In developed markets, we saw good growth in the second half. We saw 5% unit growth as we continue to recover from COVID. I'll now step through each of the revenue lines, cochlear implants. But we'll get to the details of the guidance a bit later. And in terms of the outlook for '23, we expect the strong performance to continue as we see hospitals continuing to reopen and open up more capacity. And if we look a bit further into the P&L, we had managed our costs with the gross margin back at 75% and our net profit margin before cloud expenses at 18%, both in line with our long-term targets.Īnd clearly, our balance sheet is very strong, both the cash position and the strong cash flow that we saw in the last year. Our net profit is also a record $277 million and that's after including cloud-related costs. So record sales revenue up 10% and record revenue on each of the revenue lines, cochlear implants, Services and Acoustics. The result of all of that is that we've been able to deliver record results in '22. We've strengthened our people and our culture over the last 2.5 years.

We're a knowledge business, the capability and skill of our people is important, as is the culture which is really how we work together. Our market share has risen since pre-COVID and we continue to hold high share, particularly across developed markets. Our competitive position has also strengthened. So we have - our long-term strategy is strengthened and intact. And that's come both from mask wearing and people - many people realizing they were subconsciously lipreading and it's also come from the impacts of isolation from people and the importance of we got to communicate and connect with others.

And not only intact but strengthened and strengthened because of increased awareness of the importance of treating hearing loss. As always, our mission has been a wonderful guide for us over the history of Cochlear but particularly over the last 2.5 years, where obviously we have seen waves of COVID come through the impact of COVID on hospitals, in terms of hospital waiting lists, restrictions on immigration which caused shortage - staff shortages in hospitals restricting access to care, supply chain disruption which we all have heard and seen and more recently inflation.Īnd despite all those things we had as we set out to do 2.5 years ago emerged from this period with a stronger organization with our long-term strategy intact. We'll go straight in, as I said and then we'll have questions at the end. Good morning and thank you all for joining for our 2022 Results Presentation. Dig Howitt - President & Chief Executive Officer

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