Cochlear (ASX:COH) achieved record sales revenue of $1,493 million for the period ending 30 Jun 2021 (FY21), up 10 per cent from the prior year, driven by a combination of market share gains, market growth and rescheduled surgeries from Covid-19 shutdowns.
The medical device company manufacturers and supplies nucleus cochlear implants, for the ear. Cochlear implant units increased 15 per cent from the prior year to 36,456.
Unlike hospitals and clinics, Cochlear experienced variability in surgery rates across countries during the pandemic, as infection waves continued. Underlying net profit increased by 54 per cent from the prior year to $237.
Full year dividend of $2.55 per share was recorded, an increase of 59 per cent, representing a payout of 71 per cent of underlying net profit.
FY22 net profit guidance of $265-285 million, a 12-20 per cent increase from FY21, includes factors in market growth, a continuing recovery in surgery rates, investment in market growth activities with some near-term Covid-19 impact.
Shares in Cochlear (ASX:COH) are trading 7.26 per cent lower $237.50.
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