Australia's Cochlear enters recruiting phase for implant trial, Citi says

Cochlear

06/04/2026 20:59

** Citi says Cochlear's COH.AX pivotal trial for totally implantable cochlear implant (TICI), moved into recruiting status, with center in Colorado coming online and others in the US in preparation

** Estimated primary completion for trial remains October 2027, participants will be adults, Citi says

** Citi says the development matters since part of a negative thesis on the stock is emergence of a competitive totally cochlear implant field without a clear view that COH will win

** "Longer term, for us to be more positive we need comfort around goal c.18% NPAT margins given the adult population", Citi says

** Citi views the adult population, from where growth must come, as more challenging due to higher effort required to bring patients into care and lower returns from fewer lifetime processor replacements

** Seven of 15 analysts rate COH "buy" or higher, seven "hold" and one "sell"; median PT is A$245.75 – LSEG data

** YTD, COH down 33.9% as of last close

 (Reporting by Sherin Sunny in Bengaluru)

 ((Sherin.Sunny@thomsonreuters.com))