Profit falls at Cochlear

The profits of Australia's Cochlear LTD are down nearly 70% because of the recall of its CI500 implant last year. Profits for the implant maker went from about $180 million last financial year to just under $57 million this financial year. Sales in the Americas fell 2%. Sales for Cochlear in European, the Middle East and Africa rose 2% and profits were up in Asia 4%. Overall, the number of implants the company sold worldwide fell 6% (just over 23,000). You can read more about the reason for the recall here and lawsuits over the recall here.