Monday, February 7, 2011

Australian cochlear implant company shows 16% rise in profits

From the Sydney Morning Herald in Australia:

Hearing implant provider Cochlear Ltd says it is well positioned for growth, after lifting net profit for the first half of the 2010/11 financial year by 16 per cent.

Cochlear on Tuesday reported a first half net profit of $87.23 million, compared with $75.25 million in the prior corresponding period, as the company increased cochlear implant sales by 20 per cent.

"Cochlear is strategically well positioned for long-term sustainable growth, and the outlook remains positive," Cochlear said in a statement.

"There is a significant unmet clinical need for Cochlear's products, leading to ongoing demand from the emerging and developed markets.

"Continued investments in capacity, resources and capabilities together with an exciting new product pipeline will underpin and drive this long-term growth."

Revenue for the six months to December 31, 2010 lifted eight per cent to $377.07 million.

The company declared an interim dividend of $1.05 per share, with 63 cents franked. The dividend in the prior corresponding period was 95 cents per share, fully franked.