Tuesday, October 18, 2011
Effect of Implant Recall
The implant recall by Cochlear Ltd is getting expensive. It may reach $152 million. The Australian company voluntarily recalled its new Nucleaus 5 unit in September because moisture caused a few of the implants to shut down. Cochlear is holding its annual meeting in Sydney where shareholders are discussing the loss of more than a quarter of the value of the company's shares of stocks. Look for more details to come out in February when the company's earning are announced related to the recall. A recent survey of cochlear-implant surgeons found 17 of 20 still viewed Cochlear as reputable despite the recall.