FINANCIAL REVIEW
Financial reports
In the financial year 2021/22. Sonova achieved sales of CHF 3,363.9 million, an increase of 29.0% in local currency and 29.3% in Swiss francs. The strong growth is supported by a stable market recovery as well as a favorable comparative basis due to the COVID-19 pandemic. Group Adjusted EBITA reached CHF 844.4 million, an increase of 39.3% in local currency and 40.0% in Swiss francs, representing a margin of 25.1%.
Strong growth: sustainable recovery despite remaining challenges
Sales of the Sonova Group amounted to CHF 3,363.9 million in fiscal year 2021/22, an increase of 29.0% in local currency and 29.3% in Swiss francs. The hearing aid market continued to recover from the effects of the COVID-19 pandemic, despite some regional differences and remaining challenges. Compared to fiscal year 2019/20, which was only affected by the COVID-19 pandemic in recent weeks, sales increased by 20.4% in local currency, representing a compound annual growth rate (CAGR) two-year growth of 9.7% Acquisitions, including a significant expansion of our network of headphone stores and the addition of Sennheiser's consumer division in the final month of the fiscal year, contributed to growth of 2.4%. The impact of exchange rate fluctuations was minimal and amounted to 0.3%.
Sales by region
| σε CHF m | 2021/22 | 2020/21 | ||||||||
| discounts | Share | Evolution in local currencies | discounts | Share | ||||||
| EMEA | 1.775,9 | 53% | 25,4% | 1.416,6 | 54% | |||||
| SAD | 1.009,8 | 30% | 38,6% | 732,2 | 28% | |||||
| Americas (outside the US) | 244,6 | 7% | 32,7% | 178,2 | 7% | |||||
| Pacific Asia | 333,6 | 10% | 19,4% | 275,0 | 11% | |||||
| Clearance sale | 3.363,9 | 100% | 29,0% | 2.601,9 | 100% | |||||
Strong recovery across all regions, translating into strong growth in the US
Sales in Europe, the Middle East and Africa (EMEA) increased 25.4% in local currency. The increase was supported by a strong recovery in the private market in the UK and a change in the compensation system in France, which increased market volume during 2021. Despite achieving significantly higher overall sales, some major markets, like Germany, Belgium and the Netherlands - recovered more slowly, slowing growth in the region.
In the United States, sales increased 38.6% in local currency. Sales growth was supported by the success of our latest products, as well as a private label contract renewal with a major hearing aid retailer. This was further aided by Sonova's leadership position in the US Department of Veterans Affairs (VA) and the strong recovery in this market segment, which was hit particularly hard by last year's pandemic.
Sales in the rest of the Americas (excluding the US) increased 32.7% in local currencies, helped by acquisitions but held back by a slow recovery in Canada. Sales in the Asia-Pacific (APAC) region rose 19.4% in local currencies, supported by strong growth in China but held back by temporary lockdowns in Australia and New Zealand.
Key elements of the Sonova group
| in CHF m unless otherwise stated | 2021/22 | 2020/21 | Change in Swiss francs | Switch to local currencies | ||||
| discounts | 3.363,9 | 2.601,9 | 29,3% | 29,0% | ||||
| Gross profit | 2.460,7 | 1.873,5 | 31,3% | 30,9% | ||||
| EBITDA 1) | 802,9 | 663,3 | 21,0% | 20,3% | ||||
| EBIT 1) | 760,0 | 619,5 | 22,7% | 21,9% | ||||
| Basic earnings per share (CHF) | 10.42 | 9.23 | 13,0% | 12,2% | ||||
| Operating Free Cash Flow 1) | 763,7 | 602,4 | 26,8% | |||||
| YEARS 1) | 24,1% | 22,3% | ||||||
| Gross profit (adjusted) 1) | 2.463,7 | 1.880,2 | 31,0% | 30,6% | ||||
| EBITA (adjusted) 1) | 844,4 | 603,0 | 40,0% | 39,3% | ||||
| EBITA margin (adjusted) | 25,1% | 23,2% | ||||||
| Basic earnings per share (CHF) (adjusted) 1) | 10,76 | 7.71 | 39,6% | 38,7% |
1) See the Non-GAAP Financial Measures Reconciliation Table for more information.
