Cochlear is one market reference point, but there are many...

Cochlear is one market reference point, but there are many others tech stocks like Amazon, Google etc that are valued very differently.
The marginal cost of RAP to supply service to each user is marginal, so virtually every $ earned is virtually all profit.
Rap in the immediate future has very high barriers to entry for a competitor, nobody has data, partners and near term FDA approvals. Miles ahead of any competition, so Rap will have major upside priced in relative to Cochlear, who have the Chinese copying their product