Main industries for revenues:

1. Medical technology
2. Hearing implants

TOP 3 markets and their percentage shares:

• USA: approx. 40%
• Europe: approx. 30%
• Asia-Pacific: approx. 20%

Cochlear Limited generates the majority of its revenues from the medical technology industry, particularly through the sale of hearing implants. The U.S. market is the largest single market for the company, followed by Europe and the Asia-Pacific region. These markets are crucial for Cochlear's revenue growth as they exhibit both high demand for innovative hearing solutions and strong purchasing power.

Production Sites: Sydney, Australia; Gothenburg, Sweden; Denver, USA (As of 2023)

Cochlear Limited mainly produces its products in Sydney, Australia, where the company's headquarters are also located. In addition, Cochlear operates production facilities in Gothenburg, Sweden, and Denver, USA. These locations allow the company to diversify its production capacities and efficiently respond to demand in different markets.

Revenue Growth: 8.5% (2024) R&D Investments: 12% of revenue (2024)

Cochlear Limited pursues a growth strategy that heavily relies on innovation and technological advancement. The company consistently invests a significant portion of its revenue in research and development to expand its product range and enhance the performance of its hearing implants.

Another focus is on global market expansion, particularly in emerging countries where access to hearing solutions can still be improved. Cochlear is also working on strengthening its partnerships with medical professionals and clinics to enhance patient care and increase the acceptance of hearing implants.

Additionally, the company is leveraging digital transformation to optimize patient care and increase the efficiency of its business processes. This includes the introduction of new digital platforms and services that benefit both patients and medical professionals.

Main materials: Titanium, silicon, rare earths
Main supplying countries: USA, China, Australia

Cochlear Limited, a leading manufacturer of hearing implants, uses a variety of materials in its products. Titanium is often used for the implant casings because it is lightweight and biocompatible. Silicon is needed for the production of microelectronic components. Rare earths are essential for the production of magnets used in the external audio processors.

The USA is a significant supplier of high-purity titanium and silicon. China is one of the largest exporters of rare earths needed for magnet production. Australia, the home country of Cochlear, also supplies some of the required raw materials, especially titanium, due to its extensive natural resources.

Market share: 60% (2024, estimated) Research and development expenditure: 12% of revenue (2024) Patents: Over 1000 active patents (2024)

Cochlear Limited has a significant competitive advantage in the hearing implant industry, mainly due to its strong market position and technological leadership. With an estimated market share of 60%, the company dominates the global market for cochlear implants.

Another key factor is the high research and development expenditure, which accounts for about 12% of revenue. This enables Cochlear to continuously develop innovative products and differentiate itself from competitors. The extensive patent portfolio with over 1000 active patents also protects intellectual property and ensures long-term technological superiority.

Additionally, Cochlear benefits from a strong brand perception and an extensive network of medical professionals and clinics, which increases the barriers to entry for new competitors.

Institutional Investor Share: approximately 55% (estimate based on 2023 data)

Insider Buys/Sells: No significant transactions in the last 12 months (estimate based on 2023 data)

Cochlear Limited has traditionally had a high proportion of institutional investors, indicating confidence in the company's long-term stability and growth potential. The institutional investor share typically exceeds 50%, in line with other large publicly traded companies in Australia.

Regarding insider transactions, there have been no significant buys or sells in recent years, suggesting that management and directors have confidence in the current company strategy and market development. This can be seen as a positive signal for investors, indicating stable corporate leadership.

Market share of Cochlear Limited: 60% (2025)

Top competitors and their market shares:

1. Cochlear Limited: 60%
2. MED-EL: 20%
3. Advanced Bionics (Sonova): 15%
4. Oticon Medical: 3%
5. Neurelec (Demant): 2%

Cochlear Limited has a significant moat in the hearing implant industry, mainly attributed to its strong brand awareness, extensive research and development investments, and a wide network of clinics and professionals. These factors enable the company to maintain a leading position in the market and continuously introduce innovations.

Compared to its competitors, Cochlear has a clear advantage due to its long-standing market presence and the high quality of its products. MED-EL and Advanced Bionics are also strong competitors, but with a smaller market share. While MED-EL is known for its technological innovations, Advanced Bionics benefits from the support of its parent company Sonova.

Cochlear's moat is currently more pronounced than that of its competitors, as the company continues to invest in research and development and expand its product range. However, the competition is intense, and competitors are also heavily investing in innovations to increase their market shares.

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) R&D Investments: 12% of revenue (2024)

Cochlear Limited recorded solid revenue growth of 8.5% in 2024, attributed to strong demand for their hearing implants and successful market penetration. The 10.2% profit growth indicates that the company is operating efficiently and has improved its margins.

The company continues to invest heavily in research and development, allocating 12% of revenue to maintain its technological leadership position and bring innovative products to the market. These investments could lead to further competitive advantages in the long term.

Cochlear Limited operates in a growing market as the demand for hearing solutions increases globally due to the aging population. These demographic trends could support the company's future growth.

Overall, Cochlear Limited demonstrates stable financial metrics and a strategic focus on innovation and market expansion, making the stock a potentially good investment, especially for long-term oriented investors.

Dividend yield: 2.1% (2025)
Dividend growth: 4.5% (annually, average of the last 5 years)
Payout ratio: 70% (2025)

Cochlear Limited regularly pays a dividend, and the dividend yield is currently at 2.1%. Over the past five years, the company has seen an average dividend growth of 4.5%, indicating a stable and growing payout policy.

The 70% payout ratio indicates that a significant portion of the profit is being returned to shareholders, while still leaving enough funds for investments and growth within the company. This suggests a reliable dividend policy that benefits shareholders and supports the long-term stability of the company.