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PREMIUM COMPANY PROFILE
Cochlear Limited
30 June 2022
Cochlear Limited June 2022
IBISWORLD.COM 2
Company Details
Overview
$1.7bn
REVENUE
Annual Growth
2018–22
6.0%
Annual Growth 2018–22
$2.5bn
ASSETS
Annual Growth
2018–22
16.8%
Annual Growth 2018–22
$289.1m
NPAT
Annual Growth
2018–22
5.3%
4,500
EMPLOYEES
Annual Growth
2018–22
8.5%
Annual Growth 2018–22
Description Cochlear is a Public Company that generates the majority of its income from the Medical and Surgical
Equipment Manufacturing industry.
In 2022 the company generated total revenue of $1,681,800,000 including sales and other revenue. In
2022 Cochlear had 4,500 employees including employees from all subsidiaries under the company's
control.
The Chief Executive of Cochlear is Mr Dig Howitt whose official title is CEO & President & Managing
Director. The Chairman of Cochlear is Ms Alison Deans whose official title is Non-Executive Chair.
Company Snapshot REGISTERED
NAME
Cochlear Limited
TRADING NAME Cochlear
ASX CODE COH
RANK 371
ACN # 002 618 073
ABN # 96 002 618 073
TOP INDUSTRY C2412 - Medical and Surgical Equipment Manufacturing
TYPE Public Company
CEO
TITLE
Mr Dig Howitt
CEO & President & Managing Director
INCORPORATION
DATE
08-Jun-1983
ADDRESS 1 University Avenue
MACQUARIE UNIVERSITY New South Wales
Australia 2109
WEBSITE www.cochlear.com/au
PHONE NUMBER +61 2 9428 6555
Cochlear Limited June 2022
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SWOT Strengths and weaknesses take into account internal factors, and are based on Cochlear’s performance in
comparison to its competitors. Opportunities and Threats focus on external influences, and are based on
trends and demand in the Medical and Surgical Equipment Manufacturing industry and the Retail Trade
sector.
Strengths
Net Profit Margin
17.5%
Cochlear Limited's net profit margin is higher than
the peer average.
Pre-Tax Margin
23.9%
Cochlear Limited's pre-tax margin is higher than
the peer average.
Weaknesses
Asset turnover ratio
0.7
Cochlear Limited's asset turnover is lower than
the peer average, suggesting it is less effectively
generating revenue on its assets.
Inventory turnover ratio
1.5
Cochlear Limited's inventory turnover is lower
than the peer average, so the company is not
effectively turning over inventories.
Opportunities
High & Steady Barriers to Entry
High Profit vs. Sector Average
High & Increasing Level of Assistance
Low Product/Service Concentration
Threats
High Volatility
High Customer Class Concentration
High Capital Requirements
High Imports
Low Revenue per Employee
Cochlear Limited June 2022
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Operating Divisions
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Cochlear Implant 935,200 n/a n/a
Acoustics 202,000 n/a n/a
Services 503,900 n/a n/a
Unallocated 40,700 289,100 2,465,100
Total 1,681,800 289,100 2,465,100
Operating Divisions
Cochlear Limited is a company that provides hearing implant solutions for those with hearing deficiencies.
The Cochlear range of hearing devices includes:
Cochlear Implants - Offers Nucleus 7 sound processor to aid moderate to profound hearing loss, along with the Nucleus
Kanso Sound Processor.
Baha Bone Conduction Implants - Offers a wide range of bone conduction implants including the Baha Attract System, Baha
Connect System, Baha 5 Power and Baha Softband.
Cochlear True Wireless - Devices designed to assist in difficult hearing situations. The wireless range includes mini
microphones, tv streamers, and phone clips.
Carina Middle-Ear Implants - Offers Cochlear Carina System that is implanted under the skin without any external devices.
The company also provide product support & upgrades, rehabilitation, and customer service.
Cochlear Limited June 2022
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Key Personnel
Company Personnel * Appointed to the Board of Directors
Chairman
Alison Deans
Non-Executive Chair *
Chief Executive
Dig Howitt
CEO & President & Managing
Director *
Financial Controller
Stu Sayers
Chief Financial Officer
Position Type Full Name Title Salutation Initials
Chairman Alison Deans Non-Executive Chair * Ms C A
Chief Executive Dig Howitt CEO & President & Managing Director * Mr D W
Financial Controller Stu Sayers Chief Financial Officer Mr S
Chief Operating Officer Richard Brook President Europe, Middle East & Africa Mr R
Chief Operating Officer Anthony Bishop President Asia Pacific Region & Latin American Regions Dr A
Chief Operating Officer Lisa Aubert President Americas Region Ms L
Non-Executive Director Andrew Denver Non-Executive Director * Mr A L
Non-Executive Director Christine McLoughlin Non-Executive Director * Ms C
Non-Executive Director Yasmin Allen Non-Executive Director * Mrs Y A
Non-Executive Director Karen Penrose Non-Executive Director * Ms K
Non-Executive Director Bruce Robinson Non-Executive Director * Prof B G
Non-Executive Director Glen Boreham Non-Executive Director * Mr G F
Non-Executive Director Michael Daniell Non-Executive Director * Sir M
Non-Executive Director Michael del Prado Non-Executive Director * Mr M
Company Secretary Ray Jarman Company Secretary Mr R
Legal Officer Ray Jarman Group General Counsel Mr R
Sales Manager Ben Marosszeky Director - Marketing & Business Development Australia & New Mr B
Sales Manager Medard Fischer Vice President Business Development Mr M
Marketing Manager Jennifer Stevenson Vice President Corporate Communications Ms J
Marketing Manager Dean Phizacklea Senior Vice President, Global Strategic Marketing Mr D
Marketing Manager Ben Marosszeky Director - Marketing & Business Development Australia & New Mr B
Procurement Manager Greg Bodkin Senior Vice President Supply Chain & Operational Excellence Mr G
Procurement Manager Walter D'Avolio Vice President Strategic Sourcing & Procurement Mr W
Personnel Manager Jennifer Hornery Senior Vice President People & Culture Ms J
Computing/IT Manager David Hackshall Chief Information Officer Mr D
Other Jan Janssen Chief Technology Officer Mr J
Other Kristina Devon Vice President Investor Relations Ms K
