Cochlear's profit dented by US tax charges but Apple's implant project is steaming ahead
Whilst shareholders will receive a higher interim dividend following the half year, Cochlear's (ASX: COH) first-half profit has taken a dip.
The hearing implant developer has maintained its full-year guidance despite its profits taking a dive because of the timing of a large Chinese tender and US tax charges.
Chcolear's net profit for the six months to December 31 fell one per cent from a year earlier to $110.8 million, partly due to a $5.5 million hit from a revaluation of deferred tax assets.
The company says the full-year impact of tax charges in the US will be reduced by a lower corporate tax rate.
Chief executive of Cochlear Dig Howitt says the company's position in the market is strong, mainly because of the launch of its iPhone compatible implant.
"Cochlear's market leadership position has strengthened with new products broadening the portfolio and driving share gains," says Howitt.
The company's market share grew with the launch of the Nucleus 7 sound processor in the US, Western Europe, and Australia.
The Nucleus 7 is the world's first sound processor that streams sound directly from Apple products, enabling people with hearing loss to make phone calls, FaceTime calls, and listen to music in high quality stereo sound. Read more
David Simmons - Business News Australia - 13 Feb 2018