Rank: #27 (Last year: #26) CHF 3.86 Billion ($4.38 Billion)
Prior Fiscal: CHF 3.62 Billion
Percentage Change: +6.6%
R&D Expenditure: CHF 232M
No. of Employees: 17,990
Global Headquarters: Stäfa, Switzerland

Chief executive shuffling is nothing new in the Top 30—it seems every year there is a company with a change at the top.

In May 2025, Sonova revealed that longtime leader Arnd Kaldowski will step down as CEO on Sept. 30 due to health-related matters affecting a family member. Eric Bernard, former CEO of WS Audiology, joined the company on July 1 and will assume full responsibilities by Oct. 1.

Bernard was CEO of WS Audiology from 2019 to 2024 and managed a merger and integration of Widex and Santos. Before that, he spent 25 years in country, regional, and global leadership roles at Essilor, where he was also a member of the executive committee.

“Under Arnd’s successful leadership, we have seen Sonova grow its market share and continue to introduce impactful innovation in the field of hearing aids, including the groundbreaking real-time AI powered Sphere Infinio hearing aids,” said Sonova Chair Robert Spoerry. “At the same time, we effectively navigated challenges such as a global pandemic, the significant strengthening of the Swiss Franc, and other macroeconomic pressures. These efforts have enabled Sonova to solidify its leadership in the hearing care industry.”

“I am very pleased to welcome Eric Bernard as the new CEO of Sonova,” Spoerry went on. “He has been appointed after a thorough selection process and will assume his position on Oct. 1, 2025. Eric’s extensive global leadership experience and management skills in the hearing care and adjacent industries are essential as we continue to advance Sonova’s vision and build on our leadership in innovative hearing care solutions.”

Elodie Carr-Cingari was also named the company’s new CFO in December and began her role in July, succeeding Birgit Conix, who left to pursue a career outside of Sonova. She joined Sonova from Landis+Gyr Group, where she served as group CFO since 2020. Her previous roles include CFO positions at Hoerbiger, General Electric/Alstom, and senior financial positions in Hewlett-Packard.

The Swiss hearing health company recorded CHF 3.86 billion ($4.38 billion) in its latest fiscal year (ended March 31, 2025), growing 6.6% over the prior year. Growth was particularly strong in the second half of the year thanks to launch of the Infinio and Sphere Infinio platforms in August. A slowdown in the U.S. private hearing aid market in the last months of the financial year tempered overall development. Organic growth was 6.4%, while previous acquisitions contributed 1.2% to total sales growth.

The company’s Hearing Instruments business recorded CHF 1.82 billion in sales, growing 8.5%. The company cited market share gains thanks to the releases of the Phonak Audéo Infinio and Audéo Sphere Infinio hearing aid lines, which powered 9.8% growth in the second half of the fiscal year. The final two months were hampered, however, by a significant halt in the U.S. private hearing aid market, which impacted both volume growth and ASP development.

May 2024 saw FDA clearance for a self-replacement option for Phonak Lyric, a hearing aid that’s touted as “100% invisible” and offers hassle-free hearing with tinnitus relief. The company said the self-replacement model can result in up to half as many office visits, and Lyric providers were given a flexible refitting alternative to meet patients’ needs. The Lyric subscription model also ensures patients receive the latest updates at no further charge.

The Phonak Audéo Infinio and Audéo Sphere Infinio hearing aid lines rolled out in August. Audéo Sphere Infinio was the first hearing aid powered by dual-chip AI technology, as well as DEEPSONIC, a dedicated real-time AI/deep neural network (DNN) chip. DEEPSONIC offers the computational architecture optimized for DNNs to address the “speech-in-noise” problem—it has 53 times more processing power compared to hearing aid industry chip tech at the time of release. It can separate clear speech from background noise in a fundamentally different way from the AI used in existing hearing instruments. The user experiences improved speech understanding and ease of understanding from any direction, allowing people to engage in dynamic group conversations without needing to constantly move their head.

The new Audéo Infinio platform includes sound quality improvements thanks to the AI in AutoSense OS 6.0 operating system and a newly optimized fitting algorithm. Bluetooth Classic connectivity was also improved, supporting thousands of Bluetooth-compatible devices, with a new antenna for up to six times more wireless transmission power over prior generations.

August also saw unveiling of Roger Unlimited, its next-gen Roger microphones with built-in Unlimited receivers, as well as updates for Roger On and Roger Touchscreen Mic. Roger On features a stereo-wide pointing mode, a scratch-resistant layer, and a SmartMute function to switch to AutoSense OS when Roger On is muted. The Roger Touchscreen Mic touts a customizable mute light and new menu and settings layout.

Unitron released its Ativo hearing aids and introduced two new Vivante styles—Stride V-M and Stride V-SP—in October. Ativo has four form factors and its feature set and standard battery tech fits a range of hearing losses and style preferences. It allows for two actively streaming Bluetooth connections to stop the hassle of manual switching.

Stride V-M is Unitron’s smallest, lightest behind-the-ear option on the Vivante platform. Stride V-SP has the standard behind-the-ear design and is made for clients who need greater amplification, with durable water-resistant housing. Both feature HyperFocus tech for improved speech clarity in loud noise environments and are compatible with the Remote Plus app for personalized hearing experiences.

October also witnessed launch of two Hansaton Fokus behind-the-ear hearing aids: a Moderate Power (beat FS RT312 M) and a Super Power (beat FS RT13 SP) version. The Moderate Power model features a 312 replaceable battery and includes Telecoil functionality, while the Super Power model also incorporates a Telecoil and uses a more powerful size 13 replaceable battery. Both feature connectivity to mobile phones, hands-free phone calls, video and audio streaming, and optional accessories like TV Connector, PartnerMic, Remote Control, and Roger microphones.

In January 2025, Phonak introduced two new in-the-ear hearing aids: Virto Titanium Infinio and Virto 10 NW O Infinio. They became the world’s first custom hearing aids with SmartSpeech technology, which help users adapt to changing environments to optimize speech understanding and listening comfort. Precision Fit with APD 3.0 software makes sure the first fitting is the right fit. Biometric calibration tailors the hearing aids to the user’s ear anatomy, and a compact form factor with 50% thinner walls creates a virtually invisible solution to align with modern aesthetic preferences.

