The transaction, which involved no headline purchase price, marks the end of Demant’s involvement in hearing implants. Credit: adriaticfoto / Shutterstock.com.

Hearing solutions provider Cochlear has concluded the acquisition of the Oticon Medical cochlear implant business from Demant.

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The transaction, which involved no headline purchase price, marks the end of Demant’s involvement in the hearing implants business.

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Cochlear is set to integrate the acquired business over the coming months, with integration costs for fiscal year 2024 (FY 2024) estimated at around A$30m pre-tax.

The integration expenditures, primarily associated with restructuring, will be reported as a non-recurring significant item.

However, this will not affect Cochlear’s underlying net profit guidance for FY 2024, which is projected to be between A$385m and A$400m.

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Cochlear agreed to purchase Oticon Medical in April 2022 for approximately A$170m after Demant decided to withdraw from the hearing implants market.

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As part of the 2022 deal, Cochlear pledged to continue supporting Oticon Medical’s extensive user base, which includes over 75,000 recipients of cochlear and acoustic implants.

The funding for this acquisition was sourced from Cochlear’s existing cash reserves.

Cochlear CEO and president Dig Howitt said: “We welcome Oticon Medical’s cochlear implant customers to Cochlear and remain committed to supporting the long-term hearing outcomes of these 20,000 patients.

“We will develop and commercialise next-generation sound processors and services to enable the vast majority of customers to transition to Cochlear’s technology platform over time. We will also support customers with continued access to repairs and replacements of current Oticon Medical cochlear implant technology for as long as feasible.”

Last month, Cochlear received the US Food and Drug Administration clearance to expand the use of its Osia System to children as young as five years old.

This decision lowers the eligible age from 12 years to five, allowing younger children with conductive hearing loss, mixed hearing loss, and single-sided sensorineural deafness to benefit from the technology.