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Cochlear flags annual earnings at lower end of outlook, shares tank 16%

Reuters
Feb 13
Cochlear flags annual earnings at lower end of outlook, shares tank 16%

Feb 13 (Reuters) - Australia's Cochlear COH.AX guided full-year earnings towards the lower end of its forecast range after reporting weaker-than-expected first-half earnings on Friday, sending its shares crashing 16% in early trading.

The hearing implants maker projected full-year 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.

Its first-half underlying earnings slipped 9% to A$194.8 million, missing the Visible Alpha consensus of A$202 million.

Cochlear shares, one of the most expensive stocks in Australia, tumbled 16.3% in early trading to A$205.710, their lowest since late January 2023.

($1 = 1.4108 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru; Editing by Alan Barona)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))

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