Cochlear Limited Financial Results FY24

Cochlear Limited (ASX: $COH) has reported a 15% increase in sales revenue to $2.26 billion for the year ended June 2024. The company's underlying net profit has surged by 27% to $387 million, with a 24% increase in full-year dividends to $4.10 per share. Cochlear's strong balance sheet and cash flow generation support the positive financial performance.

Executive Commentary on FY24 Performance

In FY24, Cochlear helped over 47,000 people hear with its cochlear or acoustic implants, estimating a net societal benefit of more than $8 billion over the recipients' lifetime. The company experienced growth across all business units, with sales revenue increasing 15% to $2.26 billion and statutory net profit rising by 19%. We are pleased to announce a 24% increase in full-year dividends to $4.10 per share, reflecting our confidence in the company's performance and outlook for the future. Looking ahead, we aim to achieve an underlying net profit of $410-430 million in FY25, representing a 6-11% increase on FY24.

FY24 Highlights and Outlook

In FY24, Cochlear's sales revenue and underlying net profit witnessed significant growth, driven by strong performance across all business units. The company's strategic focus on retaining market leadership and growing the hearing implant market has yielded positive results, with over 47,000 people benefitting from Cochlear's implants. Additionally, Cochlear's investment in R&D and market growth activities, including the launch of the 3 Tesla MRI compatible Cochlear™ Osia Implant, demonstrates its commitment to innovation. The company's outlook for FY25 remains optimistic, targeting sales revenue growth of around 10% and an underlying net profit of $410-430 million. Cochlear's continued investment in R&D and market growth activities reflects its confidence in sustaining long-term market growth and creating value for stakeholders.