Cochlear (ASX:COH) reduces earnings guidance for FY20

Company News

by Rachael Jones

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.