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- Sales revenue for the year was a record $344.9 million, an increase of 22.0%.
- Sales growth was driven through increased unit sales (up 16.1%), benefits from the distributor businesses acquired during the year, and the acquisition of Entific Medical Systems.
- Net profit after tax of $54.5 million increased 48.3% over the 2004 financial year. Core earnings (excluding amortisation of intangibles) were at a record $58.4 million.
- Earnings per share (EPS) increased by 47.4% to 100.5 cents per share.
- The directors declared a final dividend of 45 cents per share, which will be paid on 22 September 2005. This brings the full year’s dividend to a record 80 cents per share, fully franked.
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- The latest innovation in cochlear implant technology, Nucleus Freedom, was released in key markets. This new system is designed to provide the best hearing performance across the widest range of listening environments. The release only effectively started in the June quarter so the full benefit of global roll out is yet to be realised.
- Increased direct presence in a number of key markets was completed in The Netherlands, Belgium, France, Italy and Japan during the year, with improved margins reflected in profit growth.
- Entific Medical Systems was purchased for $195.3 million (enterprise value of $176.3 million) in March 2005, widening the product offering from cochlear implants to include implants allowing hearing through bone conduction (Baha). The Baha fits in perfectly with our vision of being the global leader in innovative implantable hearing solutions.
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- Conducted a major campaign emphasising the hearing performance and reliability of our products, a significant competitive advantage for Cochlear.
- Strengthened the senior executive team, including two new regional heads, dedicated to growing the business.
- Cash flow for Cochlear was strong, with cash from operating activities up 101.4% to $98.6 million.
- Acquisitions were funded with bank debt. The gearing ratio (net debt/(net debt and equity)) remains at a very manageable level of 37.0%.
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