Further progress in profitability despite supply chain hurdles
Sonova continued to drive profitability while increasing investment in growth. In line with the measures taken in previous years, the Group implemented additional structural optimization initiatives, resulting in restructuring costs of CHF 13.5 million (2020/21: CHF 38.9 million). These steps are expected to result in annual savings of approximately CHF 15-20 million. The acquisition of the consumer division of Sennheiser and Alpaca Audiology resulted in transaction and integration costs of CHF 12.0 million. In addition, the Group incurred costs of CHF 16.0 million related to the settlement agreement in principle with the US Department of Justice and pending patent lawsuits in the field of cochlear implants. As a result of the tax reforms, income taxes were positively affected by CHF17. 5 million (2020/21: CHF 28.0 million).
In the financial year 2020/21. The Group also recorded a non-recurring income of CHF 124.4 million related to the successful conclusion of a long-standing patent infringement lawsuit.
The adjusted sizes and growth rates in this financial review exclude these items. For more details, please refer to the Non-GAAP Financial Measures Reconciliation Table at the end of the financial review.
The reported gross profit was CHF 2,460.7 million. Adjusted gross profit increased by 30.6% in local currency or 31.0% in Swiss francs to CHF 2,463.7 million. Adjusted gross margin increased 0.9 percentage points to 73.2%, reflecting continued structural and improvement measures, as well as volume growth. This positive development was partially offset by some pressure on average selling prices (ASPs) due to further normalization of the channel mix and higher transportation and component costs, partly as a result of the pandemic.
Excluding acquisition-related depreciation, reported operating expenses were CHF 1,657.7 million (2020/21: CHF 1,210.3 million). Adjusted operating expenses before acquisition-related amortization increased 26.4% in local currency or 26.8% in Swiss francs to CHF 1,619.2 million. Adjusted research and development (R&D) expenses before acquisition-related amortization increased at a double-digit rate for the third consecutive year, rising 28.7% in local currency to CHF 229.4 million. This clearly reflects the Group's long-term commitment to continued investment in innovation and further promotion of Son's leading portfolio of products and services.
Adjusted sales and marketing expenses before acquisition-related amortization were CHF 1,090.1 million, an increase of 26.5% in local currency, reflecting higher sales volume, continued investment in resources focused on the client and a higher temporary cost of generating opportunities in the hearing business. Adjusted general and administrative expenses increased 23.5% in local currency to CHF 299.8 million or 8.9% of sales (2020/21: 9.3%). Strong top line growth, as well as ongoing structural optimization initiatives, contributed to this development. It also reflects the continued investment in Audiological Care's new IT system, which aims to improve the efficiency of intra-store and inter-business processes. Additionally, it was impacted by the one-off negative effect of the provisions related to the operation in Russia. Adjusted other expenses were CHF 0.0 million (2020/21: revenue CHF 1.4 million).
Adjusted operating earnings before amortization related to the acquisition (EBITA) increased 39.3% in local currencies or 40.0% in Swiss francs to CHF 844.4 million (2020/21: CHF 603.0 million) . Compared to pre-pandemic levels in FY19/20, Adjusted EBITA increased by 48.2% in local currencies. Adjusted EBITA margin reached 25.1%, an increase of 1.9 percentage points compared to the previous year and 3.9 percentage points compared to the fiscal year 2019/20. The exchange rate movements increased adjusted EBITA by CHF 4.6 million and the margin by 0.1 percentage points. Reported EBITA increased 20.3% in local currencies and 21.0% in Swiss francs to CHF 802.9 million. The amortization related to the acquisition was CHF 42.9 million (2020/21: CHF 43.8 million). Reported operating profit (EBIT) was CHF 760.0 million (2020/21: CHF 619.5 million), an increase of 22.7% in Swiss francs.
Strong earnings per share growth
Due to the increase in loans and the issuance of bonds, net financial expenses, including the result of affiliated companies, increased from CHF 19.1 million to CHF 31.8 million. Income taxes amounted to CHF 64.5 million. They were reduced by CHF 17.5 million due to the effects of tax reforms and by CHF 26.6 million due to the release of tax provisions. The basic tax rate was 14.5% (2020/21: 12.5%). Basic earnings per share (EPS) reached CHF 10.42, an increase of 13.0% in Swiss francs. Adjusted EPS increased 38.7% in local currencies or 39.6% in Swiss francs to CHF 10.76, compared with CHF 7.71 in the prior year.
