Report
Chris Kallos

Cochlear is a global leader in the design and production of hearing implants.

Wide-moat Cochlear’s first-half fiscal 2018 results were mixed showing strong sales growth in the developed markets, namely the Americas, and to a lesser extent in Western Europe. Unfortunately, this was offset by weakness in emerging markets where the company lost ground in government tenders to competitors on the basis of price, most notably in China. Cochlear implant units totaled 15,972, down 2%, and up 5% excluding Chinese government tender units, on the previous corresponding period, or pc...
Underlying
Cochlear Limited

Cochlear is a for-profit entity and operates in the implantable hearing device industry. Co.'s implant systems comprise an implant which is inserted during surgery and an external sound processor. As of June 30 2016, Co. sold in over 100 countries and had a direct presence in approximately 20 countries and used distributors and agents in other areas. Manufacturing for the cochlear implant product range is based in Australia. The bone conduction implant product range is manufactured in Sweden. Co.'s supply chain operates with product being distributed from its manufacturing sites in Australia and Sweden to its regional distribution centres in the U.S., the U.K. and Panama.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos

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