COCHLEAR LIMITED Cochlear Limited
Annual Report 2023
ContentsOur company
Review of
FY23
Strategy and value
creation
Financial
performance
Governance
and risk
Financial
statements
Additional
information
We help people hear and be heard.
We empower people to connect with others and live a full life.
We help transform the way people understand and treat hearing loss.
We innovate and bring to market a range of implantable hearing solutions that deliver a lifetime of hearing outcomes.
Our mission
Cochlear Limited Annual Report 2023
ContentsOur company
Review of
FY23
Strategy and value
creation
Financial
performance
Governance
and risk
Financial
statements
Additional
information
Contents
Our company | 2 | Financial performance | |
About Cochlear | 3 | Operational review | |
Cochlear at a glance | 4 | Financial review | |
Product and services portfolio | 5 | Governance and risk | |
Financial history | 6 | ||
Governance | |||
Review of FY23 | 7 | Risk | |
FY23 highlights | 8 | Board of directors | |
Year in review | 9 | Executive team | |
Strategy and value creation | 17 | Financial statements | |
Our strategy | 18 | Remuneration report | |
Growth opportunity | 20 | Financial report | |
Key market segments | 22 | Additional information | |
Strategic priorities | 24 | ||
Sustainability data | |||
Creating value for stakeholders | 25 | ||
References | |||
- A healthier and more productive society | 26 | ||
Notes | |||
- A lifetime of hearing solutions | 33 | ||
Shareholder information | |||
- | Thriving people | 43 | |
Corporate directory | |||
- | Environmental responsibility | 50 | |
- | Sustained value | 55 |
About this report
Over the past several years sustainability has become increasingly integrated into our business strategy. For the financial year ended
- 30 June 2023 (FY23), we have combined our reporting on financial
- and sustainability performance into a single integrated publication, providing all key stakeholders with a holistic view of our business,
- strategy, value drivers, performance and governance.
68 | The report has been prepared with reference to the GRI (Global |
Reporting Initiative) and in accordance with the IFRS (International | |
69 | Financial Reporting Standards) Foundation's Integrated Reporting |
73 | Framework. We use these guidelines to help us to clearly articulate |
how we aim to deliver long-term sustainable value for all our key | |
77 | stakeholders. |
81 | Cochlear Limited (Cochlear) publishes a suite of reports annually |
including the Annual Report, Corporate Governance Statement and Tax | |
85 Contribution Report, which are available at the Investors section of the website www.cochlear.com.
86 | |
108 | Acknowledgment of Country |
153 | Cochlear acknowledges the Aboriginal and Torres Strait Islander |
peoples and their custodianship of the various lands across Australia | |
154 | on which we work, live and learn. We pay our respects to ancestors |
and Elders past, present and emerging. Cochlear's global headquarters | |
165 | are located on the unceded lands of the Wallumattagal Peoples of the |
- Darug Nation.
- Front cover
-
Bernie, Cochlear™ Nucleus® System recipient
Find out more about Bernie on page 11.
Cochlear Limited Annual Report 2023 | 1 |
Contents | Our | Review of |
company | FY23 | |
Strategy and value
creation
Financial
performance
Governance
and risk
Financial
statements
Additional
information
Our company
Cochlear Limited Annual Report 2023 | 2 |
Contents | Our | Review of | Strategy and value | Financial | Governance | Financial | ||||
company | FY23 | creation | performance | and risk | statements | |||||
About Cochlear
Cochlear has been the global leader in implantable hearing solutions for over 40 years,
providing a range of implants and sound processor upgrades that deliver a lifetime of hearing outcomes.
Our story | Our company |
Additional
information
Graeme Clark, an Australian ear surgeon, saw first-hand the isolation and frustration that comes from living in a world of silence as his father struggled with hearing difficulties. On holiday in 1977, fiddling with a shell and a blade of grass, Graeme realised there was a safe way to insert electrodes into the inner ear. It was Graeme's determination to help others that realised our first implantable solution, reconnecting Rod Saunders to hearing and bringing music into his life.
Professor Clark partnered with Australian entrepreneur Paul Trainor - and his Nucleus Group - and the University of Melbourne to commercialise the cochlear implant. With funding from the Australian government, they developed the Cochlear™ Nucleus® 22 Implant, the first multi-channel cochlear implant, and Cochlear, the company, was formed.
Today, Cochlear is the leader in implantable hearing solutions, connecting hundreds of thousands of people globally to a life full of hearing. The pioneering spirit that started Cochlear all those years ago continues to drive us forward and our commitment is stronger than ever. We're transforming the way people understand and treat hearing loss, and we're committed to reaching more people to provide support for a lifetime of hearing.
Cochlear commenced operations in 1981 as part of the Nucleus group and in 1995 listed on the Australian Securities Exchange. Today, it is a Top 30 listed Australian company with a market capitalisation of over $15 billion.
Our goal is to deliver value by helping more people to hear, which contributes to building a healthier and more productive society. Our strategy is focused on improving awareness
of and access to implantable hearing solutions for people indicated for our products.
We are pioneers and global leaders in the development, manufacture and commercialisation of implantable hearing solutions, collaborating in over 100 research programs worldwide to further research into hearing loss.
We invest around 12% of sales revenue each year in research and development (R&D), with over $2.7 billion invested since listing, and we have a portfolio of more than 1,700 patent and patent applications worldwide.
Over the past 40 years we have provided more than 750,000 implant devices to people who benefit from one - or two - of our implantable solutions. And we deliver a lifetime of hearing solutions for recipients, with sound processor upgrades and services to support prior generation products.
Our global headquarters are on the campus of Macquarie University in Sydney, with regional offices in Asia Pacific, Europe and the Americas. We have a global workforce of around 4,800 employees and a wide geographical reach, selling in over 180 countries, with employees based in over 50 countries.
Cochlear Limited Annual Report 2023 | 3 |
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Cochlear Ltd. published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 00:07:02 UTC.
