Cochlear Ltd Boost from portfolio expansion with market-leading products

Boost from portfolio expansion with market-leading products: Cochlear Ltd (ASX: COH) reported for a positive momentum across all markets resulting in first half (HY17) net profit of $111.4m, which is a growth of 19% over prior corresponding period. Cochlear implant units have been up to 16,234 with around 10% growth across both developed and emerging markets. Basic earnings per share of $1.94 per share have been up 18% and interim dividend was raised up to $1.30 per share, fully franked. New product launches, continued investment in market growth initiatives and R&D activities have supported the group’s market leadership position. COH has maintained the FY17 net profit guidance at $210-225m, which is up around 10-20% on FY16. The balance sheet position has been strong and the group aims to target a dividend payout ratio of around 70% of net profit. However, Cochlear warned that Chinese Central Government tender units are expected to be below FY16 levels with the next tender expected during the third quarter, and the group also expects $1.5 million full year net profit impact from the reduction in R&D tax concession rate from 40% to 38.5% as announced by the Australian Federal Government last year. The stock price slipped 3.6% on February 14, 2017.

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