Cochlear (ASX:COH) posts profit of $289 million but highlights hospital wait times

On Friday, Cochlear reported record sales of $1.64 billion for 2022, up 10 percent year-on-year amid strong demand for hearing implants and sound processors.

Total sales of implants increased by 5 percent over the year. Howitt said the company expects underlying earnings to rise 5 to 10 percent in 2023, with hopes of cashing in between $290 million and $305 million.

The second half of next year is expected to boost those gains, but given the restrictions on “intermittent COVID-related hospital or region-specific elective surgeries” are still expected in the next six months.

The company also unveiled an emissions reduction plan on Friday that aims to achieve net-zero carbon emissions by 2030 across its operations and across its entire value chain by 2050.

Investors will see a final dividend of $1.45, up 4 percent year-over-year, and a total payout of $3.00 per share for the full year.

RBC Capital has a price target of $154 for the stock, well below the share price it was trading at on Friday.

Analyst Craig Wong-Pan said revenue came in ahead of guidance, “however, earnings at an EBITDA, EBIT and NPAT level were slightly below RBC and consensus expectations at 2-3%.”

Cochlear shares rose over 4 percent during Friday’s session before closing 2.2 percent higher at $218.86.

The Market Recap Newsletter is a summary of the trading day. Get it every afternoon on weekdays.

https://www.smh.com.au/business/companies/investing-in-workers-critical-to-solving-healthcare-squeeze-says-cochlear-boss-20220819-p5bb59.html?ref=rss&utm_medium=rss&utm_source=rss_business Cochlear (ASX:COH) posts profit of $289 million but highlights hospital wait times

Brian Lowry

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