Sonova’s Audiological Care franchise ascended 6.4% to reach CHF 1.49 billion, thanks to measures that were implemented to drive growth and profitability, the company said. Lead generation costs inflated due to challenges in convincing customers to visit the hearing aid clinic and make a purchase.

The Consumer Hearing business’ sales rose 6.4% to CHF 252.5 million mainly fueled by H2 double-digit growth that came about from the global consumer audio market’s growth and a favorable comparison base.

The Cochlear Implants portfolio accrued CHF 303.9 million, growing 9% over the prior year. System sales were particularly strong with a double-digit increase of 16.3%. A Remote Programming feature for cochlear implants released in 2023 also supported growth, as well as healthy U.S. performance via enhanced commercial execution and lead generation improvements.

The company’s Advanced Bionics brand released AB ListenFit, a mobile app that offers quick, simple tests to track hearing progress, in March 2025. Its assessments include the Phoneme Test and Matrix Sentence Test to check hearing progress from home or on-the-go. A journal function also lets users make notes about themselves or their loved ones’ hearing progress. The app is free to use and can help motivate through progress tracking.

CHF 3.62 Billion ($4.02 Billion)
Prior Fiscal: CHF 3.73 Billion
Percentage Change: -2.9%
R&D Expenditure: CHF 239M
No. of Employees: 18,151

Amanda Storkey’s lifelong dream didn’t quite work out the way she had planned.

Storkey’s dream was simple, really: She wanted to be a teacher.

The sports fishing enthusiast never wanted to do anything else. Not even when she was a young girl and still unacquainted with the concept of a career.

Storkey eventually fulfilled her dream and became a teacher in Ontario, Canada.

But dreams fulfilled can be decidedly different than dreams envisaged. Amanda Storkey knows that all too well now.

At the start of her teaching career, Storkey began losing her sense of hearing. “I was having a lot of challenges understanding my students when they were asking questions,” she recalled in an online posting. “Day to day, I was turning up the volume on everything. I couldn’t hear sounds I was accustomed to, like the noise of the engine when driving. Everything was becoming a struggle.”

Literally everything—Storkey not only struggled to function amid her gradually deteriorating auditory perception, she also had to fight for access to medical care (her youth—she was 23 at the time—and overall good health worked against her). “I had to push to see the hearing care practitioners over and over again,” the now 34-year-old noted.

Storkey’s mental struggles ensued after her hearing loss was traced to a genetic condition. She worked with her audiologist to overcome her personal/professional fears (would her teaching career be over?), and began sharing her diagnosis to combat the self-imposed stigma and feelings of isolation she experienced as a young woman with hearing loss. Sharing her condition with others also enabled Storkey to build a community of support, which helped her eventually fine-tune her life’s dreams and long-term goals.

Storkey hasn’t given up on her life’s ambition: She is still a teacher, but works with smaller classes providing alternative education for students who need intensive support. She also has mastered American Sign Language, and hopes to work next with people of all ages who are deaf, hearing-impaired, or have disabilities.

Part of Storkey’s journey to regaining her self-esteem involved acceptance of her medical condition and the fortitude to wear her hearing aids in plain view. The latter step took some time, but the return of long-lost sounds ultimately prevailed against the aesthetic look of a small in-ear hearing device.

Storkey has learned some valuable lessons about life, gratitude, and perseverance in the 11 years since her diagnosis. Perhaps the most important, though, is that of perspective—particularly, the ability to find opportunities in obstacles. “If I didn’t go deaf, I would have never learned another language. I wouldn’t have met half the people I’ve met today,” she explains. “I wouldn’t have the role I have in my career that I have now. It’s only enriched my life.”

That enrichment has arrived via her Unitron Blu BTE hearing aids from Sonova. Powered by the company’s PRISM (Processing Real-Time Intelligent Sound Management) chip and the Unitron brand’s Integra OS signal processing system, the Blu platform personalizes the listening experience to each client’s specific situation, from highly complex to very quiet.

Unitron bolstered its hearing aid line last year with the April debut of the Vivante platform. These devices have the same mission as the Blu line—providing an “adaptable, personalized, freeing hearing experience”—but come with its own set of features, including HyperFocus, which aims to improve signal to noise ratio for face-to-face conversations in loud noise environments and automatically adapts to constantly changing environments. Another highlight is the 360 conversation in car manual program that enables users to automatically focus on speech, regardless of their passengers’ location in the vehicle. Vivante’s Remote Plus app is available for iOS and Android devices.

Unitron added to the Vivante portfolio last summer and fall with the introduction of Moxi V-RS (rechargeable), Moxi V-312 (smallest receiver in canal), and Stride V-PR (rechargeable and direct connectivity to Android).

“Following the same design philosophy that has won Unitron hearing instruments many awards, Moxi Vivante products are designed for those who appreciate aesthetics, comfort, and ease-of-use,” Unitron Senior Product Manager Corey Banham said upon the Moxi models’ release. “Our Moxi Vivante hearing instruments are designed to bring the sounds of the good life right to wearers’ ears.”

Moxi Vivante—and the entire Vivante portfolio—helped bring the sounds of profits to shareholders’ ears in fiscal 2024, though the peals were barely audible. Sales were down 3% at Unitron’s parent company, Sonova Group, as the firm grappled with operational challenges and the repercussions from the non-renewal of a major U.S. contract in the first half of FY 24 (year ended March 31, 2024).

Sonova posted CHF 3.62 billion in overall revenue in fiscal 2024, and while the total represented a loss in Swiss francs, it amounted to a 3.2% increase in local currencies, according to the company’s latest annual report. The rest of Sonova’s balance sheet followed the same currency dichotomy ratio—gross profit rose 6.2% (in local currencies) but fell 1% in Swiss francs to CHF 2.61 billion. Basic (adjusted) earnings per share, likewise, jumped 6.4% in local currencies but tumbled 9.6% in Swiss francs to CHF 10.06.

“More than in any year in the past decade, adverse currency exchange-rate developments reduced results reported in Swiss francs,” Sonova Board Chair Robert Spoerry and CEO Arnd Kaldowski told shareholders in a joint letter at the start of the FY24 annual report. “And in the first half of the financial year, our Hearing Instruments business was still affected by the non-renewal of a single major U.S. contract. These challenges notwithstanding, our results for the year are solid and show improving sales momentum through the second half-year. We remain confident in the effectiveness of our strategy as a generator of profitable growth.”

