REPORTING SEASON: Cochlear (COH)
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Cochlear Limited (COH) has swung from a $20.4M loss to a $77.7M profit for the six months to December 31, 2012 thanks to record sales of its hearing implants.
The result shows COH has managed to rebound from a product recall which hurt its bottom line in FY12 however the profit was below expectations of a result between $79-81M.
The total number of implant sales was up 27% in 1H to a record 13,672 units, which was above expectations. However in constant currency terms sales were up only 9%, continuing to show the high Aussie dollar is impacting its business.
Revenue rose by just 1% to a record $391.7M, with CEO Dr Chris Roberts calling the result “pleasing”. COH failed to mention any new product launches which has disappointed the market, while its cash flow looks weak.
COH shares fell by more than 6% during trade today in response to the result.
Shareholders will receive an interim dividend of $1.25 per share, franked at 40%, which is a rise of 4% on 1H12’s dividend.