Employees
The Group's total workforce at the end of March 2022 was 16,733 full-time equivalents. This represents an increase of 2,225 or 15.3% and largely reflects recent acquisitions, including the consumer division of Sennheiser and Alpaca Audiology, as well as continued investment in research and development and customer service staff to support greater growth.
Acoustic Instrument Sector: Strong Organic and Acquisition-Based Growth
Sales in the hearing aid segment were CHF 3,084.0 million, an increase of 27.2% in local currency compared to the previous year. Sales increased 19.8% in local currency compared to fiscal year 2019/20, representing a two-year CAGR of 9.4%. The global hearing aid market continued its recovery, despite some regional differences and remaining challenges. Organic sales growth reached 24.7%, while the contribution of acquisitions in the reporting period (including the effect of last year's acquisitions) increased sales by 2.6% or CHF 63.3 millions. This includes the recently completed acquisitions of Sennheiser Consumer Division and Alpaca Audiology, which consolidated in the last month of fiscal 2021/22. Exchange rate fluctuations contributed CHF 8.2 million or 0.3% in Swiss francs, resulting in reported sales growth of 27.6%.
The hearing aid segment posted sales of CHF 1,838.4 million, an increase of 25.4% in local currency. Important factors contributing to the positive momentum were the continued strong customer response to the Phonak Paradise platform, which was further expanded, as well as the successful launch of the Unitron BLU platform. Average Selling Prices (ASPs) came under pressure due to further normalization of the channel mix.
Hearing care sales were CHF 1,236.8 million, an increase of 29.1% in local currency. Organic growth reached 23.4% and acquisitions added 5.7%. Complementary acquisition activity accelerated during the year with a focus on the United States, Australia, Germany and France. Momentum in the second half was negatively affected by some capacity constraints related to the rise of the Omicron COVID-19 variant. One highlight was the acquisition of Alpaca Audiology, one of the largest independent audiology care clinic networks in the United States with approximately 220 clinics. With this acquisition, Sonova has doubled its network in the US.
After successfully completing the acquisition of Sennheiser's consumer division on March 1, 2022, the newly established Consumer Hearing business generated sales of CHF 8.8 million in the last month of the 2021/22 fiscal year. The new business provides a strong platform for growth by combining Sennheiser's globally recognized brand, established consumer sales channels and strong sound delivery expertise with Sonova's comprehensive expertise in acoustic performance and miniaturization.
Sales by Company - Hearing Aid Sector
| σε CHF m | 2021/22 | 2020/21 | ||||||||
| discounts | Share | Evolution in local currencies | discounts | Share | ||||||
| Work with acoustic instruments. | 1.838,4 | 60% | 25,4% | 1.463,9 | 61% | |||||
| audiology care business | 1.236,8 | 40% | 29,1% | 953,5 | 39% | |||||
| Consumer Audience Company | 8.8 | <1% | AA | AA | AA | |||||
| All section of acoustic instruments | 3.084,0 | 100% | 27,2% | 2.417,3 | 100% | |||||
Reported EBITA for the hearing aid segment was CHF 782.9 million, an increase of 34.2% in local currencies. Adjusted EBITA increased by 30.2% in local currency to CHF 807.2 million, corresponding to an EBITA margin of 26.2% (2020/21: 25.5%). Exchange rate fluctuations did not have a significant impact on the movement of the margin compared to the previous year.
Cochlear Implant Division - Return to profitable growth
The cochlear implant business generated sales of CHF 279.9 million, an increase of 51.7% in local currency and Swiss francs compared to the previous year. Strong growth was fueled by the success of two recently launched audio processors: Naída™ CI Marvel for adults and Sky CI™ Marvel designed for children. Elective surgeries increased early in the year, but volumes were negatively impacted by stock shortages, as well as rising COVID-19 variant infection rates that led to hospital staff shortages in the second half of the year fiscal 2021/22.
