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COH $157.50

good result still going dowm

  1. milesg

    11,223 posts.
    COH reported good 1/2 results today but it has not helped the share price any - currently down $1 or 2.8%

    Has now been falling for nearly a week.

    Sydney - Tuesday - February 18: (RWE) - Cochlear Ltd reports
    net profit rose 57 per cent to $27 million for the half-year to December
    31 from $17.2 million in the first half of last year.
    Revenue was up 22 per cent to $146.63 million.
    System sales rose 22 per cent to 4412, with global market share
    improved to between 65 per cent and 70 per cent from 60pc to 65pc last
    year.
    Chief executive Mr Jack O'Mahony said: "These results confirm
    our long-term average growth targets of 20 per cent growth in systems
    sales.
    "The growth was in line with internal targets in all regions,"
    Mr O'Mahony said.
    Interim dividend was 33c, fully franked, up from 21c, payable on
    March 19 to shareholders registered February 28.
    Cochlear noted that during the half, its major competitor
    withdrew its product from the market following safety concerns, but this
    product has since been returned to market.
    The consequences of the competitor's withdrawal was the increase
    in Cochlear's market share, but also that some adults delayed their
    decision to implant.
    However, Cochlear said it believed these were only short-term
    market shifts and that the underlying growth trend remained at the 20
    per cent level.
    Expenditure on marketing, distribution and clinical support
    costs increased by $12 million.
    Sales revenue from the Americas rose 39 per cent to $78.4
    million while European sales rose 7 per cent to $42.1 million.
    Sales in the Asia Pacific were up 6 per cent to $25.7 million.
    Directors said they were on track for Cochlear's earlier
    guidance that the full-year net profit would be about 40 per cent ahead
    of the previous year.
    Also, Cochlear anticipates that it will be able to retain most
    of the market share gains that have been made in the first half.
    Shares in Cochlear were down 75c to $35.06 this morning.
    ENDS

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