Australia’s Cochlear (ASX:COH) shares rose by a substantial 7.9%, an intraday gain not seen since last February.

This increase boosted the firm’s stock to its highest since June 2.

Cochlear, a notable manufacturer of hearing devices, reported a full-year net profit of A$300.6 million, showing a growth of 4%.

The firm also revealed 19% uptick in their fiscal year sales, amounting to A$1,955.7 million.

Cochlear predicts an elevated net profit in FY24, ranging from A$355 million to A$375 million, which surpasses this year’s current total.

The company attributes it to solid market growth rates, which is emboldening high single-digit increases in Cochlear implant unit sales for FY24.

As last reported, the stock has seen a 14.3% expansion this year.

Cochlear is an Australian company known for producing medical devices that aid people with hearing difficulties.