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Sonova profit soars in first six months

Swiss hearing aid maker Sonova has posted record sales of SFr709 million ($702.4 million) for the first half of the year, beating analysts' forecasts.

The company, which is based in Stäfa on Lake Zürich and is the world's leader in sales of hearing implants, said net profit rose by 21.6 per cent to SFr164 million.

Sonova, formerly known as Phonak, reported its figures a day after announcing it was buying California-based cochlear implant-maker Advanced Bionics for $489 million in cash.

A Reuters poll of ten analysts had put average net profit expectations at SFr147 million.

In a statement, Sonova said all regions and brands, as well as its recently launched products, had contributed to year-on-year sales growth of 18.2 per cent in Swiss francs.

Based on current market conditions and barring unforeseen events, Sonova expects organic sales growth of 13-15 per cent in local currencies and announced an improved profit outlook.

Shares in Sonova have jumped more than 70 per cent this year, outperforming industry rivals. and agencies


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