Sales by product groups - Cochlear Implants Department
| σε CHF m | 2021/22 | 2020/21 | ||||||||
| discounts | Share | Evolution in local currencies | discounts | Share | ||||||
| cochlear implant systems | 175,8 | 63% | 35,7% | 129,3 | 70% | |||||
| Updates and Addons | 104.1 | 37% | 88,9% | 55.2 | 30% | |||||
| total cochlear implant institute | 279,9 | 100% | 51,7% | 184,5 | 100% | |||||
Reported EBITA for the cochlear implant segment was CHF 19.7 million. This includes costs related to the aforementioned settlement agreement and patent litigation of CHF 16.0 million. In the prior year, reported EBITA of CHF 82.4 million included restructuring costs of CHF 2.3 million, a one-time income of CHF 124.4 million from the assignment of a patent infringement claim, and a write-down of CHF 25 .3 million capitalized development costs. Supported by strong revenue growth as well as good progress on productivity improvements and efficiency improvement measures, Adjusted EBITA reached CHF 36.8 million (2020/21: Adjusted EBITA loss of 14 .3 million CHF). This resulted in an adjusted EBITA margin of 13.2%, reaching double digits for the first time in the industry's history.
solid cash flow
Cash flow from operating activities was CHF 941.1 million, an increase of 23.1% compared to the previous year. The main driver of the increase was a strong operating result, supported by lower tax payments (temporary effect) and the positive effect of changes in net working capital mainly in terms of accounts payable. Net investment in tangible and intangible assets increased to CHF 104.8 million (2020/21: CHF 86.8 million), reflecting the normalization of capital expenditures after a decline during the height of the pandemic. Operating free cash flow increased by 26.8% to CHF 763.7 million.
With increased M&A activity, including the acquisition of the consumer division of Sennheiser and Alpaca Audiology, the cash consideration for the acquisitions increased significantly to CHF 596.2 million (2020/21: CHF 30.5 million). In summary, this resulted in free cash flow of CHF 167.6 million (2020/21: CHF 571.9 million). The cash outflow from financing activities of CHF 1,392.4 million reflects bond redemptions of CHF 360.0 million, dividend payments of CHF 201.6 million and net share repurchases of CHF 731.6 million, mainly related to the share buyback program.
Good balance sheet: further increase in return on capital
Net working capital decreased to CHF–15.0 million, compared to CHF 29.6 million at the end of the previous year. Collection of accounts receivable continued to be good, while the Group allowed inventory increases related to safety stock to manage supply shortages of microelectronic components. The increase in current assets was more than offset by an increase in accounts payable of CHF 86.0 million and a further increase mainly in VAT and withholding tax (share repurchase program). Mainly due to increased M&A activity, capital employed increased to CHF 3,439.1 million compared to CHF 2,855.7 million at the end of March 2021.
The Group's net position was CHF 2,432.8 million, compared to CHF 2,772.5 million in the previous year. The result was an equity ratio of 43.5%. This is mainly due to the purchase of shares under the share repurchase and dividend payment program. Combined with a larger acquisition, this led to an increase in the net loan position, which reached CHF 1,006.3 million compared to CHF 83.3 million at the end of the previous year. Return on capital employed (ROCE) improved significantly to 24.1% from 22.3% last year.
Outlook for 2022/23
Recent events have made it clear that the attractive fundamentals of the hearing aid market remain intact. Despite supply chain constraints and fluctuations in market recovery rates, healthy demand will continue to support further market recovery unless the geopolitical situation deteriorates further. Sonova's focus on growth, based on innovation, investments in specific markets and ever closer contact with consumers, places it in an excellent position to expand the overall market and increase market share. As a result, Sonova expects consolidated sales to grow 17-21% at constant exchange rates, with further earnings growth.
Reconciliation of Non-GAAP Financial Measures
| April 1 to March 31, millions of CHF | 2021/22 | |||||||||||||||
| Reported earnings statements | acquired. relative depreciation | EBITA Profit and Loss Summary | restructuring costs | tax reforms | Transaction and termination costs | Settlement agreement in principle and patent appeal | Adjusted income statement | |||||||||
| discounts | 3.363,9 | 3.363,9 | 3.363,9 | |||||||||||||
| cost of sales | (903.3) | (903.3) | 3.0 | (900,3) | ||||||||||||
| Gross profit | 2.460,7 | 2.460,7 | 3.0 | 2.463,7 | ||||||||||||
| Investigation and development | (230,5) | 0,6 | (230,0) | 0,6 | (229,4) | |||||||||||
| Sales and Marketing | (1.137,6) | 42.4 | (1.095,3) | 4.8 | 0.4 | (1.090,1) | ||||||||||
| general and administration | (320,9) | (320,9) | 5.1 | 11.7 | 4.4 | (299,8) | ||||||||||
| Other income/(expenses), net | (11.5) | (11.5) | 11.6 | 0,0 | ||||||||||||
| Operating earnings before acquisition-related amortization (EBITA) 1) | 802,9 | 13.5 | 12.0 | 16.0 | 844,4 | |||||||||||
| Acquisition-Related Depreciation | (42,9) | (42,9) | (42,9) | |||||||||||||
| Operating profit (EBIT) 2) | 760,0 | 760,0 | 13.5 | 12.0 | 16.0 | 801,5 | ||||||||||
| Basic earnings per share (CHF) | 10.42 | 10.42 | 0,18 | (0,28) | 0,17 | 0,26 | 10,76 | |||||||||
1) Earnings before financial result, share of profit/(loss) on associates/joint ventures, taxes and amortization related to acquisitions (EBITA).
