Sonova revises FY 2022/23 outlook due to subdued market
and ongoing input cost challenge
Sonova Holding AG / Key word(s): Change in Forecast/Profit Warning Ad hoc announcement pursuant to Art. 53 LR |
Stäfa (Switzerland), August 16, 2022 – Sonova Holding AG, a leading provider of hearing care solutions, today provides an interim business update outside the regular reporting schedule. The development of certain key hearing care markets in the first months of the financial year 2022/23 has been slower than initially anticipated, resulting in lower-than-expected revenues for the Group, as well as an adverse development of the country and channel mix. This coupled with higher component and freight costs has negatively impacted the profitability development. As a result and reflecting the uncertainties in the remainder of the financial year, Sonova therefore revises its outlook for FY 2022/23.
Revenues in the first months of FY 2022/23 were adversely impacted by subdued volume growth in higher priced hearing care markets and distribution channels, in particular in the private market in the United States, resulting in pressure on the gross margin in the Hearing Instruments business. Furthermore, continued headwinds from transportation and component costs as well as higher wage inflation weighed on profitability. In the first half of FY 2022/23, Sonova therefore expects growth in consolidated sales of approximately 16%-18% and adj. EBITA to remain largely unchanged versus the prior year period, both measured at constant exchange rates. The year-over-year comparison for the same period is impacted by the first-time inclusion of the Consumer Hearing business, which, as expected, is typically more strongly skewed towards the second half of the financial year.