Such growth (in Swiss francs) was absent in both of Sonova’s reporting segments during fiscal 2024. Hearing Instruments segment sales fell 3% in Swiss francs but increased 3.2% in local currencies to CHF 3.34 billion compared to FY23. Prior acquisitions helped lift sales 1.8% (CHF 60.6 million) but exchange rate fluctuations reduced growth 6.2%, or CHF 214.5 million.

FROM THE TOP: “Among the highlights of the year were the introduction of new technology solutions, which include extending the benefits of the Lumity hearing aid platform across the Phonak portfolio. At the same time, we continued our strong investment into fundamental innovation that will be demonstrated in exciting new products to be launched in the near future.”

—Robert Spoerry, Board of Directors Chairman, and Arnd Kaldowski, CEO

Revenue increased (in local currencies) in two of the Hearing Instruments segment’s three product sales divisions. Hearing instruments business proceeds climbed 0.7% to CHF 1.69 billion, due partly to the expansion of the Phonak Lumity product line and the debut of Unitron’s Vivante platform.

Audiological Care business sales swelled 9.2% to CHF 1.41 billion, driven by higher volume and increased automatic signal processing (ASP) in many European markets, including Austria, Belgium, the Netherlands, and Poland.

Consumer Hearing proceeds fell 9.3% to CHF 239.7 million, the annual report indicates. Sonova blamed the loss on weak demand in the consumer electronics market as well as a battery issue with one of its key products, but noted the deficit was somewhat offset by the launch of the Sennheiser All-Day Clear hearing aids, the ACCENTUM wireless headphones (September 2023), and MOMENTUM True Wireless 4 earbuds (February 2024).

The Cochlear Implants segment nearly repeated its total from the previous fiscal year (off by only CHF 8 million), posting a CHF 278.9 million total. By local currencies standards, revenue was up 3.6% but in Swiss francs, overall proceeds were down 2.8%.

Cochlear implant systems sales continued their year-on-year growth, jumping 6.8% to CHF 185.5 on higher volumes and the launch of the Remote Programming solution for the Marvel CI sound processor. The gains, however, were partly stymied by the adverse impact of country mix on ASP.

Upgrades/accessories proceeds slipped 2.1% in local currencies to CHF 93.4 million, due mostly to waning demand for Marvel sound processors and residual supply chain issues in the fiscal year’s first half, which have since been resolved.

CHF 3.73 Billion ($4.08 Billion)
Prior Fiscal: CHF 3.36 Billion
Percentage Change: +11.1%
R&D Expenditure: CHF 242.9M
No. of Employees: 17,608

Robin “Bino” Gillon has been skiing for as long as he can remember.

And probably well before that: His parents had him on skis at just 12 months old.

The product of a Dutch mother and half British/half Swiss father, Gillon was raised in Switzerland but had few friends growing up. He was unlike most other children—a poor communicator, for starters (he hadn’t quite mastered basic language skills by kindergarten), and even worse at listening. At school, Gillon was an outcast, shunned and bullied by classmates.

“Something that really broke my heart is that growing up, there was this tradition at school of receiving birthday invitations,” Gillon, 28, recalled in the short 2018 film, “Sound of Silence.” “You would prepare letters, and you would place them on everyone’s desks. But I was never invited to a birthday. It’s something that really hurt me and still weighs on me today. I didn’t understand why I wasn’t a part of it. It was very hard.”

The social rejection continued as Gillon matured, leading him to seek solace on the ski slopes. “My favorite sport is slopestyle skiing, freestyle skiing, and skiing in the mountains. I really chose skiing because you’re alone with yourself. You have nothing to prove, you do it for your own pleasure,” he explains in the film. “Right away I felt good and was far from the eyes of others. Freeskiing is a sport that you freestyle. It allowed me to look deep inside of myself and to be alone with myself. It allowed me to discover the person that I am.”

That person is a deaf World Cup and Olympic qualifying skier who is determined to become the role model he never had growing up. He wants other deaf youths to pursue their passions, to use their “disadvantage” to push themselves to their limits. He wants them to know that anything is possible.

Gillon, born with a 90% hearing loss in his left ear and a 70% loss in his right (“deaf as a fart,” he facetiously described himself in his 2018 film), is conveying that message through his 2022 documentary, “What It’s Like,” which provides a fascinating glimpse into his muted world. “Most people are scared to be different,” he notes in the documentary. “For me, that’s where I found my strength.”

He also found it through the use of Phonak hearing aids and Roger wireless microphones (the company sponsored his latest film). The microphones’ intelligent technology transmits speech directly to hearing aids and/or cochlear implants through receivers, helping its users overcome distance and noise.

Phonak’s latest hearing aid model—the Lumity platform— focuses on improved speech understanding and reduced listening effort, particularly in challenging environments. Launched in August 2022, Lumity delivers a new dimension in directional microphone technology with improved speech detection and speech understanding through new StereoZoom 2.0  and SpeechSensor. Until now, directional microphone technology has been one dimensional with sharp focus on a single or main source of sound. StereoZoom 2.0 provides a smoother, gradual, and continuously adaptive focus on a conversation partner while simultaneously maintaining a balance of environmental awareness. Clinical evidence shows that it enables 16% better speech understanding from the front and 15% better understanding from the side and behind in a noisy environment.

“The platform has launched in over 40 countries, initially in the Audéo rechargeable RIC form factor—including Audéo Lumity Life, the second generation of the world’s first rechargeable and waterproof hearing aid,” Robert Spoerry, board chair, and Arnd Kaldowski, CEO of Phonak’s parent company, Sonova, told shareholders in the firm’s FY22/23 annual report. “In April 2023, we added the Phonak Slim Lumity, while Unitron introduced its new Vivante platform as part of our strategic commitment to roll out our latest technologies across all our brands.”

The Lumity platform was among several technologies Sonova introduced in its 2022/23 fiscal year (ended March 31, 2023). Others include three smart, discreet ITE (in-the-ear) hearing systems on HANSATON’s STRATOS platform; Conversation Clear Plus earbuds; the MOMENTUM True Wireless 3 earbuds and MOMENTUM 4 wireless noise-cancelling headphones; and a tinnitus management app (currently available in Belgium and Italy).

The product launches benefitted both hearing-impaired patients and Sonova, helping the Swiss company achieve an 11.1% sales spike (to CHF 3.73 billion). Gross profit swelled 7.4% to CHF 2.64 billion and basic EPS climbed 3.2% to CHF 10.75, though results were tempered by a “challenging macroeconomic environment,” according to Sonova’s latest annual report. Adjusted group EBITA slipped 0.5% to CHF 840.4 million, representing a 22.5% margin.

