Cochlear guidance disappoints

At its recent AGM, Cochlear provided guidance for a 2014 net profit roughly in line with 2013 'with a heavy bias to the second half', blaming the sharp reduction in currency hedging revenues combined with its decision to maintain expenditure on growth initiatives, particularly research and development. We’re pleased to see it keeping up R&D spend, but the guidance itself is disappointing. However, it needs to be remembered that 2013 had the benefit of $38m of foreign exchange gains whereas, at current rates, 2014 would see foreign exchange losses of $5-10m. So growth in operational revenues is expected to...

At its recent AGM, Cochlear provided guidance for a 2014 net profit roughly in line with 2013 'with a heavy bias to the second half', blaming the sharp reduction in currency hedging revenues combined with its decision to maintain expenditure on growth initiatives, particularly research and development.

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