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BUZZ-Cochlear logs worst day in nearly 6 years on flagging FY earnings at lower end of outlook

Reuters
Feb 13
BUZZ-Cochlear logs worst day in nearly 6 years on flagging FY earnings at lower end of outlook

** Hearing implant maker Cochlear COH.AX tumbles as much as 16.26% to A$205.710, posting their biggest intraday pct loss since March 16, 2020

** COH slips to its lowest in nearly 3 years and is set for its third consecutive session of losses

** Stock is one of the biggest drags on the benchmark ASX200 .AXJO and the leading pull on the healthcare subindex .AXHJ, down 0.7% and 1.8%, respectively

** Co projected FY underlying net profit at the lower end of its forecast range of A$435 million ($308.33 million) to A$460 million, citing delays in the contracting process for its Nexa Implant system

** HY underlying earnings also slipped 9% to A$194.8 million, missing the Visible Alpha consensus of A$202 million

** COH is down 18.2% YTD, deeper than AXHJ's 10.8% retreat, with both trailing AXJO's modest ~3% gain

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))

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