Sonova Holding AG said fiscal-year 2019 earnings rose 11.7% year over year and set its outlook for the full fiscal year ending March 31, 2020.

The Swiss hearing-aid manufacturer reported an annual increase in adjusted basic EPS to CHF7.11, missing the S&P Global Market Intelligence consensus normalized EPS estimate of CHF7.36. Adjusted basic EPS in fiscal year 2018 was CHF6.36.

Adjusted EBITA for the fiscal year ending March 31 amounted to CHF 594.0 million, up 7.7% from CHF551.6 million a year earlier.

The company booked adjusted gross profit of CHF1.98 billion for fiscal year 2019, up 5.7% from the year-ago CHF1.87 billion.

Group sales reached CHF2.76 billion, a 4.4% year-over-year increase from CHF2.65 billion.

The hearing instruments segment recorded a 4.2% year-over-year growth in sales to CHF2.52 billion, while the cochlear implants segment saw a 7.0% rise in sales to CHF238.4 million.

Research and development costs totaled CHF148.4 million, compared to CHF142.9 million in fiscal year 2018.

Stäfa, Switzerland-based Sonova said it anticipates consolidated sales to increase by 6% to 8%, and adjusted EBITA to grow between 9% and 13% in the fiscal year ending March 31, 2020, both measured in local currency terms.