2) Earnings before financial result, share of profit/(loss) in associates/joint ventures and taxes (EBIT).
| April 1 to March 31, millions of CHF | 2020/21 | |||||||||||||||
| Reported earnings statements | acquired. relative depreciation | EBITA Profit and Loss Summary | restructuring costs | tax reforms | Proceeds of a patent infringement lawsuit | Impairment of capitalized development costs | Adjusted income statement | |||||||||
| discounts | 2.601,9 | 2.601,9 | 2.601,9 | |||||||||||||
| cost of sales | (728,3) | (728,3) | 6.6 | (721,7) | ||||||||||||
| Gross profit | 1.873,5 | 1.873,5 | 6.6 | 1.880,2 | ||||||||||||
| Investigation and development | (204,8) | 0,9 | (203,9) | 0,7 | 25.3 | (177,9) | ||||||||||
| Sales and Marketing | (924.1) | 42,9 | (881.2) | 22.6 | (858,6) | |||||||||||
| general and administration | (250,9) | (250,9) | 8.9 | (242,0) | ||||||||||||
| Other income/(expenses), net | 125,8 | 125,8 | (124,4) | 1.4 | ||||||||||||
| Operating earnings before acquisition-related amortization (EBITA) 1) | 663,3 | 38.8 | (124,4) | 25.3 | 603,0 | |||||||||||
| Acquisition-Related Depreciation | (43,8) | (43,8) | 0,0 | (43,7) | ||||||||||||
| Operating profit (EBIT) 2) | 619,5 | 619,5 | 38,9 | (124,4) | 25.3 | 559,3 | ||||||||||
| Basic earnings per share (CHF) | 9.23 | 9.23 | 0,50 | (0,45) | (1,98) | 0,40 | 7.71 | |||||||||
1) Earnings before financial result, share of profit/(loss) on associates/joint ventures, taxes and amortization related to acquisitions (EBITA).
2) Earnings before financial result, share of profit/(loss) in associates/joint ventures and taxes (EBIT).
Stock Price Performance History1)
| 10 years | 5 years | 3 years | 2 years | 1 year | ||||||
| Share Sonova | 286,4% | 179,0% | 96,8% | 122,2% | 54,8% | |||||
| Swiss Performance Index (SPI) 2) | 171,9% | 61,2% | 38,2% | 37,3% | 10,9% | |||||
| Sonova actions in connection with the SPI | 114,6% | 117,8% | 58,5% | 85,0% | 43,9% |
1) The performance of Sonova and SPI shares refers to the relevant period before the last trading day in the 2021/22 fiscal year.
2) The Swiss Performance Index (SPI) is considered the general stock index of Switzerland. It includes almost all SIX shares traded on the Swiss stock exchange from companies based in Switzerland or the Principality of Liechtenstein.
FAQs
What is sonova annual revenue 2021? ›
In the 2021/22 financial year, Sonova generated sales of CHF 3,363.9 million, up 29.0% in local currencies and 29.3% in Swiss francs.
What is sonova yearly revenue? ›...
Compare SONVY With Other Stocks.
| SONOVA HOLDING Annual Revenue (Millions of US $) | |
|---|---|
| 2022 | $3,663 |
| 2021 | $2,822 |
| 2020 | $2,958 |
| 2019 | $2,790 |
Sonova Holding AG (Phonak Holding AG before 1 August 2007) is an internationally active Swiss group of companies headquartered in Stäfa that specializes in hearing care (hearing instruments, cochlear implants, wireless communication).
