Seems the market demanded more from Cochlear and has marked it down 10% so far today, based on the financial info below that was released overnight.
As a long term holder (probably forever... I've had them since they were a $20 trade) IRL portfolio, I would expect them to bounce back in the short term.
Just amazing how the market thinks the company is worth 10% less today versus yesterday........ but that's the market madness doing its thing I guess ????
ASX Announcement
15 August 2024
Cochlear Limited Financial Results
For the year ended June 2024
In FY24, we helped over 47,000 people hear with one – or two – of our cochlear or acoustic implants, providing an estimated net societal benefit of more than $8 billion over the lifetime of the recipients from improved health outcomes, educational cost savings and productivity gains.1
Sales revenue increased 15% (12% in constant currency*) to $2,258 million, with growth across all business units. Cochlear implant units increased 9% with strong growth across the developed markets driven by the adults and seniors segment. Services revenue increased 15% (12% in CC) driven by strong upgrade demand for the Cochlear™ Nucleus® 8 Sound Processor.
- Sales revenue increased 15% (12% in CC) to $2,258m
- Statutory net profit increased 19% (8% in CC) to $357m
- Underlying net profit** increased 27% (15% in CC) to $387m
- Underlying net profit margin was 17% (18% pre cloud investment)
- One-off and non-recurring items after-tax of $30m primarily relate to restructuring costs for acquired Oticon Medical cochlear implant business
- Strong balance sheet and cash flow generation supports the 24% increase in full year dividends to $4.10 per share, a payout of 69% of underlying net profit
- FY25 underlying net profit guidance range is $410-430 million, a 6-11% increase on FY24
