Cochlear (ASX:COH) reduces earnings guidance for FY20

Company News

by Rachael Jones

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Last Updated: 24/02/2020 3:58 PM

Medical device company Cochlear (ASX:COH) is reducing the guidance outlook for FY20 from $290-300 million to $270-290 million.

This is due to an expected impact from the novel coronavirus in Greater China.

Hospitals across Greater China, which includes Hong Kong and Taiwan, are currently deferring surgeries, including cochlear implants, to limit the risk of infection from the coronavirus.

Cochlear’s CEO & President, Dig Howitt says “while we cannot predict how long surgeries will be delayed, the low end of guidance factors in a significant decline in sales for Greater China for the second half”.

Shares in Cochlear (ASX:COH) are trading 4.99 per cent lower at $232.54.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.