Other Brian Kaplan Senior Vice President Clinical Strategy & Innovation Dr B
Cochlear Limited June 2022
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Other Directorships * Appointed to the Board of Directors
Chairman
Christine McLoughlin
University of Wollongong
Position Type Full Name Company Salutation Initials
Chairman Christine McLoughlin University of Wollongong Ms C
Non-Executive Director Karen Penrose Ramsay Health Care Limited Ms K
Non-Executive Director Karen Penrose Estia Health Limited Ms K
Director Karen Penrose Rugby Australia Ltd Ms K
Non-Executive Director Bruce Robinson Mayne Pharma Group Limited Prof B G
Non-Executive Director Bruce Robinson Ecofibre Limited Prof B G
Non-Executive Director Alison Deans Ramsay Health Care Limited Ms C A
Non-Executive Director Alison Deans Deputy Group Pty Ltd Ms C A
Gender Diversity
Cochlear Limited June 2022
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Financials
At a glance
$1.7bn
REVENUE
Annual Growth
2018–22
6.0%
Annual Growth 2018–22
$2.5bn
ASSETS
Annual Growth
2018–22
16.8%
Annual Growth 2018–22
$289.1m
NPAT
Annual Growth
2018–22
5.3%
4,500
EMPLOYEES
Annual Growth
2018–22
8.5%
Annual Growth 2018–22
Profit & Loss Statement
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
Revenue Items
Sales Revenue 1,648,300 1,497,600 1,320,600 1,426,700 1,363,700
Other Revenue 33,500 113,300 79,700 29,700 10,800
Total Revenue 1,681,800 1,610,900 1,400,300 1,456,400 1,374,500
Cost of Goods Sold 411,000 410,200 344,400 351,100 361,200
Depreciation 73,000 76,400 77,500 38,500 34,200
Interest
Interest Received 2,400 3,600 1,600 700 600
Interest Expenses 8,600 12,000 10,500 5,200 8,500
Profit & Loss
Share of Profits of Associates - -1,700 -1,200 - -
EBITDA 473,000 446,600 -184,700 408,600 382,600
Income Tax Expense 104,700 38,000 -32,800 88,900 94,700
Continuing Operations After Tax 289,100 323,800 -238,300 276,700 245,800
Outside Equity Interest 0.0 0.0 0.0 0.0 0.0
Profit Before Tax 393,800 361,800 -271,100 365,600 340,500
NPAT 289,100 323,800 -238,300 276,700 245,800
Audit
Audit Fees 2,068 2,030 2,171 1,809 1,881
Audit Other 1,047 1,424 1,592 2,899 1,853
Total Audit Fees 3,115 3,454 3,763 4,708 3,734
Cochlear Limited June 2022
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Balance Sheet
Current Assets 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Cash at Bank 629,300 609,600 930,000 78,600 61,500
Trade Debtors 308,400 262,100 211,400 299,500 299,100
Inventory 270,200 216,100 223,800 195,400 167,400
Other Current Assets 119,100 142,200 112,300 61,500 56,200
Total Current Assets 1,327,000 1,230,000 1,477,500 635,000 584,200
Non-Current Assets
Receivables - 0.0 5,000 3,300 2,100
Investments - 226,800 99,900 47,800 15,800
Property & Plant Equipment 439,200 428,500 438,800 166,500 128,400
Intangible Assets 392,500 385,500 410,300 424,400 345,300
Other Non-Current Assets 306,400 155,300 144,200 102,200 81,100
Total Non-Current Assets 1,138,100 1,196,100 1,098,200 744,200 572,700
Total Assets 2,465,100 2,426,100 2,575,700 1,379,200 1,156,900
Current Liabilities
Trade Creditors - - - - -
Interest Bearing Debt 78,700 31,900 419,100 3,300 3,700
Other Current Liabilities 448,900 370,600 398,400 356,200 284,000
Total Current Liabilities 527,600 402,500 817,500 359,500 287,700
Non-Current Liabilities
Interest Bearing Debt 175,200 232,400 285,400 178,300 144,000
Other Non-Current Liabilities 76,600 101,600 71,300 115,500 114,400
Total Non-Current Liabilities 251,800 334,000 356,700 293,800 258,400
Total Liabilities 779,400 736,500 1,174,200 653,300 546,100
Shareholder's Equity
Total Equity 1,685,700 1,689,600 1,401,500 725,900 610,800
Other
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Number of Employees 4,500 4,000 4,000 4,000 3,500
Number of Shares on Issue (end of
period)
65,775,339 65,744,078 65,687,402 57,715,821 57,547,820
Market Capitalisation (end of period)
('000)
13,069,560 16,545,812 12,410,321 11,937,940 11,519,347
Earnings per Share (basic)(cents) 439.6 492.6 -399.6 479.6 427.3
Earnings per Share (diluted)(cents) 439.6 492.6 -399.6 479.5 426.7
Qualified Audit Report No No No No No
Modern Slavery Statement n/a Not Required n/a n/a n/a
Internal Auditor Not available
External Auditor KPMG
Enterprise Value 12,694,160 16,200,512 12,184,821 12,040,940 11,605,547
Book Value 1,685,700 1,689,600 1,401,500 725,900 610,800
Cochlear Limited June 2022
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Growth & Ratios
Revenue & NPAT
Cochlear Limited June 2022
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Financial Growth
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 Average
Total Revenue Growth (%
change)
4.4 15.0 -3.9 6.0 9.2 6.0
Sales Revenue Growth (%
change)
10.1 13.4 -7.4 4.6 8.8 5.6
EBITDA (% change) 5.9 n/a n/a 6.8 10.3 6.4
NPAT (% change) -10.7 n/a n/a 12.6 9.9 5.3
Shareholders' Funds (%
change)
-0.2 20.6 93.1 18.8 12.4 25.4
Total Assets (% change) 1.6 -5.8 86.8 19.2 1.8 16.8
Employees (% change) 12.5 0.0 0.0 14.3 16.7 8.5
Financial Ratios
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Return on Revenue (ROR) (%) 17.2 20.1 -17.0 19.0 17.9
Return on Shareholders' Funds
(ROSF) (%)
17.2 19.2 -17.0 38.1 40.2
Return on Assets (ROA) (%) 11.7 13.4 -9.3 20.1 21.3
Pre-Tax Margin (%) 23.9 24.2 -20.5 25.6 25.0
Net Profit Margin (%) 17.5 21.6 -18.0 19.4 18.0
Revenue per Employee ($'000 per
person)
373.7 402.7 350.1 364.1 392.7
NPAT per Employee ($'000 per
person)
64.2 81.0 -59.6 69.2 70.2
Effective Tax Rate (%) 26.6 10.5 12.1 24.3 27.8
Gearing (%) 31.6 30.4 45.6 47.4 47.2
Interest Cover (X) 46.8 31.2 -24.8 71.3 41.1
Current Ratio (X) 2.5 3.1 1.8 1.8 2.0
Cochlear Limited June 2022
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Operating Segments
Operating Divisions
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Cochlear Implant 935,200 n/a n/a
Acoustics 202,000 n/a n/a
Services 503,900 n/a n/a
Unallocated 40,700 289,100 2,465,100
Total 1,681,800 289,100 2,465,100
Cochlear Limited June 2022
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Operating Divisions
Cochlear Limited is a company that provides hearing implant solutions for those with hearing deficiencies.
