Statement on verdict regarding Advanced Bionics

(PresseBox) ( Staefa, )
Sonova Holding AG, the world's leading provider of hearing solutions, acknowledges today the verdict of the Kentucky Western District Court. The case was brought by a patient whose cochlear implant malfunctioned as a result of moisture ingress. The device in question was part of a voluntary recall issued by Advanced Bionics in March 2006. A jury yesterday awarded the plaintiff damages totaling USD 7.25 million. Sonova will carefully review the verdict and considers an appeal.

In light of the verdict, Sonova will reassess its provisions for claims of this category which can affect the financial year 2012/13 results due to be reported in May. The financial impact of such reassessment has not been included in the current guidance for financial year 2012/13.

In 2006, Advanced Bionics identified an issue related to the feedthrough assembly provided by one (commonly referred to as Vendor B) of two approved vendors, affecting some, but not all HiRes 90K devices manufactured prior to March 2006. The company promptly initiated a voluntary recall of all unimplanted devices that contained the Vendor B feedthrough component and immediately ceased the use of feedthroughs from Vendor B.

The recall was already resolved prior to the acquisition of Advanced Bionics by Sonova in 2009. The HiRes 90K implant manufactured today is the most reliable device ever manufactured by Advanced Bionics leading the industry with a 99.8%[1] reliability rate. Advanced Bionics is a global leader in cochlear implants firmly committed to the continuous improvement of the quality of its products and the reliability of its implants.

[1]Advanced Bionics Reliability Update 2012.

Disclaimer

This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside Sonova’s control. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sonova undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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