five per cent from the year before, with strong patient demand constrained by hospital staffing shortages and elective surgery restrictions.
"We saw clinic reopenings and very good growth in services, and obviously driven by upgrades - the growing recipient base wanting to upgrade to the latest technology," CEO Dig Howitt told analysts.
Mr Howitt also said the prevalence of mask-wearing during COVID-19 pandemic had actually increased the demand for hearing implants after people realised they had been subconsciously lip-reading.
The company forecast underlying net profit to increase by five to 10 per cent in 2022/23 to between $290 million to $305 million.
It plans to launch its long-awaited Nuclear 8 Sound Processor before the end of this calendar year.
The company declared a final dividend of $1.45 per share, up four per cent from last year and 40 per cent franked.
At 11.22am AEST, Cochlear shares were up 3.1 per cent to $220.86.