The Cochlear range of hearing devices includes:
Cochlear Implants - Offers Nucleus 7 sound processor to aid moderate to profound hearing loss, along with the Nucleus
Kanso Sound Processor.
Baha Bone Conduction Implants - Offers a wide range of bone conduction implants including the Baha Attract System, Baha
Connect System, Baha 5 Power and Baha Softband.
Cochlear True Wireless - Devices designed to assist in difficult hearing situations. The wireless range includes mini
microphones, tv streamers, and phone clips.
Carina Middle-Ear Implants - Offers Cochlear Carina System that is implanted under the skin without any external devices.
The company also provide product support & upgrades, rehabilitation, and customer service.
Cochlear Limited June 2022
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Industries by Operating Segment
Acoustics
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
C2412 - Medical and Surgical Equipment Manufacturing in
Australia
8.2% 2.2%
Cochlear Implant
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
C2412 - Medical and Surgical Equipment Manufacturing in
Australia
8.2% 2.2%
Services
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
Q8400 - Health Services in Australia 2.2% 3.0%
Cochlear Limited June 2022
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Geographic Locations
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Americas 779,700 414,400 350,800
EMEA 578,500 274,400 281,200
Asia Pacific 282,900 92,000 228,900
Unallocated 40,700 -491,700 1,604,200
Total 1,681,800 289,100 2,465,100
Geographic Locations - Ratios
Location Profit as Revenue % Profit as Assets %
Americas 53.2% 118.1%
EMEA 47.4% 97.6%
Asia Pacific 32.5% 40.2%
Unallocated -1,208.1% -30.7%
Company 17.2% 11.7%
Key Ratios
Segment Name Profit as Revenue % Profit as Assets %
Cochlear Implant n/a n/a
Acoustics n/a n/a
Services n/a n/a
Unallocated 710.3% 11.7%
Company 17.2% 11.7%
Cochlear Limited June 2022
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Competitor Benchmarking
Financial Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Asset Turnover Ratio 0.79 0.67 Lower Times
Cash Ratio 0.68 1.19 Higher Times
Creditors T/O 41.70 N/C Lower Days
Current Ratio 2.00 2.52 Higher Times
Days Stock Held 124.05 239.96 Higher Days
Debtors T/O 65.20 66.93 Higher Days
Dividend Payout Ratio 0.24 N/C Lower Percent
Dividend Per Share 0.00 N/C Lower A$
Earnings Per Share 0.05 4.40 Higher A$
EBITDA 52,320.28 473,000.00 Higher A$ 000
Effective Tax Rate 60.07 26.59 Lower Percent
Gearing 40.04 31.62 Lower Percent
Interest Cover 22.95 46.79 Higher Times
Inventory Turnover Ratio 2.94 1.52 Lower Times
Net Assets Per Share 0.49 25.63 Higher A$
Net Profit Margin 8.08 17.53 Higher Percent
NPAT/Employee 30.32 64.24 Higher A$ 000
PPE Turnover Ratio 3.71 3.83 Higher Times
Pre-Tax Margin 20.23 23.89 Higher Percent
Quick Ratio 1.49 2.00 Higher Times
Return on Shareholders Funds 10.73 17.15 Higher Percent
Return on Total Assets 6.40 11.73 Higher Percent
Revenue/Employee 399.84 373.73 Lower A$ 000
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
Cochlear Limited June 2022
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Growth Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Asset Growth 31.38 1.60 Lower Percent
Dividend Growth Rate -96.76 N/C Higher Percent
Employees Growth 9.56 12.50 Higher Percent
NPAT Growth -44.12 -10.71 Higher Percent
Revenue Growth 7.13 4.40 Lower Percent
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
Valuation Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Price-to-Earnings (PE) 58.42 45.20 Lower Times
Price-to-Book (PB) 480.15 7.75 Lower Times
Enterprise Value/EBITDA 1,410.74 26.84 Lower Times
Enterprise Value/Sales 360.63 7.70 Lower Times
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
Cochlear Limited June 2022
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Industries of Operation
C2412 Medical and Surgical Equipment Manufacturing in Australia
Industry Overview
Industry Size
2022-2023
$6,966m
Number of Enterprises
in Industry
1839
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
2.3
Cochlear is not a major player in this industry
C2429 Audio Visual Electronic Equipment Manufacturing in
Australia
Industry Overview
Industry Size
2022-2023
$2,722m
Number of Enterprises
in Industry
535
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
1.1
Cochlear is not a major player in this industry
Q8400 Health Services in Australia
Industry Overview
Industry Size
2022-2023
$197,768m
Number of Enterprises
in Industry
144393
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
0.2
Cochlear is not a major player in this industry
Cochlear Limited June 2022
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Shareholders
Substantial Shareholders
Shareholder Name % Held Country of Incorporation
BlackRock Group 6.4% USA
State Street Corporation 5.7% USA
ABP 5.5% Netherlands
Largest Shareholders
TOP 20
Percentage Held by Top 20
Shareholders
78.3% Held
Shareholder Name % Held Country of Incorporation
