Sunny Sonova financial results...and more warm breezes to come?

 
 

FINANCIALS

© Sonova

Sonova Group sales increased by 48.5% in local currencies in the first half of financial year 2021/22, the Swiss hearing giant has announced. Its flagship hearing aid product Paradise has played a key role.

Relative to pre-pandemic levels in the first half of the financial year 2019/20, this means a 17.7% rise in sales with substantial growth in all regions, led by the USA (70.3% up versus the prior year period) and the Americas, says the group. The organisation behind brands such as Phonak, Unitron, and Hansaton boasted a half-year profit increase of 129.3% in local currencies, even adjusting for its purchase of the Consumer Division of Sennheiser, which it has previously recognised as a significant investment in financial terms.

Strong Sonova sales of of CHF 1,465.6 million (1,390m euros) in hearing instruments sales, an increase of 46.9% in local currencies compared to the prior year period, were supported by "the sustained positive market response to the Phonak Paradise platform launched in August 2020".

Bright forecast for Sonova sales

Looking to the second half of the financial year, Sonova expects consolidated sales to increase by 24%–28%, and adjusted earnings before interest, taxes, and amortisation to grow in the range of 34%–42%, though the group's outlook does not reflect any additional headwinds from the current supply chain constraints.

“We are very pleased with the dynamic start to the year and have sustained our positive momentum. The strong result was accomplished despite residual headwinds related to the COVID-19 pandemic and the impact of some supply chain challenges toward the end of the period," said Sonova CEO, Arnd Kaldowski.

"Innovation continues to be a key performance driver as evidenced by the ongoing success of the Phonak Paradise platform and two new sound processors rolled out in our Cochlear Implants business," the CEO continued. "We are confident that we will continue to drive profitable growth for the remainder of the financial year and beyond.”

Source: Sonova

PW