Cochlear upgrades earnings guidance on better than expected implant revenue

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Cochlear (ASX:COH) has upgraded its earnings guidance following better-than-expected growth in implant revenue for the half year ended December 2023.

The company said that as a result, underlying net profit for the financial year 2024 is expected to be in the range of $385 million to $400 million, a 26 to 31 per cent increase on the previous year

The upgrade is 8 per cent above the midpoint of the prior guidance of the $355 million to $375 million advised in August 2023.

First-half sales revenue increased 25 per cent to $1.113 billion with an underlying net profit of $192 million.

Cochlear CEO and president Dig Howitt said, “Cochlear implant trading conditions have been strong across the first half, with units growing 14 per cent. We have maintained the market share gains made in FY23 and market growth has continued to be robust across both developed and emerging markets, as well as all age segments – children, adults and seniors.

"The key change to our expectations is that we now expect to achieve 10-15 per cent growth in our cochlear implant units for FY24 compared to the high single-digit growth expected in August.”