Demant Group has reported a revenue growth of 10% in 2022, with an EBIT of ~$499M USD, despite facing macroeconomic and geopolitical headwinds. The organic growth for the year was at 4%. The company’s Hearing Aids and Diagnostics segments helped to offset the impact of weaker-than-expected markets, resulting in a solid performance in tough circumstances.
According to Søren Nielsen, President & CEO of Demant:
“We 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 faced an unstable macroeconomic environment. Despite this headwind, we delivered top-line growth of 10%, which we consider a testament to our strong organization, culture and people.”
Nielsen also stated that the Hearing Healthcare segment saw significant sequential improvement in organic growth, from 1% in the third quarter to 8% in the fourth quarter. For 2022 as a whole, the Hearing Healthcare segment grew, with the Diagnostics and Hearing Aids business areas both gaining market shares and performing well. However, the company’s Hearing Care business grew less than originally expected, and Communications saw significant negative growth due to a weak gaming market. Demant Group expects both businesses to grow in 2023.
Looking forward to the new year, Demant is set to launch new products, including a new flagship hearing aid that improves upon the success of the Oticon More. The company is projecting an organic growth of 3-7% and an EBIT of approximately $577-$639M (USD) for 2023.
Click here for the full 2022 Annual Report
Source: Demant
