Record sales for Cochlear as profits rise 56%

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Cochlear drove revenue to record heights in the full year to June to post a 56% rise to $145.8 million in net profits.

The hearing device group hit record sales of $941.9 million, up 15%. Cochlear implant sales were 26,838, up 3%.

However, the profit was below analyst expectations of $156.1 million.

CEO Chris Roberts says sales in the second half were $501 million, up 14% on the first six months.

“This sales momentum also confirms the success of products rolled out across all product categories over the last two years, supported by a range of market expansion activities including broadened clinical indications and roll-out of online activities,” Roberts said.

The profit guidance for 2016 is for a net profit range of between $165 million and $175 million.

A final fully franked dividend of $1.00 per share was declared.

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