Hearing aid manufacturer Sivantos has released results of its fiscal year 2017/2018, posting strong performance for the year (October 1, 2017 through September 30, 2018). According to the company news release, sales grew by 14% to reach 1.1 Billion Euros (approximately $1.25 Billion USD).
The company says that it out-performed the market in key countries, and gained 3% market share in the US, and in Germany, which reportedly saw 26% growth compared to the previous year.
Successful product launches of the Nx platform and the advanced rechargeable solution Charge & Go, were the key areas highlighted for the strong performance. Additionally, the August 2018 launch of the Styletto hearing aid, dubbed the world’s first Slim Receiver-In-Canal device, helped “further established Sivantos’ innovation edge in revolutionary hearing aid design”.
Highlights of company performance in fiscal 2017/2018:
- Double digit sales growth of 14% (12% Organic) to EUR 1.1 billion
- Strong profitability with EBITDA margin of 23.8%
- Strong free cashflow of EUR 132 million
- Above-market performance in most key markets
Sivantos says that while it has achieved strong growth in traditional channels, it has expanded into “alternative channels and building new ones”.
“The outlook for Sivantos is extremely positive, and our fundamentals are very strong. The transformation we started after the carve-out from Siemens has been successful. Over the past four years we have built a robust organization, capable of successfully launching innovative products on a continued and frequent basis thus driving growth in traditional as well as new channels. The results of fiscal year 2017/2018 clearly reflect that our investments in transformation are paying off in the form of double-digit growth.”
–Ignacio Martinez, CEO of Sivantos