Another sales booster in FY2022/23 was the price increases Sonova implemented in the wake of runaway inflation. The increases, however, were somewhat offset by slower-than-anticipated momentum of certain key hearing care markets and the non-renewal of a large contract with a U.S. customer. Acquisitions—including Alpaca Audiology in the United States (completed January 2022) and HYSOUND Group in China (finalized December 2022)— and the previous fiscal year’s addition of the Sennheiser Consumer Division contributed 12.3% to FY2022/23 sales growth. Foreign exchange rate fluctuations reduced reported sales 3.5%, or CHF 116.3 million.

Working in tandem with the product launches and price increases to drive Sonova’s overall growth was solid gains in both of the company’s reporting segments and most business divisions.

Hearing Instruments segment sales climbed 11.9% to CHF 3.45 billion, with acquisitions (namely Alpaca Audiology and the Sennheiser Consumer Division) contributing 13.4%, or CHF 412.9 million to that total. Offsetting growth in this segment was slower-than-anticipated momentum in certain key hearing care markets, the contract non-renewal, and a CHF 115.4 million loss from foreign currency exchange rates.

Each of the Hearing Instruments segment’s three business units increased revenue in FY2022/23. Hearing Instruments proceeds were up 0.2% to CHF 1.81 billion due to solid demand for the new Phonak Lumity hearing solution. The Consumer Hearing unit generated CHF 284.3 million in sales, supported by several product launches (MOMENTUM True Wireless 3 earbuds, MOMENTUM 4 wireless noise-cancelling headphones), while Audiological Care business revenue surged 15.7% to CHF 1.36 billion, driven by solid growth in Canada, the Netherlands, Nordic countries, and Austria. Acquisitions lifted sales 11.2%.

Cochlear Implants segment proceeds rose 2.8% (2.5% in Swiss francs) to CHF 286.9 million despite supply constraints and hospital staffing shortages. Cochlear implant systems revenue increased 5.1% to CHF 185.4 million but growth was hindered by an injunction that prevented Advanced Bionics from selling its HiRes Ultra 3D cochlear implant in and from Germany (the injunction was temporarily suspended in October 2022).

Upgrades and accessories proceeds slid 1% to CHF 101.5 million, though the continued global rollout of the Naída CI Marvel and Sky CI Marvel sound processors helped foster sales throughout the fiscal year.

CHF 3.36 Billion
Prior Fiscal: CHF 2.60 Billion
Percentage Change: +29.3%
R&D Expenditure: CHF 248M
No. of Employees: 16,733

In a move that aims to bring hearing and consumer audio tech together, Sennheiser sold its consumer electronics division—along with 600 employees—to Swiss hearing aid firm Sonova for about $241 million last May.

It’s an unusual acquisition in the industry, but it makes some sense. Hearing aid companies are adding modern wireless tech into recent products to boost sound quality and enhance their look. In turn, that helps reduce the stigma of hearing loss and Sennheiser can conversely incorporate hearing tech into consumer products.

“A warm welcome to the new colleagues who have joined us from Sennheiser,” Sonova CEO Arnd Kaldowski told the press when the deal closed. “Linking the complementary strengths of Sonova and Sennheiser, we will now reach even more consumers at different stages of their hearing journey, creating a new path for sustainable growth for our company. We are convinced that our expanded offering of personal audio devices with speech enhancement will be a key contributor to increase the adoption of hearing solutions.”

The company is one of the many that rebounded from the COVID-19 pandemic’s stifle on elective products, growing an impressive 29.3% over the prior fiscal year (ended March 31) to post sales of CHF 3.63 billion and reentering the Top 30 once again.

Sales flourished across the world; 70.3% growth was seen in the U.S. In the Europe, Middle East, and Africa region, proceeds shot up 41.3%, mainly driven by the U.K. and France. In the rest of the Americas, sales grew 56.9% thanks to acquisitions. The Asia Pacific region’s revenue expanded 23.2% supported by solid development in China.

Hearing instruments garnered CHF 1.46 billion, increasing 46.9% over the prior year, supported by strong Phonak Paradise sales as well as the introductions of the Audéo Life rechargeable and waterproof hearing aid and ActiveVent intelligent hearing aid receiver.

Last February, Phonak unveiled the seventh generation of its Naída Paradise hearing aid. At 14% smaller and 27% lighter, the latest iteration features a new custom program memory feature with the myPhonak 5.0 app. A double receiver delivers up to 141 dB of peak gain in the UP model and up to 130 dB in the rechargeable version. The hearing aids can automatically enhance soft speech in quiet places and reduce noise in loud environments. A built-in accelerometer detects movement and automatically steers microphones.

The same month Phonak released the Roger Focus II mini hearing device’s release. The tiny, ear-level receiver can improve speech recognition in noise among children over three with unilateral hearing loss, autism, and auditory processing disorder.

A month later came the release of the Serenity Choice Plus custom hearing-protection portfolio. The new hearing protection device touts a custom-made fit, optimal noise protection, breathable filter, and acoustic leakage tester. The portfolio includes six products for sports, music, sleep, flying, hunting/shooting, and work applications.

Sonova’s Unitron business introduced the Blu hearing aid line last April. It’s powered by the company’s new PRISM (processing real-time intelligent sound management) chip and Integra OS signal processor so listening can be tuned to specific situations. Six optional pre-set programs can be adjusted to enhance speech, reduce noise, or focus the microphones. Up to eight Blu devices can by paired to Andoid and Apple products via Bluetooth, as well.

The HANSATON brand rolled out its STRATOS platform of three RIC hearing aids last April as well. A Dynamic SpeechBeam helps focus on conversations in difficult environments regardless of the direction of speech via 360 degree speech recognition. Intelligent NoiseReduction highlights speech coming from the front and canceling intense background noise. STRATOS hearing aids also have a Lifestyle Analyzer to monitor listening environments and report back relevant information.

Phonak’s Roger On remote microphone entered the market last June for hearing aid and cochlear implant wearers. New MultiBeam 2.0 tech chooses the microphone beam with the best signal-to-noise ratio, telling the wearer the speaker’s direction. Pointing Mode 2.0’s three microphones allow zooming in on a conversation over distance by pointing. The microphone beam can also be steered or changed using a smartphone. According to the company, Roger On is compatible with almost every hearing aid and cochlear implant.

