Stäfa, Switzerland – Sonova, the parent group of Phonak, Unitron, Advanced Bionics, and InSound Medical, announced preliminary financial results for the 2010/11 year, which includes consolidated sales of $1.82 billion (CHF 1.617 billion)—a new record for the company—and an EBITA (before acquisition-related amortization and impairment) of $368 million (CHF 326.6 million), or 20.2% of net sales.
The company reports that net sales increased by 13.3% in local currencies and by 7.8% in Swiss francs mainly due to sales growth in the hearing instrument segment, which recorded sales of $1.74 billion (CHF 1.546 billion), 10.1% above the previous year. Sonova says that the strong sales result was driven by the successful introduction of the new products on the Spice platform. Sales of hearing implants were $80 million (CHF 71 million), approximately $67 million (CHF 60 million) below expectation due to the temporary recall of the Advanced Bionics cochlear implants. However, the product is on sale again in a number of countries after TÜV granted its approval in April 2011.
Creating a new hearing implant division. Sonova has continued with its creation of a hearing implant division that includes Advanced Bionics and Phonak Acoustic Implants, identifying joint opportunities and combining the product road map as well as a review of the division’s business plan.
SIX investigation. SIX Swiss Exchange has started an official investigation relating to the share and option transactions that took place before the profit warning of March 16, 2011, leading to the resignations of CEO Valentin Chapero and CFO Oliver Walker. This was to be expected and was previously communicated by the company. Sonova says the Board of Directors of Sonova will support this investigation in order to allow a complete revelation of the facts.