New Osia implant boosts Cochlears FY24 performance

Company News

by Finance News Network

Cochlear (ASX:COH), a leader in hearing solutions, reported robust FY24 financial results driven by innovative technology and strategic expansion. The company’s sales revenue grew by 12% to $2.3bn, with underlying net profit climbing 27% to $387m. Major contributors to this result include the launch of the Osia® OSI300 Implant and the $75m acquisition of Oticon Medical’s cochlear implant division, which added 20,000 new customers to Cochlear’s base. The company now has over 60% of the global cochlear implant market under its belt.

The Osia OSI300 Implant employs "Piezo Power" technology to improve sound clarity. Unlike conventional bone conduction implants that depend on vibrations travelling through the skull bones, the Osia system converts vibrations directly into electrical signals that stimulate the cochlea, delivering clearer hearing. Additionally, the OSI300 is compatible with 3.0 Tesla MRI scans, a feature that allows patients to undergo high-strength imaging without removing the implant magnet — an advancement in patient safety and convenience.

Cochlear is also pioneering a drug-eluting cochlear implant which releases dexamethasone — a potent anti-inflammatory — directly into the cochlea over time. This approach aims to reduce fibrosis and inflammation, two common post-surgical complications that can affect hearing performance. Jan Janssen, Cochlear’s Chief Technology Officer, noted: “Integrating medication delivery into our devices helps preserve hearing function and supports better long-term outcomes.” 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?