Cochlear, the leading hearing-implant manufacturer, has announced a better-than-expected sales performance for its 2024 fiscal year. As a result, the company's shares experienced a significant jump in early trading on Thursday.
Impressive Sales Results
Cochlear projects a full-year underlying net profit of between A$385 million and A$400 million, surpassing the previously estimated range of A$355 million to A$375 million in August. This optimistic outlook has boosted investor confidence, leading to a surge in stock prices.
Positive First-Half Revenue Growth
The company's first-half revenue reached A$1.11 billion, marking a 25% increase compared to the previous year. This exceeded market expectations by approximately 3%, according to Citi analyst Mathieu Chevrier.
Promising Outlook
Citi analysts predict that Cochlear will continue to experience solid unit growth, estimating a growth rate of 10% to 15% for the full year. They anticipate a first-half underlying net profit of A$192 million when Cochlear reports audited results for the six months through December on February 19. This figure represents an impressive 36% rise from the prior first half.
Cochlear's strong sales performance is indicative of its ongoing success in the hearing-implant market.
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