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Hearing implant maker Cochlear Ltd. (COH.AU) reported Tuesday that its annual net profit rose 16% and said the outlook remains positive given strong unmet demand for its products in emerging and developed markets.
The Melbourne-based company said net profit for the 12 months to June 30 was a record A$180.1 million, up from A$155.2 million last year. The result was slightly above the average of seven analysts' expectations of A$177.5 million.
"This result was achieved in difficult global financial conditions and highlights the multiple growth drivers the business delivers across products and geographical spread," Chief Executive Chris Roberts said in a statement. "These drivers continue to stimulate long-term sustainable growth."
Cochlear, a world-leading maker and marketer of cochlear hearing implants with about 70% of the market according to a Nomura note, benefited this year from the voluntary recall of a rival product made by Advanced Bionics, a subsidiary of Sonova Holding AG (SOON.VX).
Cochlear said revenue for fiscal 2011 rose by 10% to A$809.6 million from the previous year's A$734.8 million, beating analyst expectations of A$782.2 million.
The company will pay a final dividend of A$1.20, up 14% from a year ago.
-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679; email@example.com