Audiological care proceeds rose 48% to CHF 575 million due to the market rebound from the pandemic as well as bolt-on acquisitions in the U.S. The business expanded the range of its service portfolio in September to include services for patients with medical needs that often coexist with hearing loss like tinnitus care, auditory-cognitive training, and fall risk assessment and mitigation.

The beginning of 2022 saw Sonova’s acquisition of Alpaca Audiology, a large independent U.S. network of audiological care clinics. Sonova shelled out about $310 million for Alpaca to expand direct U.S. consumer access since the company is highly complementary to Sonova’s existing store footprint. Alpaca is expected to generate about $120 million for Sonova annually.

Mainly driven by the successful release of two new sound processors—Naída CI Marvel for Adults and Sky CI Marvel for children—the cochlear implant business accrued CHF 138.3 million, a 67.3% growth. This helped to recapture market share lost due to a voluntary field correction made in February 2020.

$3.05 Billion
Prior Fiscal: $2.77 Billion
Percentage Change: +9.8%
No. of Employees: 7,000

Six-year-old Enhui Dui shakes hands with Dr. Jianxin Qiu, who runs the ENT clinic at the First Affiliated Hospital of Anhui Medical University in Hefei, China, before answering his questions, all the while clutching her stuffed dolphin. She loves music and dancing and joins other children with cochlear implants once a week to sing in the “Little Dolphin Choir” founded by Advanced Bionics, a cochlear implant maker and part of global hearing technology maker Sonova.

“Seventy percent of cochlear implant recipients in China are children—something like 35,000 babies are born with hearing loss here every year,” Fei Liu, Advanced Bionics’ Country Director, explained in Sonova’s annual report.

Cochlear implants are fitted in about 200 Chinese hospitals. Dr. Qui has been an expert in the technology since 2005, fitting over 800 implants made by Advanced Bionics alone. The joy he sees at implant wearers experiencing their lives full of sounds and previously unheard voices is a constant source of motivation.

“They are extremely grateful and are always dropping in to see us,” he said. “I’ve watched so many grow up until they tower over me.”

Little Enhui wears Advanced Bionics’ waterproof Neptune sound processor. A cochlear implant is a lifelong solution for significant or complete hearing loss, and unlike hearing aids that amplify sound, cochlear implants electrically stimulate the auditory nerve. They bypass the damaged part of the ear and a wearable processor captures sound and converts it to an electrical signal that is transmitted to the implant.

Advanced Bionics continued its strong performance in fiscal 2019, rising 3.4 percent in revenue from the prior year. The main reason behind this expansion was the continued success of the HiRes Ultra 3D cochlear implant, which lets users have MRI scans without pain or need for bandaging. However, a voluntary field corrective action to recall un-implanted HiRes Ultra and Ultra 3D cochlear implants due to reports of reduced hearing performance tempered sales in the latter part of the year.

Last March, Advanced Bionics released the Naída CI Connect receiver, a design-integrated solution that turns the Naída CI Q90 sound processor into a Bluetooth wireless headset. It features built in microphones for hands-free calling and compatibility with virtually all Bluetooth-enabled tablets, laptops, and MP3 players. Implant wearers can take hands-free phone calls and stream audio from essentially any device.

March also saw the launch of the Chorus sound processor and SoundWave 3.2 programming software. Chorus holds a charge all day thanks to a new battery design and transmits the speaker’s voice via a Roger microphone directly to the listener to understand speech understanding in noisy environments. SoundWave 3.2 software enables professionals to connect more with patients while spending less time with software.

Active Insertion Monitoring (AIM) for implant surgery and post-op launched during last July’s Symposium on Cochlear Implants in Children. The AIM system lets the implant record in real-time ECochG (electrocochlepgraphy), a measure of cochlear health, during electrode insertion to allow feedback to the surgeon. It can perform objective audiometry from 250 to 4000 Hz without patient collaboration. Objective measures like NRI, ESRT, and electrode impedances can also be tested.

Driven by both organic growth and bolt-on acquisitions, Sonova’s fiscal 2019/2020 (ended March 31) revenue increased 9.8 percent to top $3 billion for the first time. Hearing Instrument (the company’s Phonak, Hansaton, and Unitron brands) sales jumped 9.6 percent from the previous year thanks to organic growth in both Hearing Instruments and Audiological Care businesses, supplemented by bolt-on acquisitions expanding the firm’s global store network. The Phonak Marvel platform was the main driver of growth. Marvel reached the milestone 2 million devices fitted less than 16 months from launch, making in the most successful product in Sonova’s history, according to the company. Audiological Care made good progress last year, growing same-store sales and expanding global footprint through greenfield openings and bolt-on acquisitions.

Last February, Phonak expanded its Audéo Marvel hearing aid line by introducing Audéo M-312T and Audéo M-13T with telecoil (T-coil) models. The new T-coil models provide direct connection to induction-loop systems. SlimTip Titanium was also added to all Marvel devices. SlimTip Titanium is stronger than industry-standard acrylic, is hypoallergenic, and comfortable. It also increases the fit rate for smaller ears.

Marvel 2.0 hearing aids were launched last August. The new portfolio includes Audéo M-RT, an all-in-one hearing aid that combines direct connectivity with iOS and Android, T-coil, and rechargeability. RogerDirect software removes the need for extra components or accessories needed to receive the Roger signal and produces a 42 percent smaller device. Two Bluetooth audio devices can also be connected simultaneously. The Bolero Marvel and Sky Marvel hearing aids were also introduced at this time. According to Sonova, Sky Marvel is the first bespoke operating system designed for children, 24 percent better speech understanding in noise, maximum access to all speech sounds, and a rechargeable battery that lasts all day.

Hansaton’s latest receiver-in-canal hearing system with binaural features also hit the shelves in March. It can be connected to the television and any Bluetooth capable telephone. The sound SHD stream also supports binaural hearing intelligence, personalizing the hearing experience with precise language, localization, and optimization functions.

Two versions of Hansaton’s new sound XC extrenal receiver systems became available last June. Featured in the firm’s new Excite line, hearing system wearers can stream up to 11 hours of music or voice chat audio or 16 hours of TV sound. Excite systems differentiate between speech and music signals so brilliant sound quality can be enjoyed for both. Intelligent Acclimatization technology increases acceptance during initial fittings by accounting for the wearer’s level of experience.

