Hearing aid maker Sonova expects product launches to drive growth this year
Adds share reaction in paragraph 1, CEO comments in paragraphs 4, 7, analyst comment in paragraph 5, annual sales in 9
By Amir Orusov and Anastasiia Kozlova
May 14 (Reuters) -Switzerland's Sonova SOON.S said it expects planned major product launches to drive sales and profit growth in the second half of its financial year, sending its shares higher on Tuesday.
The world's largest maker of hearing aids said it will introduce significant new products in the coming months, after recent launches by rivals such as Denmark's GN Store Nord GN.CO and Demant DEMANT.CO. It did not provide further details on those products.
Sonova expects its sales to grow by 6% to 9%, and adjusted earnings before interest, tax and amortisation (EBITA) to rise by 7% to 11% at constant exchange rates in the fiscal year that started on April 1.
Costs related to the launches will weigh on results in the first half of the year, but growth should pick up for both sales and profit in the second half, CEO Arnd Kaldowski told Reuters in an interview.
Urs Kunz, an analyst at Research Partners, said that based on the outlook, Sonova has to be quite confident about the competitiveness of its new platform.
Earlier in May, GN Store reported 5% organic revenue growth for the first quarter, boosted by strong market share gains in its hearing business.
Kaldowski also said Sonova might implement low single-digit price increases in the short and medium term, which would not necessarily be driven by changes in inflation.
It reported adjusted EBITA of 771.4 million Swiss francs ($849.2 million) for the year through March, matching analysts' forecast in a poll by Vara Research. That was 4.4% higher than a year earlier on a constant currency basis.
Annual sales rose 3.2% on the same basis to 3.63 billion Swiss francs.
($1 = 0.9084 Swiss francs)
Reporting by Amir Orusov and Anastasiia Kozlova in Gdansk; Editing by Milla Nissi
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