Demant sees 10 percent growth despite macroeconomic and geopolitical headwinds
Demant, a global hearing healthcare and audio technology company located in Smørum, Denmark, has released their 2022 Annual Report. They report that despite macroeconomic and geopolitical headwinds, Demant saw a 10 percent growth in 2022.
“Demant entered 2022 with optimism and an ambitious plan, but during the year, the good momentum lost pace as both the hearing healthcare and the audio technology markets – to varying degrees – faced an unstable macroeconomic environment. Unfortunately, this had an adverse impact on our overall results, but despite this headwind, we delivered top-line growth of 10%, which we consider a solid performance in tough circumstances and a testament to our strong organization, culture and people,”says Søren Nielsen, President & CEO of Demant.
The Group generated organic growth of 3% (Q4: 6%) driven entirely by Hearing Healthcare. Growth from acquisitions added 2% (Q4: 2%) and exchange rate effects 6% (Q4: 4%), and total reported growth was 12% (Q4: 12%). For the full year, organic growth was 4%, with growth from acquisitions adding 2% and exchange rate effects 5%. Total reported growth for the Group amounted to 10% in 2022.
“We saw a significant sequential improvement in organic growth from 1% in the third quarter to 8% in the fourth quarter in Hearing Healthcare. For 2022 as a whole, our Hearing Healthcare segment grew thanks to our Diagnostics and Hearing Aids business areas, which both gained market shares and performed very well, enabling us to reach more people with our life-changing hearing healthcare solutions. Our Hearing Care business grew less than originally expected, and Communications saw significant negative growth due to a very weak gaming market. However, we expect both businesses to grow in 2023. Overall, we look into a new year with many new product launches, including new families of premium hearing aids in all our brands. The soon-to-be launched Oticon Real flagship hearing aids will offer improved speech understanding and a more comfortable and focused hearing experience by removing disruptive sounds for the benefit of our many users,” says Søren Nielsen, President & CEO of Demant.
Click here to view Demant’s 2022 Annual Report.