ACCELERATED take-up of Cochlear's next-generation bionic-ear implants in the second half is expected to supercharge earnings for the healthcare company, generating full-year profit growth of 15 per cent for the 2009-10 financial year.

Chief executive Chris Roberts said patient and doctor response to its Nucleus 5 implant continued to be overwhelmingly positive and the new technology would form the bulk of the company's sales over the next six months.

Unveiling the company's first-half earnings yesterday, Dr Roberts did not rule out a bid for the hearing-aid division of German conglomerate Siemens, preferring not to comment on media speculation that a bid was imminent, but indicated he did not believe Cochlear's future earnings would be driven by acquisitions.

''More companies die from indigestion than starvation,'' he said. ''I've never been a huge one to go out and buy. Cochlear's growth is not growth by acquisition.''

Underlining this conviction was a decision to direct Cochlear's bulging cash flow back to shareholders rather than towards a war chest, with the interim dividend pumped up 19 per cent to 95¢ a share.

The interim dividend will be paid to investors on March 16.

Cochlear posted an interim net profit of $75.2 million, up 8 per cent, with earnings per share of $1.34 up 7 per cent for the period.

The result was based on total revenue of $347.6 million, down 2 per cent, although sales were 4 per cent stronger in constant-currency terms (using the same exchange rate recorded in the first half of 2008-09).

Full-year profit guidance of a 15 per cent rise to about $150 million was slightly ahead of expectations, which had suggested a profit of closer to $147 million.

Dr Roberts said cochlear implant system sales and accessories, including sound-processor upgrades, were $290.5 million for the half, down 3 per cent, while cochlear implant unit sales increased 7 per cent to 9811 units.

Installed base sales (sound-processor upgrades) fell 29 per cent due to the Nucleus 5 launch, which relied on complete system sales, not upgrades.

Dr Roberts said Nucleus 5 sales in the first half were small but would rise to form the majority of implant sales for the remainder of the year. ''Customer feedback from the new systems is extremely positive and improved clinical performance demonstrated,'' he said.

''Importantly, these launches provide momentum going into the second half.''

Shares in Cochlear closed $2.16, or 3.5 per cent, higher at $63.55 after sales, up to $64.20 early in the session.