ASX-listed Australian hearing implant manufacturer Cochlear has topped annual revenues of $1 billion, an increase 23 per cent on the year before.
AAP reports that revenues for the year to June 30 were up 23 per cent on the previous year, with a net profit increase of 30 per cent to $189 million.
Over the year it increased its efforts in direct marketing and the size of its sales force, and its R&D investment totalled $143 million (or 12 per cent of the $1.16 billion revenue), reports The Australian.
“As we move forward, we are injecting greater discipline into our R&D processes to ensure our investments are customer-driven and returns focused,” CEO Chris Smith said in a statement.
“We expect to deliver new products across all categories over the next 18 months as well as advance our long-term technology development pipeline.”