Soft 1H for Cochlear but Maintaining our AUD 180 FVE
The market didn’t like wide-moat-rated Cochlear’s first-half fiscal 2019 net profit, sending the shares down 8% on the day. We think it was a case of reality not meeting lofty market expectations for the six months just gone. Net profit after tax grew a seemingly impressive 14% to AUD 128 million versus a year ago. However, the result flattered to deceive. It benefited from a lower U.S. tax rate and favourable currency movements. At the pretax line, profit was up a still impressive 10%, but the ...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.
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