Monday, March 4, 2013

Implant Maker reports on profits

Cochlear is reporting that its sales are at record levels - revenue of $391.7 million during the first half of the fiscal year for the Australian company. Net profit after taxes nearly reached $78 million. That's compared to a $20 million loss during the same period during the previous year. Cochlear had a product recall that cost it more than $100 million which you can read about here. Still, the stock fell 7.8% on the profit announcement, since investors had estimated there wold be a report of more than $80 million. Also, the Australian company lost some of its share of the market in Europe, the Middle East and Africa over the past year.

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