Denmark-based hearing health giant Demant has published its 2024 annual report, announcing revenue growth of 4% (2% organic) in 2024 “as expected”, driven by strong performance in Hearing Care.

Demant covers three business areas: Hearing Care, Hearing Aids, and Diagnostics, with clear synergies between them. As a group, in 2024 Demant generated DKK 22,419 million (approx 3,023m euros) in revenue, its largest markets being Europe and North America. Total reported overall growth for the Group was 4% in 2024. The group outlook for 2025 is organic growth of 3-7%.

 

Strong performance in hearing care

 

Hearing Aids saw organic growth from external customers of -1% (Q4: -1%), as growth continued to be impacted by strong comparative figures with 20% organic growth in the same period the year before, Demant reveals.

But it was in hearing care that performance provided most encouragement. “Hearing Care continued to perform strongly and delivered an above-market organic growth rate of 7% (Q4: 7%), driven by continuously strong growth in many of our medium-sized markets and in North America,” says the report.

In France, growth was slightly positive in H2 following a return to growth in Q4. In H2, growth was predominantly driven by unit sales, but it was also supported by a positive ASP development due to favourable product mix changes following the launch of our premium product, Oticon Intent, in February 2024, and by positive geography mix changes. In line with our strategic priorities, we continue to expand our distribution network by acquiring hearing clinics, which contributed considerably with 4% growth in the period. Demant expects its French market to grow in the high-single digits in units in 2025.

Diagnostics, however, saw weak momentum with organic growth of -4% (Q4: -3%), “because of a continuously very soft market for diagnostic instruments as well as negative growth in sales of our portfolio of balance products”.

 

Demant proud of its sustainability and gender diversity progress

 

The Danish group announced a series of new and updated sustainability targets for 2030 “guided by our ambition, as the leading hearing healthcare company, to improve as many lives as possible and by our commitment to operate our business in a responsible and sustainable manner”.

The group claims it reduced its scope 1 and 2 market-based greenhouse gas (GHG) emissions by 11% compared to 2023, and by 8% compared to the 2019 baseline year from which its climate targets are set. A decrease in GHG emissions is driven, says Demant, by “an increase in our consumption of renewable electricity, which represented 35% of Demant’s total electricity consumption in 2024”.

In gender diversity, the share of women in top-level management increased to 31% in 2024. “By comparison, the share was 29% in 2023. We have thus achieved our 2025 target of 30% women in top-level management,” said the report.

Source: Demant