Cochlear

Cochlear has warned that net underlying profit, before recall costs, will fall about 15% to $130m-$135m in the year to June. The result implies the company will make only $55m in the current half, compared to $78m in both the previous two halves, before product recall costs. You have to go back to 2007 to find a half where it made less. It looks like the concerns we voiced at the time of the interim result, on 6 Feb 13 (Hold – $70.00) have manifested themselves, with the company losing market share in the US. There was, however, some...

Cochlear has warned that net underlying profit, before recall costs, will fall about 15% to $130m-$135m in the year to June. The result implies the company will make only $55m in the current half, compared to $78m in both the previous two halves, before product recall costs. You have to go back to 2007 to find a half where it made less.

It looks like the concerns we voiced at the time of the interim result, on 6 Feb 13 (Hold – $70.00) have manifested themselves, with the company losing market share in the US.

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