Unitron revealed its Discover platform last April. Using machine learning, Discover recognizes, classifies, and automatically adjusts to seven different acoustic environments. New products in the Discover line include Moxi Fit with a 312 battery; and Moxi Jump R with a lithium-ion rechargeable battery.

The Discover platform was broadened in October with Stride P R (behind the ear) and Moxi Jump R (receiver in canal) with telecoil. Stride P R and Moxi Jump R feature full day hearing, a recharging power pack, quick charging, and hands-free phone and video calls with audio streamed to both ears. The Remote Plus app feature, coach, prompts wearers with timely tips and advice to help acclimatize to hearing instruments.

Last March Sonova and semiconductor maker Semtech produced a jointly developed ultra-small integrated circuit component for a new generation of hearing aids. The chip supports multiple radio protocols in the 2.4 GHz band, and effectively operates on low power.

“Possible applications span from connectivity to any Bluetooth enabled audio device (e.g. a smartphone or television) to full duplex audio streaming between hearing aids and connectivity to wireless microphones,” Sonova’s Wireless R&D director told the press.

AT A GLANCE
$2.77 Billion
Percentage Change: 0%
No. of Employees: 14,740

The cameras captured it all: The glamour, the tension, the (apparent) camaraderie, the smiles, and of course, the ultimate triumph.

There’s a lot the cameras didn’t catch though: The (callous) laughter, the (hurtful) comments, the isolation, the inequities, and, of course, the ultimate heartbreak.

Sophie Vouzelaud remembers it all, though the off-camera experiences have been far more enduring.

Vouzelaud, a deaf model, made history a dozen years ago upon being elected the first runner-up in the 2007 Miss France pageant (representing the Limousin region). At the time, the now 31-year-old was the first deaf or hard-of-hearing person to participate in a Miss France finalist contest.

Vouzelaud lost the crown to Rachel Legrain-Trapani despite being a public favorite. A jury panel (which no longer is used to choose winners) elected Legrain-Trapani in a single, albeit controversial, vote.

“Why did [the jury] put me in second place?” Vouzelaud wondered aloud in a YouTube interview earlier this year. “That’s what I did not really understand. And then there is a woman, who is part of the Miss France committee, who said it was to ‘protect me.’ But protect me from what? Maybe it was an excuse, or they were afraid of me…they did not trust me about my deafness.”

Maybe so, but the remark’s true motivation will likely never be known—a main reason, perhaps, for its lasting impact on Vouzelaud. Another potential reason for its durability is the memories it triggers for Vouzelaud of other alleged injustices she experienced in the beauty pageant world.

One of Vouzelaud’s more explosive allegations—which she has often discussed—involves her exclusion from the 2007 Miss World pageant. With the support of Legrain-Trapani, Vouzeland requested to represent France at the Miss World pageant to increase awareness and exposure of deaf people. Organizers, however, refused, contending that entrants must be official winners from their respective countries. Vouzelaud claims past runners-up have participated in Miss World but the event’s online qualification rules do not discuss participants’ titles.

“Miss World refused, they just told me that they had changed and the [runners-up] could not participate any more,” Vouzelaud charges in her YouTube interview. “When the Miss World Committee heard that I was deaf, they said, ‘Why not participate in Miss Deaf World?’ There, I understood that it was discrimination.”

Rather than fight the Miss World decision, Vouzelaud chose to participate in the 2007 Miss International contest in Japan against a deaf Venezuelan, Vanessa Peretti. Only Peretti qualified for the top 15.

Since retiring from the beauty contest circuit, Vouzelaud has won supporting roles in feature films, acted in a range of popular French television shows, and been named an ambassador for Christian Dior perfume. The born deaf native of Saint-Julien, France, also actively campaigns for greater acceptance of people living with hearing loss—a cause presumably inspired by her pageant experiences.

“I always had to struggle,” she states in Sonova Holdings AG’s 2018/19 annual report, “but I have proved that I can achieve the same as anyone else!”

Clearly, Vouzelaud has proven her merit in the auditory world, thanks largely to the hearing aids she’s been fitted with since early childhood. She currently uses a Phonak system from Sonova, a global manufacturer of hearing care solutions that has resolved to help customers like Vouzelaud “enjoy the delight of hearing and…live a life without limitations.”

Such a life became significantly more practicable last year with Sonova’s launch of the Phonak Audéo Marvel, a hearing aid touted as the first to fully support binaural direct media streaming (music, phone, live/on-demand video) from any Bluetooth-enabled device. The Marvel platform also can stream all audio content seamlessly from any iPhone or Android device to both ears in full stereo.

Marvel hearing aids are rechargeable and work with dedicated apps that allow wearers to experience remote adjustments as well as real-time voice-to-text call transcription. Moreover, its directional microphone technology can help improve speech understanding in noisy environments by 60 percent while simultaneously reducing the amount of effort required (19 percent) to listen and understand conversations, according to Sonova.

Marvel’s new TV Connector—a plug-and-play solution that automatically connects with televisions within range—turns the hearing aids into wireless headphones. RogerDirect streams the Roger signal directly to the tiny devices, allowing for a 33 percent smaller and 66 percent lighter hearing aid housing compared to the previous Roger solution.

“Marvel delivers exceptional sound quality from the first fit—hence our slogan, ‘Love at first sound’—while improving speech understanding in the most difficult listening situations,” Sonova Board Chairman Robert Spoerry and CEO Arnd Kaldowski told shareholders in the company’s annual report. “Combined with our rechargeable technology, the new platform is a true multifunctional marvel. The market reaction is very positive…”

So positive, in fact, that it helped bolster Sonova’s Hearing Instrument segment sales 3.9 percent in FY18/19 to 2.52 billion francs. A stronger Euro and U.S. dollar contributed 0.3 percent to the growth in this division.

Sonova’s audiological care business increased proceeds 6.7 percent in FY18/19 (year ended March 31, 2019) due mostly to organic growth (rising 5.2 percent) and bolt-on acquisitions. But profits were tempered by a reduction in the number of U.S. stores.

Hearing instrument sales climbed 2 percent to 1.47 billion francs, with Europe and Asia/Pacific posting high single-digit gains. Revenue, however, was offset a bit by the springtime sale of the company’s hearing benefits subsidiary (Epic Hearing) to UnitedHealth Group.

