Wednesday, August 19, 2020

Cochlear earnings fall after litigation loss

The largest cochlear implant maker, Cochlear Ltd, saw its earnings fall after losing a patent lawsuit in the U.S. The coronavirus pandemic also hurt the company's revenue for the year. The Australian company reported a net loss of more than $283 million for 2019-20 after reporting a profit of $276 million the previous year. The patent litigation was filed by the Alfred E Mann Foundation for Scientific Research and Advanced Bionics. The company said the jury award was out of proportion to the feature's value.