Cochlear's (ASX: COH) 15 per cent jump in full year sales to $941.9 million and 56 per cent increase in profit was not enough to please investors.
The maker of the cochlear ear implant recorded net profit after tax of $145.8 million for FY15, up from $109.5 million for the previous year.
The company's strong profit performance was not enough to please investors, with its share price down over 10 per cent on Tuesday because of very high expectations.
“It was a very important and successful year for COH," said CEO Dr Chris Roberts. "Record sales of $942 million confirmed continued sales momentum, particularly for H2 where sales of $501 million were up 14% on H1.
“This sales momentum also confirms the success of products rolled out across all product categories over the last two years, supported by a range of market expansion activities including broadened clinical indications and roll-out of online activities.”
The company's performance was helped by a lower Australian dollar, which boosted international sales by $32.7m.
The FY15 annual report will be the last for Dr Roberts, who is departing the company after more than a decade at the helm.
Cochlear confirmed in June that Dr Roberts will be succeeded by Chris Smith next month, currently the Deputy CEO who previosuly served as the company’s North America president, as well as Cochlear Bone Anchored Solutions senior vice-president and support operations senior vice-president.
Sales of the company's implant were particularly strong in the US and Western Europe, recording growth of 15 and 7 per cent respectively.
Cochlear said it is expecting net profit after tax in 2016 of between $165m and $175m.