Percentage Held by Top 20 Shareholders 78.3% Not Available
Cochlear Limited June 2022
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Subsidiaries
Holding company
HOLDING COMPANY
Cochlear Limited
100.0% Held
Name Country of Incorporation
Cochlear Limited Australia
Subsidiaries
# OF SUBSIDIARIES
48
Name Country of Incorporation
Cochlear (HK) Ltd Hong Kong
Cochlear (Thailand) Limited Thailand
Cochlear (UK) Ltd England
Cochlear AG Switzerland
Cochlear Americas USA
Cochlear Austria GmbH Austria
Cochlear Benelux NV Belgium
Cochlear Bone Anchored Solutions AB Sweden
Cochlear Boulder LLC USA
Cochlear Limited June 2022
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Name Country of Incorporation
Cochlear Brasil Ltda Brazil
Cochlear Canada Inc Canada
Cochlear Clinical Services LLC USA
Cochlear Colombia SAS Colombia
Cochlear Deutschland GmbH & Co KG Germany
Cochlear Europe Finance GmbH Germany
Cochlear Europe Limited England
Cochlear Finance Pty Limited Australia
Cochlear France SAS France
Cochlear German Holdings Pty Limited Australia
Cochlear Incentive Plan Pty Limited Australia
Cochlear Investments (No.2) Pty Ltd Australia
Cochlear Investments Pty Ltd Australia
Cochlear Italia SRL Italy
Cochlear Korea Limited Korea
Cochlear Labs Pty Limited Australia
Cochlear Latinoamerica S.A. Panama
Cochlear Malaysia Sdn Bhd Malaysia
Cochlear Manufacturing Corporation USA
Cochlear Medical Device (Beijing) Co Ltd China
Cochlear Medical Device (Chengdu) Co Ltd China
Cochlear Medical Device Company India Private Limited India
Cochlear Mexico SA de CV Mexico
Cochlear Middle East FZ-LLC United Arab Emirates
Cochlear Nordic AB Sweden
Cochlear Norway AS Norway
Cochlear NZ Limited New Zealand
Cochlear Research & Development Limited England
Cochlear Russia LLC Russia
Cochlear Shared Services S.A Panama
Cochlear Sweden Holdings AB Sweden
Cochlear Taiwan Limited Taiwan
Cochlear Tibbi Cihazlar ve Saglik Hizmetleri Limited Sirketi Turkey
Cochlear Verwaltungs GmbH Germany
Medical Insurance Pte Ltd Singapore
Nihon Cochlear Co Ltd Japan
Sichuan Keli ShuangChuang Technology Co Ltd China
Sycle LLC USA
Sycle.Net Technologies (Canada) Ltd Canada
Cochlear Limited June 2022
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Trust
TRUST
Cochlear Employee Share Trust
100.0% Held
Name Country of Incorporation
Cochlear Employee Share Trust Australia
Cochlear Limited June 2022
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History
Overview
Incorporation Date 1983
2022 - December: The ACCC outlined significant preliminary concerns with Cochlear Limited proposed acquisition of Oticon Medical
in which it will need to investigate further market feedback to assess the proposed transaction. Cochlear Limited issued a statement
reassuring that the market will remain competitive with the proposed acquisition.
April: Cochlear Ltd proposed to acquire Oticon Medical for the consideration of $170 million
2019 - April: Cochlear Limited announced the launch of a new cochlear implant that would allow people to have MRI scans without
first having to remove the internal magnet.
2017 - July: The company announced its plans to built a new manufacturing facility in Sichuan, China for a consideration of A$50
million.
May: The company acquired Sycle LLC, an audiology practice management software company, for a consideration of US$78 million.
2014 - June: Cochlear launched a new series of low profile implantable hearing solutions across Europe.
March: Cochlear received approval from the US Food and Drug Administration to sell its Nucleus Hybrid L24 implant system in the
United States of America.
2010 - November: The company moved into its new head office located at Macquarie University North Ryde campus.
2007 - October: Cochlear Limited announced plans to relocate its global headquarters and principal manufacturing plant to a new
purpose-built facility to be constructed at Macquarie University's North Ryde campus. Construction is expected to be completed in
2010.
2006 - Cochlear acquired Crystalaid Manufacture Pty Limited, a microelectronics contract manufacturer in the medical, avionics
and defence industries.
2005 - Cochlear Limited signed an agreement to purchase hearing rehabilitation technology developer Entific Medical Systems.
2000 - Cochlear acquired technology from Philips Hearing Implants NV.
1995 - December: Cochlear entered into a collaborative agreement with Siemens. The agreement provided for cooperation in
marketing, sales, distribution, and R&D. Cochlear was listed on the ASX.
1985 - Cochlear assumed all rights and obligations of Nucleus, under the 1982 license and royalty agreement.
1989 - The company established an office in Japan.
Cochlear Limited June 2022
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1987 - The company entered the European market.
1984 - Cochlear established offices in the United States.
1983 - June: Cochlear Pty Ltd was incorporated in New South Wales by Professor Graeme Clark, the inventor of the cochlear
implant.
