Cochlear posts record revenue for 1H15

Cochlear Limited (ASX:COH) grew its revenue the half-year ended in December by 18% to a record $438.3 million, driven by strong performance in the Americas.

The company’s net profit surged 240% to $71.4 million. Excluding the provision taken during the first half of FY14 regarding the patent violation lawsuit filed by the Alfred E Mann Foundation for Scientific Research, net profit increased by 94%.

Depreciation of the Australian dollar against the greenback helped improve revenue from overseas contracts. Sales increased 17% to $440.5 million, but in constant currency were up 15%.

Cochlear implant sales revenue grew 16% year-on-year to $383 million. Unit sales remained stable at 11,689. Sound processor upgrade sales meanwhile grew 9% to $82.2 million, while bone anchored solutions sales were up 25% to $57.5 million.

Broken down by region, sales to the Americas grew 30% to $195.3 million, EMEA sales improved 7% to $181.6 million and APAC sales grew 10% to $63.6 million.

“A focus of 1H15 was continuing the sales momentum for products launched in FY14,” Cochlear CEO Dr Chris Roberts said. “Feedback on these products throughout the half was extremely positive.”

Looking ahead, Cochlear has obtained regulatory approval in various markets for five products due to launch during the second half of the financial year. These include two new versions of its Nucleus Profile series and accessories for its Nucleus 6 implants.

Cochlear (ASX:COH) shares were trading 1.4% higher at $88.83 as of around 1 pm on Tuesday