Cochlear (ASX:COH) net profit increase of 23%

Company News

by Rachael Jones

Hearing implant manufacturer Cochlear's (ASX:COH) reported net profit increased by 23 per cent to $157.7 million and includes $25.0 million in non-cash after-tax gains from the revaluation of innovation fund investments.

Reported sales revenue up 9 per cent to $777.6 million from the same corresponding period.

For FY20, Cochlear expects to deliver underlying net profit of $270-290 million, that’s a 2-9 per cent increase on underlying net profit for FY19.

The guidance outlook was reduced from $290-300 million on 11 February due to an expected impact from coronavirus.

Interim dividend to increase 3 per cent to $1.60 per share.

Shares in Cochlear's (ASX:COH) are trading 1.68 per cent lower at $230.62.