SYDNEY — Cochlear shares jumped in early trade Thursday after the hearing-implant manufacturer said sales had been stronger than anticipated so far in its 2024 fiscal year.
The stock surged as much as 6.7% after the ASX-listed company said that it anticipates full-year underlying net profit of between 385 million Australian dollars (US$251.0 million) and A$400 million, compared with the A$355 million-A$375 million range it flagged in August.
Shares were recently up 4.4% at A$304.75, having been as high as A$311.29.
Cochlear said that first-half revenue was up 25% on year to A$1.11 billion, which Citi analyst Mathieu Chevrier said was about 3% higher than market expectations.
Citi reported 14% growth in units sold and said it expects unit growth of 10%-15% for the full year. It anticipates a first-half underlying net profit of A$192 million when it reports audited results for the six months through December on Feb. 19.
That would represent a 36% rise on A$141.6 million in the prior first half.