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PREMIUM COMPANY PROFILE
Cochlear Limited
30 June 2022
Cochlear Limited June 2022
IBISWORLD.COM 2
Company Details
Overview
$1.7bn
REVENUE
Annual Growth
2018–22
6.0%
Annual Growth 2018–22
$2.5bn
ASSETS
Annual Growth
2018–22
16.8%
Annual Growth 2018–22
$289.1m
NPAT
Annual Growth
2018–22
5.3%
4,500
EMPLOYEES
Annual Growth
2018–22
8.5%
Annual Growth 2018–22
Description Cochlear is a Public Company that generates the majority of its income from the Medical and Surgical
Equipment Manufacturing industry.
In 2022 the company generated total revenue of $1,681,800,000 including sales and other revenue. In
2022 Cochlear had 4,500 employees including employees from all subsidiaries under the company's
control.
The Chief Executive of Cochlear is Mr Dig Howitt whose official title is CEO & President & Managing
Director. The Chairman of Cochlear is Ms Alison Deans whose official title is Non-Executive Chair.
Company Snapshot REGISTERED
NAME
Cochlear Limited
TRADING NAME Cochlear
ASX CODE COH
RANK 371
ACN # 002 618 073
ABN # 96 002 618 073
TOP INDUSTRY C2412 - Medical and Surgical Equipment Manufacturing
TYPE Public Company
CEO
TITLE
Mr Dig Howitt
CEO & President & Managing Director
INCORPORATION
DATE
08-Jun-1983
ADDRESS 1 University Avenue
MACQUARIE UNIVERSITY New South Wales
Australia 2109
WEBSITE www.cochlear.com/au
PHONE NUMBER +61 2 9428 6555
Cochlear Limited June 2022
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SWOT Strengths and weaknesses take into account internal factors, and are based on Cochlear’s performance in
comparison to its competitors. Opportunities and Threats focus on external influences, and are based on
trends and demand in the Medical and Surgical Equipment Manufacturing industry and the Retail Trade
sector.
Strengths
Net Profit Margin
17.5%
Cochlear Limited's net profit margin is higher than
the peer average.
Pre-Tax Margin
23.9%
Cochlear Limited's pre-tax margin is higher than
the peer average.
Weaknesses
Asset turnover ratio
0.7
Cochlear Limited's asset turnover is lower than
the peer average, suggesting it is less effectively
generating revenue on its assets.
Inventory turnover ratio
1.5
Cochlear Limited's inventory turnover is lower
than the peer average, so the company is not
effectively turning over inventories.
Opportunities
High & Steady Barriers to Entry
High Profit vs. Sector Average
High & Increasing Level of Assistance
Low Product/Service Concentration
Threats
High Volatility
High Customer Class Concentration
High Capital Requirements
High Imports
Low Revenue per Employee
Cochlear Limited June 2022
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Operating Divisions
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Cochlear Implant 935,200 n/a n/a
Acoustics 202,000 n/a n/a
Services 503,900 n/a n/a
Unallocated 40,700 289,100 2,465,100
Total 1,681,800 289,100 2,465,100
Operating Divisions
Cochlear Limited is a company that provides hearing implant solutions for those with hearing deficiencies.
The Cochlear range of hearing devices includes:
Cochlear Implants - Offers Nucleus 7 sound processor to aid moderate to profound hearing loss, along with the Nucleus
Kanso Sound Processor.
Baha Bone Conduction Implants - Offers a wide range of bone conduction implants including the Baha Attract System, Baha
Connect System, Baha 5 Power and Baha Softband.
Cochlear True Wireless - Devices designed to assist in difficult hearing situations. The wireless range includes mini
microphones, tv streamers, and phone clips.
Carina Middle-Ear Implants - Offers Cochlear Carina System that is implanted under the skin without any external devices.
The company also provide product support & upgrades, rehabilitation, and customer service.
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Key Personnel
Company Personnel * Appointed to the Board of Directors
Chairman
Alison Deans
Non-Executive Chair *
Chief Executive
Dig Howitt
CEO & President & Managing
Director *
Financial Controller
Stu Sayers
Chief Financial Officer
Position Type Full Name Title Salutation Initials
Chairman Alison Deans Non-Executive Chair * Ms C A
Chief Executive Dig Howitt CEO & President & Managing Director * Mr D W
Financial Controller Stu Sayers Chief Financial Officer Mr S
Chief Operating Officer Richard Brook President Europe, Middle East & Africa Mr R
Chief Operating Officer Anthony Bishop President Asia Pacific Region & Latin American Regions Dr A
Chief Operating Officer Lisa Aubert President Americas Region Ms L
Non-Executive Director Andrew Denver Non-Executive Director * Mr A L
Non-Executive Director Christine McLoughlin Non-Executive Director * Ms C
Non-Executive Director Yasmin Allen Non-Executive Director * Mrs Y A
Non-Executive Director Karen Penrose Non-Executive Director * Ms K
Non-Executive Director Bruce Robinson Non-Executive Director * Prof B G
Non-Executive Director Glen Boreham Non-Executive Director * Mr G F
Non-Executive Director Michael Daniell Non-Executive Director * Sir M
Non-Executive Director Michael del Prado Non-Executive Director * Mr M
Company Secretary Ray Jarman Company Secretary Mr R
Legal Officer Ray Jarman Group General Counsel Mr R
Sales Manager Ben Marosszeky Director - Marketing & Business Development Australia & New Mr B
Sales Manager Medard Fischer Vice President Business Development Mr M
Marketing Manager Jennifer Stevenson Vice President Corporate Communications Ms J
Marketing Manager Dean Phizacklea Senior Vice President, Global Strategic Marketing Mr D
Marketing Manager Ben Marosszeky Director - Marketing & Business Development Australia & New Mr B
Procurement Manager Greg Bodkin Senior Vice President Supply Chain & Operational Excellence Mr G
Procurement Manager Walter D'Avolio Vice President Strategic Sourcing & Procurement Mr W
Personnel Manager Jennifer Hornery Senior Vice President People & Culture Ms J
Computing/IT Manager David Hackshall Chief Information Officer Mr D
Other Jan Janssen Chief Technology Officer Mr J
Other Kristina Devon Vice President Investor Relations Ms K
