Shares in hearing aid specialist Cochlear Limited (ASX: COH) slumped around 5% this morning after the business revealed a bumper profit of $189.9 million on revenues of $1.158 billion for the year ending June 30 2016. The net profit and revenues are up 30% and 23% over the prior corresponding year.

The healthcare giant benefited from the launch of several new market-leading products over the period that saw strong growth across all markets with Cochlear implant unit growth sales up 12% and implant revenues up 21%.

The company also invested heavily in marketing and research over the year as developing market-leading products is crucial in maintaining premium product pricing that helps drive the key earnings margins for medical device businesses like Cochlear or sleep treatment rival ResMed Inc. (CHESS) (ASX: RMD).

Despite today’s share price falls the stock has climbed some 33% in 2016 alone as the falling Australian dollar and a raft of positive analyst ratings and the strong sales growth have seen the stock smash through new record highs.

The company is guiding for a full year profit of $210 million to $225 million for FY17, which would be up around 10-20% on this year’s result, with the guidance assuming an average AUD/USD cross of 75 cents. If the Australian dollar tracks lower over the year ahead (as many expect) Cochlear is likely to beat its own profit forecasts.

It remains one of the best blue-chip businesses on the ASX for long-term investors and any share price weakness amidst a general market selloff for example should be seized upon by investors.

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Motley Fool contributor Tom Richardson owns shares of ResMed Inc.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.