Though they had little impact on the latest fiscal year sales, Sonova shored up future hearing instrument profits with new innovations in the Unitron and Hansaton product portfolios. The Unitron Max comes with three Super Power presets in two behind-the-ear (BTE) models; each preset features a different combination of sound processing, directionality, and gain.

The Hansaton beat SHD RS13 and beat SHD RS675 are equipped with Sonova’s HearIntelligence technology to support a more natural hearing experience through features like precise speech processing, localization, and optimization. In addition, the new models have three different “power” pre-sets (classic, active, modern) to enhance patient fit.

Based on its initial reception, the HiRes Ultra 3D implant is likely to generate significant future revenue for Sonova. Its debut performance wasn’t too shabby, however, as it contributed to a 6.3 percent gain in Cochlear Implants segment revenue (to 238.4 million francs).

Approved in late August 2018, the HiRes Ultra implant is made to withstand magnetic resonance imaging (MRI) exams. The device’s magnet design aligns with an external 3D magnetic field, allowing cochlear implant recipients to move freely around within the strong magnetic field of an MRI machine without experiencing pain or discomfort, and without head positioning restrictions. The magnet is composed of four rotatable rods encased in a revolving disc, an arrangement that allows for alignment with an MRI field in all three dimensions.

The HiRes Ultra implant helped bolster cochlear implant systems sales 7.7 percent to 178.9 million francs. Upgrades and accessories revenue growth was modest at 2.4 percent (59.5 million francs) against a challenging prior year comparison, particularly in the United States. But the division somewhat rebounded in the fiscal year’s second half, powered by a strong rollout of the Naída CI processor in China as well as improved pricing and structural and productivity improvements.

Overall, Sonova grew sales 4.4 percent to 2.76 billion francs (revenue was flat when converted into U.S. dollars) and increased gross profit 5.2 percent to 1.96 billion francs. Europe, Middle East and Africa, the company’s largest region, scored the highest gains (8.3 percent in local currencies), thanks to the Phonak Marvel’s popularity in France and Germany. Asia/Pacific revenue climbed 5.4 percent with both the hearing instruments and audiological care businesses recording high single-digit increases. Divestitures led to a 3.7 percent dip in U.S. revenue, but the loss was partially neutralized by a 2.7 percent sales hike in rest of the Americas (excluding the United States).

$2.8 Billion
NO. OF EMPLOYEES: 14,242

The symbolism is hard to ignore.

One of the most striking features of Sonova Group’s world headquarters building in Switzerland—besides its stunning views of Lake Geneva—is its open-air spiral staircase.

The design was intentional, but not for the obvious reasons. Indeed, the cochlea-shaped staircase was not intended as a subtle reminder of Sonova’s industrial dominance, but rather an inspiration for ingenuity. “Innovation flourishes where corporate culture makes room for creativity,” Sonova CEO Arnd Kaldowski notes.

With broad expanses of glass and light, and the cochlea (snail shell-like) staircase linking floors into a single open-office plan, Sonova’s corporate architecture aims to foster a dynamic professional atmosphere that inspires fresh ideas.

Ideas like the Audéo B-Direct, a “made for all” hearing aid released last summer that directly connects to any cell phone with Bluetooth 4.2 technology, including Android, iPhone, and other “classics” popular with older adults. The new hearing aid is the first to use Sonova’s latest chip and wireless radio technology, called SWORD.

Audéo B-Direct is designed to deliver excellent sound quality within the company’s Belong platform and AutoSense OS. The wireless chip reportedly has the lowest power consumption of any hearing aid using Bluetooth Classic. As it supports the classic Bluetooth protocol, it provides 2.4 GHz direct connectivity to cell phones with no extra body-worn streaming device required.

SWORD’s release should quell some of the criticism Sonova has received in recent years for missing an opportunity with tech-savvy Baby Boomers after rival GN Store Nord introduced direct-streaming hearing aids for Apple devices in 2014. Sonova executives, however, contend the SWORD has much broader market implications.

“Our vision has always been to provide the best possible hearing solutions. Everybody else went down this relatively narrow road called ‘Mad for iPhone,’ and we decided back in 2012 that we wouldn’t go that way, but instead go for the broader [applications],” Phonak U.S. President Jan Metzdorff said during a new product launch in Chicago last August. “This sort of chip is not available anywhere in the commercial market, and we’ve developed this ourselves over the last four years or so. The uniqueness of the SWORD chip is the ability to run with a number of parallel protocols and languages…So we can run Bluetooth and Bluetooth Low Energy, we can run our own proprietary protocols like Roger, we can run TV streaming solutions and AirStream, and more…SWORD will allow us to evolve the product and offer connectivity to other devices in the future with some very exciting possibilities going forward.”

Among those possibilities, of course, is the profits Sonova is likely to reap from its new innovation. SWORD already has contributed to Sonova’s bottom line, helping boost Premium hearing instrument franchise sales 11.8 percent in FY17-18 (year ended March 31, 2018) to 679 million francs. Expanded rechargeable solutions also supported franchise growth.

The surge in Premium hearing instrument sales, and a 20.4 percent increase in Miscellaneous revenue (accessories, batteries, services) were the main growth drivers for Sonova’s Hearing instruments business segment, which reported a 9 percent rise in FY17-18 revenue to 2.42 billion francs, according to the company’s latest annual report. Further deployment of the Phonak Belong and Unitron Tempus platforms also played prominent roles in the segment’s success.

Advanced hearing instruments, Standard hearing instruments, and Wireless communication systems turned in solid fiscal year performances, too, further fostering its parental unit’s prosperity. Advanced hearing sales climbed 5.4 percent to 497 million francs, while Standard hearing revenue rose 4.5 percent to 761 million francs and wireless communications proceeds rose 7.7 percent to 115. 8 million francs.

The Cochlear implants segment recorded across-the-board increases as well, with Cochlear implant systems sales rising 3.3 percent to 165.1 million francs and Upgrades and accessories revenue mushrooming 27.5 percent to 57.8 million francs. Segment revenue swelled 8.6 percent to 222.9 million francs, buoyed by the launch of the Phonak Naida Link CROS, a wireless audio transmitter that provides full access to sounds for unilateral cochlear implant candidates with no hearing in their opposite ear. The fiscal year also was marked by the introduction of the HiFocus SlimJ electrode, featuring a thin, straight design that helps preserve residual hearing.

