Operator

Thank you for standing by, and welcome to the Cochlear Investor Call. [Operator Instructions]

I would now like to hand the conference over to Mr. Dig Howitt, CEO and President. Please go ahead.

Dig Howitt
CEO, MD, President & Executive Director

Thanks, everyone, for joining on short notice this morning. As I said, we're going to make a few comments to open. What I'd like to do is talk through what are the issues that are impacting the business that have led to a lower sales and lower profit. What are the short-term implications of them for the P&L? And then I think perhaps most importantly, what are the implications for our longer-term strategy and how we implement strategy. So I want to make some comments on each of those, and then we'll open up for questions.

So starting off just with sort of what's happened more recently and what do we see that might be sitting behind that. And I'll start -- talk through each of the segments. I'm going to talk with developed market cochlear implants first and spend most of my time on that