Cochlear struggled through the 2025/26 financial year, culminating in a 62 per cent fall in annual net profit to $147.3 million.
"We know financial year 2026 was challenging. We also know what we need to do," chief executive Dig Howitt told shareholders at the company's annual general meeting on Monday.
"Our strategy is clear. The opportunity is significant. Our focus is execution: to grow the market, improve performance and deliver stronger long-term value."
A year ago, shares in the Sydney-based Cochlear, which was set up 45 years ago to commercialise its pioneering technology, were trading around $296.50.
The stock plunged to a three-year low of $199.22 in February when it missed its first-half earnings guidance.
Two months later, the stock fell again to a new low of $88.74, after it foreshadowed a drop in 2025/26 earnings of more than $100 million due to softer sales and demand linked to the war in the Middle East and higher costs.
That warning came to pass in August, when it reported a 22 per cent fall in 2025/26 underlying profit to $322.4 billion and a 62 per cent fall in bottom line net profit to $147.3 million.
Sales revenue was flat at $2.3 billion, even though sales of its implant devices rose five per cent to almost 57,000 units.
Cochlear on Monday maintained its forecast for a modest rise in underlying net profit of between $330 million and $350 million in the 2026/27 year.
Its shares were down 2.6 per cent to $142.90 around noon AEDT.
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