Big Danish players GN and Demant upscale financial outlooks
A strong start to 2023 - in part driven by its recent ReSound OMNIA launch - has helped leading hearing and audio tech group GN Store Nord to upgrade its full year financial guidance.
Bright recent figures have been recorded across GN’s Store Nord, Hearing, and Audio businesses, with the manufacturer’s organic growth guidance for the year rising from -6% to +6% (Nord), and from 2% to 8% (GN Hearing).
GN Hearing CEO Gitte Aabo was buoyant at the April 26 announcement: “We are very pleased to see the great momentum from Q4 2022 continue into 2023 with 15% organic revenue growth delivered in Q1. Our strong performance is broad based across regions, and with our new full product line-up of popular styles in the very successful ReSound OMNIA family, our growth platform is in place, boding well for the remainder of the year.”
Demant trumpets Real success
GN’s news comes shortly after a similarly upbeat post from another Danish hearing health giant, Demant, which on April 17 announced: “Demant announces preliminary revenue and growth rates for Q1 2023 and adjusts the outlook for 2023 to reflect very strong performance in Q1. The outlook for organic growth is increased to 6-10% (prev. 3-7%) and for EBIT to DKK 3,800-4,200 million (prev. DKK 3,600-4,000 million).
In total sales for hearing aids, Demant clocked a healthy 26% organic revenue rise from Q1 2022 to Q1 2023.
“Growth in Hearing Aids was significantly above initial expectations in Q1 driven by very strong performance in the US. Growth was fuelled by very successful launches of new premium hearing aids in all our brands, including our new flagship product, Oticon Real,” Demant communicated.
Source: GN Store Nord/Demant
