Cochlear (COH) – Delivered a NPAT of $110.8m which was lower than an expected $118m. The result included a $5.5m one-off non-cash expense due to changes in US tax legislation. Despite the miss, the company continues to post solid cash flow generation and an increase in its interim dividend. Revenue rose 7% to $649.6m as strong momentum across developed markets continues. The company is in a strong financial position. The miss was all due to the US company tax cut. Had it not have been for this, COH’s result would have been up 1% at constant currencies, and 5% higher. To add to it, COH also reaffirmed FY profit guidance of $240m-$250m an increase of 7%-12% driven by sales of its new iPhone compatible sound processor, the Nucleus 7. It’s hard to fault this set of…

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