Other Brian Kaplan Senior Vice President Clinical Strategy & Innovation Dr B
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Other Directorships * Appointed to the Board of Directors
Chairman
Christine McLoughlin
University of Wollongong
Position Type Full Name Company Salutation Initials
Chairman Christine McLoughlin University of Wollongong Ms C
Non-Executive Director Karen Penrose Ramsay Health Care Limited Ms K
Non-Executive Director Karen Penrose Estia Health Limited Ms K
Director Karen Penrose Rugby Australia Ltd Ms K
Non-Executive Director Bruce Robinson Mayne Pharma Group Limited Prof B G
Non-Executive Director Bruce Robinson Ecofibre Limited Prof B G
Non-Executive Director Alison Deans Ramsay Health Care Limited Ms C A
Non-Executive Director Alison Deans Deputy Group Pty Ltd Ms C A
Gender Diversity
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Financials
At a glance
$1.7bn
REVENUE
Annual Growth
2018–22
6.0%
Annual Growth 2018–22
$2.5bn
ASSETS
Annual Growth
2018–22
16.8%
Annual Growth 2018–22
$289.1m
NPAT
Annual Growth
2018–22
5.3%
4,500
EMPLOYEES
Annual Growth
2018–22
8.5%
Annual Growth 2018–22
Profit & Loss Statement
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
Revenue Items
Sales Revenue 1,648,300 1,497,600 1,320,600 1,426,700 1,363,700
Other Revenue 33,500 113,300 79,700 29,700 10,800
Total Revenue 1,681,800 1,610,900 1,400,300 1,456,400 1,374,500
Cost of Goods Sold 411,000 410,200 344,400 351,100 361,200
Depreciation 73,000 76,400 77,500 38,500 34,200
Interest
Interest Received 2,400 3,600 1,600 700 600
Interest Expenses 8,600 12,000 10,500 5,200 8,500
Profit & Loss
Share of Profits of Associates - -1,700 -1,200 - -
EBITDA 473,000 446,600 -184,700 408,600 382,600
Income Tax Expense 104,700 38,000 -32,800 88,900 94,700
Continuing Operations After Tax 289,100 323,800 -238,300 276,700 245,800
Outside Equity Interest 0.0 0.0 0.0 0.0 0.0
Profit Before Tax 393,800 361,800 -271,100 365,600 340,500
NPAT 289,100 323,800 -238,300 276,700 245,800
Audit
Audit Fees 2,068 2,030 2,171 1,809 1,881
Audit Other 1,047 1,424 1,592 2,899 1,853
Total Audit Fees 3,115 3,454 3,763 4,708 3,734
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Balance Sheet
Current Assets 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Cash at Bank 629,300 609,600 930,000 78,600 61,500
Trade Debtors 308,400 262,100 211,400 299,500 299,100
Inventory 270,200 216,100 223,800 195,400 167,400
Other Current Assets 119,100 142,200 112,300 61,500 56,200
Total Current Assets 1,327,000 1,230,000 1,477,500 635,000 584,200
Non-Current Assets
Receivables - 0.0 5,000 3,300 2,100
Investments - 226,800 99,900 47,800 15,800
Property & Plant Equipment 439,200 428,500 438,800 166,500 128,400
Intangible Assets 392,500 385,500 410,300 424,400 345,300
Other Non-Current Assets 306,400 155,300 144,200 102,200 81,100
Total Non-Current Assets 1,138,100 1,196,100 1,098,200 744,200 572,700
Total Assets 2,465,100 2,426,100 2,575,700 1,379,200 1,156,900
Current Liabilities
Trade Creditors - - - - -
Interest Bearing Debt 78,700 31,900 419,100 3,300 3,700
Other Current Liabilities 448,900 370,600 398,400 356,200 284,000
Total Current Liabilities 527,600 402,500 817,500 359,500 287,700
Non-Current Liabilities
Interest Bearing Debt 175,200 232,400 285,400 178,300 144,000
Other Non-Current Liabilities 76,600 101,600 71,300 115,500 114,400
Total Non-Current Liabilities 251,800 334,000 356,700 293,800 258,400
Total Liabilities 779,400 736,500 1,174,200 653,300 546,100
Shareholder's Equity
Total Equity 1,685,700 1,689,600 1,401,500 725,900 610,800
Other
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Number of Employees 4,500 4,000 4,000 4,000 3,500
Number of Shares on Issue (end of
period)
65,775,339 65,744,078 65,687,402 57,715,821 57,547,820
Market Capitalisation (end of period)
('000)
13,069,560 16,545,812 12,410,321 11,937,940 11,519,347
Earnings per Share (basic)(cents) 439.6 492.6 -399.6 479.6 427.3
Earnings per Share (diluted)(cents) 439.6 492.6 -399.6 479.5 426.7
Qualified Audit Report No No No No No
Modern Slavery Statement n/a Not Required n/a n/a n/a
Internal Auditor Not available
External Auditor KPMG
Enterprise Value 12,694,160 16,200,512 12,184,821 12,040,940 11,605,547
Book Value 1,685,700 1,689,600 1,401,500 725,900 610,800
Cochlear Limited June 2022
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Growth & Ratios
Revenue & NPAT
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Financial Growth
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018 Average
Total Revenue Growth (%
change)
4.4 15.0 -3.9 6.0 9.2 6.0
Sales Revenue Growth (%
change)
10.1 13.4 -7.4 4.6 8.8 5.6
EBITDA (% change) 5.9 n/a n/a 6.8 10.3 6.4
NPAT (% change) -10.7 n/a n/a 12.6 9.9 5.3
Shareholders' Funds (%
change)
-0.2 20.6 93.1 18.8 12.4 25.4
Total Assets (% change) 1.6 -5.8 86.8 19.2 1.8 16.8
Employees (% change) 12.5 0.0 0.0 14.3 16.7 8.5
Financial Ratios
Balance Date 30-Jun-2022 30-Jun-2021 30-Jun-2020 30-Jun-2019 30-Jun-2018
Return on Revenue (ROR) (%) 17.2 20.1 -17.0 19.0 17.9
Return on Shareholders' Funds
(ROSF) (%)
17.2 19.2 -17.0 38.1 40.2
Return on Assets (ROA) (%) 11.7 13.4 -9.3 20.1 21.3
Pre-Tax Margin (%) 23.9 24.2 -20.5 25.6 25.0
Net Profit Margin (%) 17.5 21.6 -18.0 19.4 18.0
Revenue per Employee ($'000 per
person)
373.7 402.7 350.1 364.1 392.7
NPAT per Employee ($'000 per
person)
64.2 81.0 -59.6 69.2 70.2
Effective Tax Rate (%) 26.6 10.5 12.1 24.3 27.8
Gearing (%) 31.6 30.4 45.6 47.4 47.2
Interest Cover (X) 46.8 31.2 -24.8 71.3 41.1
Current Ratio (X) 2.5 3.1 1.8 1.8 2.0
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Operating Segments
Operating Divisions
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Cochlear Implant 935,200 n/a n/a
Acoustics 202,000 n/a n/a
Services 503,900 n/a n/a
Unallocated 40,700 289,100 2,465,100
Total 1,681,800 289,100 2,465,100
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Operating Divisions
Cochlear Limited is a company that provides hearing implant solutions for those with hearing deficiencies.
