AAP Finance

Cochlear gets US approval for new implant

By AAP Newswire

Cochlear is ready to launch its Nucleus Profile Plus Series hearing implant in the US following regulatory approval.

The ASX-listed hearing device manufacturer said on Monday its Nucleus product had been given FDA approval and would launch immediately.

Shares in Cochlear slipped 91 cents, or 0.45 per cent, to $203.32 in the first 30 minutes of trade.

The new implant is designed for routine 1.5 and 3 Tesla magnetic resonance imaging scans without the need to remove the internal magnet and was first made commercially available in Germany in April.

Cochlear's shares jumped by 7.86 per cent after the European launch and are still up more than 17 per cent so far this year despite subdued trade on Monday.

Cochlear's interim net profit rose 16 per cent to $128.6 million, but it said in February its growth in US and Europe had slowed.

The company in November announced it would appeal a $268.1 million US district court fine, following a patent infringement lawsuit filed by the Alfred E. Mann Foundation for Scientific Research and Advanced Bionics LLC.