Advanced Bionics recalled its cochlear hearing-aid implants.
The subsidiary of Staefa, Switzerland-based Sonova Holding AG (SIX:SOON) received reports that is HiRes 90K cochlear implant device had malfunctioned eight to 10 days after it was activated. Two patients suffered from pain and loud noise, according to the company.
Advanced Bionics notified the Food & Drug Administration of the problem and its working with the agency to rectify it.
The company has an 18 percent share of the $750 million to 800 million annual cochlear implant market. Australia-based Cochlear Ltd. (ASX:COH) leads the segment, with almost 70 percent of the market, according to Reuters.
COH shares closed up $1.92 AUD at $74.88, or 2.6 percent, on the Australia Securities Exchange. Sonova’s stock closed at CHF 124.40, down 9.30, or just under 7 percent.
A year ago, Valencia, Calif.-based Advanced Bionics, which Boston Scientific Corp. (NYSE:BSX) bought in 2004 and sold for a loss three years later, agreed to be acquired once again by Sonova Holding AG. Sonova said it would pay $480 million in cash for AB and its line of hearing implants.