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Who is the CEO of sonova? ›CEO Arnd Kaldowski introduces the key highlights, and shows how customers can enjoy benefits from Sonova's innovation and technology.
Who are Sonova competitors? ›Sonova's competitors and similar companies include Smith & Nephew, Cooper Companies, Stryker, Teleflex, Medline Industries and WS Audiology.
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| TDK Annual Revenue (Millions of US $) | |
|---|---|
| 2022 | $15,591 |
| 2021 | $13,324 |
| 2020 | $12,505 |
| 2019 | $12,449 |
Sonova had the largest share of the global hearing aid market, with 31 percent. The statistic illustrates the percentage of the global hearing aid market, by major companies. The market was valued at a total of 6 billion U.S. dollars.
What is the net worth of Sonova? ›SONOVA HOLDING net worth as of May 19, 2023 is $16.96B.
Who are the biggest hearing aid producers? ›
- Resound.
- Signia / Siemens.
How many manufacturers are there? There are six main hearing aid companies to choose from, often called “The Big Six” by university trained Audiologists. Phonak, Resound, Oticon, Sivantos, Widex and Starkey make up each large umbrella of “The Big Six” manufacturers.
Are Phonak and sonova the same company? ›A House of Brands
Sonova operates through four businesses – Hearing Instruments, Audiological Care, Consumer Hearing and Cochlear Implants – and the core brands Phonak, Unitron, AudioNova, Sennheiser (under license) and Advanced Bionics as well as recognized regional brands.
This statistic displays the distribution of hearing aid styles by the overall U.S. market share in 2021. In this year, RICs (receiver-in-the-canal) type hearing aids accounted for 81 percent of the market in the United States.
Who is Phonak owned by? ›Sonova, the parent company of Phonak, is one of the top five largest global providers of hearing aids.
Who owns sonova group? ›| 20221) | 20212) | |
|---|---|---|
| Beda Diethelm3) | 6,712,878 | 10.42 |
| Family of Hans-Ueli Rihs3)4) | 3,683,648 | 5.73 |
| BlackRock, Inc. | 3,334,293 | 5.10 |
| The Capital Group Companies, Inc. 5) |
Phonak's legacy for innovation has won the company several awards. In 2021, Phonak won the Red Dot Design Award “Best of the Best” for its Virto Marvel Black model, an in-the-ear (ITE) hearing aid designed to look more like modern in-ear headphones than hearing aid devices.
Why did Sennheiser sell to sonova? ›Best Covid-19 Travel Insurance Plans. Sennheiser and Sonova will operate under the Sennheiser brand-umbrella to provide Sennheiser's customers with best-in-class audio solutions. A long-term licensing deal was agreed with Sonova so that the company could use the Sennheiser brand going forward.
How much did sonova pay for Sennheiser? ›Sonova, a hearing solutions provider, has acquired the consumer division of Sennheiser, the audio electronics company, in a $241M cash deal.
How lucrative is the hearing aid business? ›
2. Gross margin percentage of net hearing aid revenue. The percentage of profit your business makes on the sale of a hearing aid should be around 65%. That margin allows your business to operate at a profit even after expenses like payroll, rent, and supplies.
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Does Philips own Oticon? ›Demant - Maker of Oticon, Philips and Sonic. Demant is the only company globally that covers all areas of hearing healthcare, from hearing devices and hearing implants to diagnostic equipment and professional hearing care. Demant's top brands include Oticon, Philips, and Sonic.
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What is the revenue of 3M group? ›...
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| 3M Annual Revenue (Millions of US $) | |
|---|---|
| 2021 | $35,355 |
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| 2019 | $32,136 |
| 2018 | $32,765 |
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Does Shark own Ninja? ›Yes. SharkNinja is a company that owns both the Shark and Ninja brands, so they are all the same organisation. Shark is the home cleaning product brand, while Ninja is a brand for home appliances.
What is Miracle Ear annual revenue? ›Miracle-Ear revenue is $480.0M annually. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Miracle-Ear has 800 employees, and the revenue per employee ratio is $600,000. Miracle-Ear peak revenue was $480.0M in 2022.
Who are the shareholders of WS Audiology? ›WS Audiology is privately owned by the Tøpholm and Westermann families, as well as funds under the management of EQT.