Australia's Cochlear set for best day since mid-Aug on FY24 profit upgrade

Cochlear

07/02/2024 23:38

** Cochlear's  COH.AX  shares advance as much as 6.7% to
A$311.29, set for best day since Aug. 15, 2023 - if gains hold 
    ** The medical device firm upgrades its FY24 underlying net
profit to be between A$385 million ($251.14 million) and A$400
million, a 26%-31% increase from FY23 and 8% above previous
forecast mid-point of A$355 mln to A$375 mln  
    ** Forecast of A$385 mln - A$400 mln is 7% above Visible
Alpha consensus of A$367 mln, according to Citi 
    ** Co records H1 sales revenue of A$1.11 bln, with an
underlying net profit of A$192 mln 
    ** Shares have fallen 2.3% this year, as of last close

($1 = 1.5330 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))