Cochlear(ASX:COH) records $289m profit but highlights hospital wait times

On Friday, Cochlear reported record sales of $1.64 billion for 2022. This is up 10% from last year amid strong demand for hearing implants and sound processors.

Overall implant sales for the year were up 5%. Howitt said the company expects underlying earnings to grow by 5% to 10% in 2023, and expects bank transactions of $290 million to $305 million.

The second half of next year is expected to boost those gains, given restrictions on “intermittent COVID-related hospital or region-specific elective surgeries” are still expected over the next six months.

The business on Friday announced an emissions reduction plan targeting net zero carbon emissions across its operations by 2030 and across its value chain by 2050.

Investors will see a final dividend of $1.45, up 4% from last year, bringing the total dividend for the full year to $3.00 per share.

RBC Capital has a price target of $154, well below the price trading on Friday.

Analyst Craig Wong-Pan said top-line earnings had beaten expectations, “but earnings at the EBITDA, EBIT and NPAT levels fell short of both RBC and consensus expectations. It was a small error of % to 3%.”

Cochlear’s stock jumped a whopping 4.4% during Friday’s session and rose 2.2% to $218.98 just before 3pm.

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