Cochlear Ltd

COH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$969.00	Dtg	Vydyxdwzl

Cochlear Earnings: Shares Remain Overvalued, With Earnings Growth Poised to Decelerate

Shane Ponraj

Aug 15, 2024

Wide-moat Cochlear reported fiscal 2024 sales of AUD 2.3 billion and underlying net profit after tax, or NPAT, of AUD 387 million, up 12% and 15% in constant currency, respectively, 2% below our expectations on average. While implant units sold in developed markets grew strongly on increasing adult referral rates, units sold in emerging markets declined in the second half. This was largely due to the 2024 elections in India affecting the timing of tenders. In addition, second-half services revenue moderated more than we expected, down 5% in constant currency.

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