SYDNEY, AUSTRALIA — Cochlear Limited, a global leader in implantable hearing solutions, has announced the completion of its acquisition of the Oticon Medical cochlear implant business from Demant.
The acquisition follows Demant’s decision to discontinue its efforts in hearing implants, and the transaction was completed at a zero headline purchase price with all required conditions satisfied.
“We welcome Oticon Medical’s cochlear implant customers to Cochlear and remain committed to supporting the long-term hearing outcomes of these 20,000 patients. Customers are our priority as we work closely with Demant for a smooth transition.”
–Dig Howitt, Cochlear CEO & President
Cochlear aims to provide sustained support and innovative solutions for the Oticon Medical cochlear implant customers. “Driven by our mission to innovate and deliver a lifetime of hearing outcomes, we will seek to provide Oticon Medical’s cochlear implant customers continued support with a lifetime of hearing solutions,” CEO Dig Howitt added.
“We will develop and commercialize next-generation sound processors and services to enable the vast majority of customers to transition to Cochlear’s technology platform over time. We will also support customers with continued access to repairs and replacements of current Oticon Medical cochlear implant technology for as long as feasible.”
Oticon Medical Acquisition
The integration of the acquired cochlear implant business into Cochlear will occur over the next few months. Cochlear expects to incur integration costs in FY24 of around $30 million pre-tax, primarily related to restructuring. This amount will be reported as a non-recurring significant item and will not impact Cochlear’s FY24 underlying net profit guidance of $385-400 million.
Patients and hearing health professionals will receive local communications confirming contact information for ongoing service and support, as well as addressing any questions about this transaction.
About Cochlear Limited (ASX: COH)
People have always been Cochlear’s inspiration, ever since Professor Graeme Clark set out to create the first multi-channel cochlear implant after seeing his father struggle with hearing loss. Since 1981, Cochlear has provided more than 750,000 devices in more than 180 countries, helping people of all ages around the world to hear. As the global leader in implantable hearing solutions, Cochlear connects people with life’s opportunities, and welcomes them to the world’s largest hearing implant community.
Cochlear has a global workforce of around 4,800 people, with a passion for progress, who strive to meet the needs of people living with hearing loss. The company continually innovates to anticipate future needs, investing more than AUD$2.7 billion to date in research and development to push the boundaries of technology and help more people hear.
Source: Cochlear Ltd
