Cochlear Ltd (COH.AX): 4% underlying NPAT beat but flat CI revenue growth for FY26

研报英文原文证据摘录

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17 Aug 2026 18:22:29 ET │ 11 pages

Cochlear Ltd (COH.AX)

4% underlying NPAT beat but flat CI revenue growth for FY26

CITI'S TAKE

COH's FY26 result was a 4% beat to VA consensus at NPAT level with flat

cochlear implant (CI) revenue yoy in constant currency terms and NPAT

margin (as expected) well below the target 18% at 13.7%. CI sales were

+5% for the FY which meant a slow down of in 2H although not as much

as we had expected. Consensus is close to the middle of the FY27

guidance range but slightly above the outlook for CC sales growth. Given

top line drag has so far come from(Western Europe revenue was -8%) we

expect investors to focus on the shape of demand for the next 1-2 years.

Key numbers —

Total revenue (incl hedging): AUD2,348m, flat YoY (+2% CC), in-line with VA

consensus.

Implant sales: AUD1.435m, -2% YoY (flat CC), in-line with VA consensus.

Implant units sold +5% YoY, 3% ahead of VA consensus.

Services sales: AUD635m, +4% YoY (+6% CC), in-line with VA consensus.

Acoustics sales: AUD273m, -1% YoY (+1% CC), 3% below VA consensus.

Gross margin: 70.5%, 320 bps lower YoY, 100 bps below VA consensus.

Underlying NPAT: AUD322m, -22% YoY, 4% ahead of VA consensus.

Sell

Price (17 Aug 26 16:00)

A$131.25

Target price

A$100.00

Expected share price return

-23.8%

Expected dividend yield

3.0%

Expected total return

-20.8%

Market Cap

A$8,584M

US$6,099M

Laura Sutcliffe, Ph.D.AC

Abhishek Jain

FY27 guidance — For FY27 COH expects low single digit CC revenue growth which

is a little ahead of consensus (we estimate consensus is at +6%CC) and underlying

NPAT of AUD330-350m (consensus is in the middle of the range).

Implications — We expect focus on the top line, including the drivers that have

made for flat CI revenue growth for FY26. The longer term 10% revenue growth goal

still looks in question to us (consensus estimates are below for the mid to long term

at the moment).

COH.AU revisions (Y/E Jun)

2024A

2025A

2026E

2027E

2028E

Sales (A$m)

% revision

EBIT (A$m)

% revision

Core Net Profit (A$m)

% revision

Core EPS (A¢)

% revision

EPS Growth (%)

PE Ratio (x)

Dividend Yield (%)

2,235.6

0.0%

504.8

0.0%

386.6

0.0%

588.2

0.0%

27.0

22.3

3.1

2,343.1

0.0%

521.3

0.0%

391.6

…