Hearing implant company Cochlear Ltd
(ASX:COH) has reported a 13 per cent increase in net profit for the year and says growth will be driven by the release of new products to the market in the coming year.
Net profit after tax for the 12 months to June 30 came to $130.5 million, up from $115.23 million the year before.
Core earnings rose 12 per cent to $138 million. The company’s new Cochlear Nucleus 5 system and Cochlear Baha sound processor BP100 became available to the market on June 30.
CEO Dr Chris Roberts says these new products will underpin growth once they achieve final regulatory and reimbursement sign-off in the remaining jurisdictions.
Cochlear says its 2010 financial year results will be influenced by the roll out of new products and is likely to be biased to the second half of financial year 2010.
Cochlear’s profits have been gradually increasing over the last four years.
