Bionic ear maker Cochlear has had $370 million wiped from its market value after disappointing investors with a $146 million annual profit.
Cochlear shares tumbled seven per cent after the company missed market expectations with a 56 per cent rise in net profit and a 15 per cent revenue lift for 2014/15.
The global company's forecast of a rise in profit to between $165 million and $175 million in 2015/16 also failed to impress.
CMC Markets chief market strategist Michael McCarthy said investors had expected more.
"I'd suggest it's a miss, a substantial miss," he said.
While Cochlear booked earnings per share of $2.56, the consensus estimate was around $2.75.
Chief executive Chris Roberts acknowledged the company's 2015/16 guidance was below market expectations.
"We saw for fiscal 2016, the analysts' (forecasts) were pretty high," he told reporters.
He also said market expectations for Cochlear's 2015 profit varied by about $50 million, with one analyst at the top of the range also recommending investors sell the stock.
"If someone's got the highest net profit and they have a `sell' on you, how intellectually honest is that," Dr Roberts asked.
He said Cochlear had a successful year as it continued to roll out new products and expand in different markets, including online.
Customer reaction to its products - including the wireless devices it started rolling out in February - had been very positive, he said.
The rollout and upgrades to other products were still in early days and would help drive sales in 2016.
The new wireless devices allow people with hearing difficulty to stream a high-quality digital sound from a phone, bluetooth device, mini-microphone or television directly to a sound processor.
"This is truly a game changer in terms of the ease of use and the quality of sound for very, very difficult listening environments," Dr Roberts said.
The company sold a record 26,838 cochlear implant units in 2014/15 - up three per cent on the previous year.
But stronger growth in Cochlear implants in North America and Europe was offset by weaker tender sales in the Middle East.
Dr Roberts said implant sales were volatile, with the second half up 30 per cent on the first.
COCHLEAR MISSES THE MARK
* Net profit up 56pct to $145.8m
* Total revenue, up 15pct to $925.6m
* Final fully franked dividend down 27 cents to $1 a share
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