Cochlear says demand for implants may struggle to pick-up in virus-hit China [Reuters]
COCHLEAR PLC UNSP/ADR (CHEOY)
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Source: Reuters
Cochlear says demand for implants may struggle to pick-up in virus-hit China (Reuters) - Australian hearing implant maker Cochlear Ltd ( COH.AX ) said on Tuesday that demand for hearing implants will struggle to catch-up in China as the coronavirus crisis delays surgeries. The company’s warning comes as it braces for a drop in demand for the month of March, traditionally its biggest month of sales in China, where hospitals are putting off surgeries. “The longer it goes on, the greater the backlog across not only cochlear implants, but other surgical interventions and, therefore, the longer it will take to catch back,” Chief Executive Officer Digg Howitt told Reuters in an interview. Last week, Cochlear, whose shares are the second most expensive in Australia, cut its full-year profit forecast due to surgical delays, also in Hong Kong and Taiwan. The company on Tuesday reported underlying profit of A$132.7 million ($88.78 million) for the six months ended Dec. 31, slightly above the
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