Retail revenue jumped 17.2 percent to 981.5 million francs, driven by previous acquisitions and improving organic sales in the second half of the fiscal year. Solid growth in Belgian, Canadian, French, Polish, New Zealand, and British sales was partially offset by weaker demand in Australia and Germany. Business in the United States and The Netherlands, meanwhile, was affected by the streamlining and strategic repositioning of its stores.

Overall, Sonova charted a 10.4 percent increase in FY17-18 sales to 2.64 billion francs ($2.8 billion). Basic earnings per share jumped 14 percent to 6.36 francs and gross profit swelled 13.1 percent to 1.86 billion francs.

“The global hearing care market continues to grow and to demand ever-more innovative and comprehensive solutions,” Board Chairman Robert Spoerry, Former CEO Lukas Braunschweiler, and Kaldowski (who replaced Braunschweiler on April 1), said in the annual report.

“Our vertically integrated business model means that we benefit both from the innovation power of each business and the unique advantages of their collaboration and shared market insight. Continuous customer-driven innovation, multiple channels to market, and a versatile eSolutions platform connecting Sonova directly to consumers provide the solid foundation for continued growth.”

$2.1 Billion
NUMBER OF EMPLOYEES: 10,894

Whatever on Earth would Sting, Tina Turner, Christoph Waltz, Kate Moss, and Bryan Adams have in common? (Apart from being celebrity performers, of course.)

They’re a portion of the more than 90 celebrity ambassadors to Sonova Holding AG’s “Hear the World” Foundation, a non-profit initiative aimed at helping disadvantaged people with hearing loss by providing financial support, hearing aids, and professional expertise. Responsible for over 70 projects since its inception in 2006, the foundation (whose administrative expenses are paid for by Sonova) has helped thousands around the globe overcome the disadvantages resulting from hearing loss. In fact, in the 2015/16 fiscal year, the foundation has donated, fitted, and provided follow-up care for 1,000 hearing aids to provide the gift of hearing to more than 500 children.

Posing with one hand cupped over the ear—the iconic “Hear the World” pose—the Foundation was awarded the Guinness World Record for the world’s largest photographic awareness campaign in 2015. But words don’t nearly do the movement enough justice compared to the accounts of volunteers on the front lines of the movement.

“This is a fantastic experience,” remarked a member of the Phonak (a Sonova subsidiary) pediatric audiology team during a mission to Yerevan, Armenia. “The audiologists on the ground here only have very modest equipment, but they achieve so much with it. They give high priority to speech and music therapy. We’re getting to know children who have developed very well in spite of profound hearing loss.”

A new addition to MPO’s Top 30 list, Sonova is a holdings company divided into five business brands: Phonak, Unitron, Hansaton, Advanced Bionics (AB), and Connect Hearing. Each of these companies represent Sonova’s two business segments: hearing instruments, and cochlear implants and accessories. Phonak specializes in the production of digital hearing aids and complementary wireless communication systems, and Unitron and Hansaton are also hearing aid manufacturers. AB develops advanced cochlear implant systems and technologies, and Connect Hearing offers hearing testing and clinical evaluation to determine the optimal hearing solution for each patient.

Sonova’s total revenue for fiscal year 2015/16 (which ended March 31, 2016) was 2.07 billion Swiss francs ($2.14 billion). This represented a 1.8 percent increase from the prior fiscal year’s 2.03 billion Swiss francs. By region, Sonova experienced the strongest growth in the Europe, Middle East, and Africa (EMEA) and Asia/Pacific (APAC) regions. With net sales of 883 million Swiss francs in fiscal 2015, the EMEA region ballooned 7.2 percent from FY14, which accounted for 43 percent of Sonova’s total revenue. This comes as somewhat of a surprise, considering the company’s German hearing instruments wholesales business declined in 2015. Mostly responsible for the upswing was an “expected headwind” in the independent channel following announcement of a new German retail strategy in March 2015, combined with Sonova’s acquisition of Hansaton in April 2015.

The APAC region’s 2015 revenue of 224 million Swiss francs was an even more dramatic increase of 13.3 percent from 2014, which represented 11 percent of the company’s total net sales. That’s not to say that U.S. sales tanked—the country generated sales of 786 million Swiss francs, which was 37 percent of Sonova’s total revenue and a 1.3 percent increase from fiscal 2014.

Sonova’s hearing instruments division (comprised of premium, advanced, and standard hearing instruments, as well as wireless communication systems) was its most diverse and profitable business in fiscal 2015/16 with total sales of 1.88 billion Swiss francs. Hearing instruments sales, which accounted for a 91 percent share of total company revenue, experienced a 2.4 percent increase from 2014. The majority of this growth was a direct result of the April 2015 Hansaton purchase, as well as positive market response to 2014’s launch of the Phonak Audéo V Receiver-in-Canal. Due to Sonova’s acquisition of Comfort Audio, sales of wireless communication systems grew 10 percent from 2014.

Sonova’s growth in its hearing instruments business was partially offset (though not nearly enough to mark a decline in total revenue) by a 3.7 percent decline in cochlear implants and accessories division sales (187 million Swiss francs). The new systems’ inability to compensate for lower upgrade sales to exiting users and a decline in U.S. sales were the main contributors to the overall loss.

As mentioned several times already, Sonova’s only real acquisition of note was Hansaton Akustik GmbH, a Germany-based wholesale hearing aid company that generated 42 million in sales in 2014. This added another strong hearing aid company to Sonova’s portfolio of Phonak and Unitron hearing care; the family-owned firm was founded in 1957, and owns centers in Germany, France, and the United States. Sonova’s product introductions were also fairly light for fiscal year 2015/16. Sonova subsidiary Advanced Bionics received U.S. Food and Drug Administration approval in August 2015 for two new cochlear implant sound processors: the Naída CI Q90 and Q30. The Q Series uses Phonak’s Binaural VoiceStream Technology to improve hearing in challenging settings by blocking obtrusive sounds like wind and echoes.

Finally, at the tail end of fiscal year 2015/16, (the news came out on March 31), Sonova announced restructuring changes for its executive board. Effective April 1, the management board’s size was reduced from 13 to 10 members. The three hearing instruments wholesale regions of Americas, Europe, and Asia were grouped into a “Hearing Instruments—Wholesale” group. Vice President Wholesale Europe & South America Claude Diversi assumed global responsibility for wholesale of Phonak, Unitron, and Hansaton.