The cover comb is a discrete, relatively simple technology which generates financial advantages to farmers by reducing sheep losses, particularly for late winter-spring shearings, and possibly by conserving pasture when feed reserves are low. The development, research evaluation, and extension of the cover comb have been reasonably well documented, and this enabled a spreadsheet cost-benefit model to be constructed to evaluate the return on investment in research, development, and extension associated with the cover comb. The model developed for the analysis comprised components for research and extension costs, the change in use of the cover comb by sheep class and region through time, and the benefits that accrued from alternative on-farm applications of the cover comb. Sensitivity analyses were conducted for increases of 9.5% and 12.9% of all adult sheep in New Zealand being shorn by cover comb between 1989 and 2000, reductions in sheep losses of 0.5% and 1%, and discount rates of 5% and 10%. The internal rates of return ranged from 485% to 1330%, and the net present values from $12.30 million to $49.22 million. The cover comb succeeded because it is a simple, easily adopted, risk-reducing technology that is applicable to a large animal population. This case study illustrates that investment in on-farm research can be highly profitable.