The Cochlear range of hearing devices includes:
Cochlear Implants - Offers Nucleus 7 sound processor to aid moderate to profound hearing loss, along with the Nucleus
Kanso Sound Processor.
Baha Bone Conduction Implants - Offers a wide range of bone conduction implants including the Baha Attract System, Baha
Connect System, Baha 5 Power and Baha Softband.
Cochlear True Wireless - Devices designed to assist in difficult hearing situations. The wireless range includes mini
microphones, tv streamers, and phone clips.
Carina Middle-Ear Implants - Offers Cochlear Carina System that is implanted under the skin without any external devices.
The company also provide product support & upgrades, rehabilitation, and customer service.
Cochlear Limited June 2022
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Industries by Operating Segment
Acoustics
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
C2412 - Medical and Surgical Equipment Manufacturing in
Australia
8.2% 2.2%
Cochlear Implant
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
C2412 - Medical and Surgical Equipment Manufacturing in
Australia
8.2% 2.2%
Services
Report
Historical Growth Rates
2018/19 - 2022/23
Forecast Growth Rates
2023/24 - 2027/28
Q8400 - Health Services in Australia 2.2% 3.0%
Cochlear Limited June 2022
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Geographic Locations
Segment Name
Revenue
AUD000
Profit
AUD000
Assets
AUD000
Americas 779,700 414,400 350,800
EMEA 578,500 274,400 281,200
Asia Pacific 282,900 92,000 228,900
Unallocated 40,700 -491,700 1,604,200
Total 1,681,800 289,100 2,465,100
Geographic Locations - Ratios
Location Profit as Revenue % Profit as Assets %
Americas 53.2% 118.1%
EMEA 47.4% 97.6%
Asia Pacific 32.5% 40.2%
Unallocated -1,208.1% -30.7%
Company 17.2% 11.7%
Key Ratios
Segment Name Profit as Revenue % Profit as Assets %
Cochlear Implant n/a n/a
Acoustics n/a n/a
Services n/a n/a
Unallocated 710.3% 11.7%
Company 17.2% 11.7%
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Competitor Benchmarking
Financial Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Asset Turnover Ratio 0.79 0.67 Lower Times
Cash Ratio 0.68 1.19 Higher Times
Creditors T/O 41.70 N/C Lower Days
Current Ratio 2.00 2.52 Higher Times
Days Stock Held 124.05 239.96 Higher Days
Debtors T/O 65.20 66.93 Higher Days
Dividend Payout Ratio 0.24 N/C Lower Percent
Dividend Per Share 0.00 N/C Lower A$
Earnings Per Share 0.05 4.40 Higher A$
EBITDA 52,320.28 473,000.00 Higher A$ 000
Effective Tax Rate 60.07 26.59 Lower Percent
Gearing 40.04 31.62 Lower Percent
Interest Cover 22.95 46.79 Higher Times
Inventory Turnover Ratio 2.94 1.52 Lower Times
Net Assets Per Share 0.49 25.63 Higher A$
Net Profit Margin 8.08 17.53 Higher Percent
NPAT/Employee 30.32 64.24 Higher A$ 000
PPE Turnover Ratio 3.71 3.83 Higher Times
Pre-Tax Margin 20.23 23.89 Higher Percent
Quick Ratio 1.49 2.00 Higher Times
Return on Shareholders Funds 10.73 17.15 Higher Percent
Return on Total Assets 6.40 11.73 Higher Percent
Revenue/Employee 399.84 373.73 Lower A$ 000
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
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Growth Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Asset Growth 31.38 1.60 Lower Percent
Dividend Growth Rate -96.76 N/C Higher Percent
Employees Growth 9.56 12.50 Higher Percent
NPAT Growth -44.12 -10.71 Higher Percent
Revenue Growth 7.13 4.40 Lower Percent
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
Valuation Ratios
Ratios Industry Average * Cochlear 30-Jun-2022 Compared to Industry Unit
Price-to-Earnings (PE) 58.42 45.20 Lower Times
Price-to-Book (PB) 480.15 7.75 Lower Times
Enterprise Value/EBITDA 1,410.74 26.84 Lower Times
Enterprise Value/Sales 360.63 7.70 Lower Times
*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Medical and Surgical Equipment Manufacturing industry.
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Industries of Operation
C2412 Medical and Surgical Equipment Manufacturing in Australia
Industry Overview
Industry Size
2022-2023
$6,966m
Number of Enterprises
in Industry
1839
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
2.3
Cochlear is not a major player in this industry
C2429 Audio Visual Electronic Equipment Manufacturing in
Australia
Industry Overview
Industry Size
2022-2023
$2,722m
Number of Enterprises
in Industry
535
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
1.1
Cochlear is not a major player in this industry
Q8400 Health Services in Australia
Industry Overview
Industry Size
2022-2023
$197,768m
Number of Enterprises
in Industry
144393
Industry Concentration
Level
LOW
Industry Turnover
Growth Rate
2022-2023
0.2
Cochlear is not a major player in this industry
Cochlear Limited June 2022
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Shareholders
Substantial Shareholders
Shareholder Name % Held Country of Incorporation
BlackRock Group 6.4% USA
State Street Corporation 5.7% USA
ABP 5.5% Netherlands
Largest Shareholders
TOP 20
Percentage Held by Top 20
Shareholders
78.3% Held
Shareholder Name % Held Country of Incorporation
Percentage Held by Top 20 Shareholders 78.3% Not Available
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Subsidiaries
Holding company
HOLDING COMPANY
Cochlear Limited
100.0% Held
Name Country of Incorporation
Cochlear Limited Australia
Subsidiaries
# OF SUBSIDIARIES
48
Name Country of Incorporation
Cochlear (HK) Ltd Hong Kong
Cochlear (Thailand) Limited Thailand
Cochlear (UK) Ltd England
Cochlear AG Switzerland
Cochlear Americas USA
Cochlear Austria GmbH Austria
Cochlear Benelux NV Belgium
Cochlear Bone Anchored Solutions AB Sweden
Cochlear Boulder LLC USA
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Name Country of Incorporation
Cochlear Brasil Ltda Brazil
Cochlear Canada Inc Canada
Cochlear Clinical Services LLC USA
Cochlear Colombia SAS Colombia
Cochlear Deutschland GmbH & Co KG Germany
Cochlear Europe Finance GmbH Germany
Cochlear Europe Limited England
Cochlear Finance Pty Limited Australia
Cochlear France SAS France
Cochlear German Holdings Pty Limited Australia
Cochlear Incentive Plan Pty Limited Australia
Cochlear Investments (No.2) Pty Ltd Australia
Cochlear Investments Pty Ltd Australia
Cochlear Italia SRL Italy
Cochlear Korea Limited Korea
Cochlear Labs Pty Limited Australia
Cochlear Latinoamerica S.A. Panama
Cochlear Malaysia Sdn Bhd Malaysia
Cochlear Manufacturing Corporation USA
Cochlear Medical Device (Beijing) Co Ltd China
Cochlear Medical Device (Chengdu) Co Ltd China
Cochlear Medical Device Company India Private Limited India
Cochlear Mexico SA de CV Mexico
Cochlear Middle East FZ-LLC United Arab Emirates
Cochlear Nordic AB Sweden
Cochlear Norway AS Norway
Cochlear NZ Limited New Zealand
Cochlear Research & Development Limited England
Cochlear Russia LLC Russia
Cochlear Shared Services S.A Panama
Cochlear Sweden Holdings AB Sweden
Cochlear Taiwan Limited Taiwan
Cochlear Tibbi Cihazlar ve Saglik Hizmetleri Limited Sirketi Turkey
Cochlear Verwaltungs GmbH Germany
Medical Insurance Pte Ltd Singapore
Nihon Cochlear Co Ltd Japan
Sichuan Keli ShuangChuang Technology Co Ltd China
Sycle LLC USA
Sycle.Net Technologies (Canada) Ltd Canada
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Trust
TRUST
Cochlear Employee Share Trust
100.0% Held
Name Country of Incorporation
Cochlear Employee Share Trust Australia
Cochlear Limited June 2022
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History
Overview
Incorporation Date 1983
2022 - December: The ACCC outlined significant preliminary concerns with Cochlear Limited proposed acquisition of Oticon Medical
in which it will need to investigate further market feedback to assess the proposed transaction. Cochlear Limited issued a statement
reassuring that the market will remain competitive with the proposed acquisition.
April: Cochlear Ltd proposed to acquire Oticon Medical for the consideration of $170 million
2019 - April: Cochlear Limited announced the launch of a new cochlear implant that would allow people to have MRI scans without
first having to remove the internal magnet.
2017 - July: The company announced its plans to built a new manufacturing facility in Sichuan, China for a consideration of A$50
million.
May: The company acquired Sycle LLC, an audiology practice management software company, for a consideration of US$78 million.
2014 - June: Cochlear launched a new series of low profile implantable hearing solutions across Europe.
March: Cochlear received approval from the US Food and Drug Administration to sell its Nucleus Hybrid L24 implant system in the
United States of America.
2010 - November: The company moved into its new head office located at Macquarie University North Ryde campus.
2007 - October: Cochlear Limited announced plans to relocate its global headquarters and principal manufacturing plant to a new
purpose-built facility to be constructed at Macquarie University's North Ryde campus. Construction is expected to be completed in
2010.
2006 - Cochlear acquired Crystalaid Manufacture Pty Limited, a microelectronics contract manufacturer in the medical, avionics
and defence industries.
2005 - Cochlear Limited signed an agreement to purchase hearing rehabilitation technology developer Entific Medical Systems.
2000 - Cochlear acquired technology from Philips Hearing Implants NV.
1995 - December: Cochlear entered into a collaborative agreement with Siemens. The agreement provided for cooperation in
marketing, sales, distribution, and R&D. Cochlear was listed on the ASX.
1985 - Cochlear assumed all rights and obligations of Nucleus, under the 1982 license and royalty agreement.
1989 - The company established an office in Japan.
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1987 - The company entered the European market.
1984 - Cochlear established offices in the United States.
1983 - June: Cochlear Pty Ltd was incorporated in New South Wales by Professor Graeme Clark, the inventor of the cochlear
implant.
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